MGM Resorts International entered into a partnership with a Canadian real estate developer to bid on, build and operate a hotel-casino complex in downtown Toronto.
In a statement, MGM Resorts Chairman Jim Murren said the 50/50 joint venture with The Cadillac Fairview Corporation Ltd. gives the Las Vegas-based casino giant a partner with extensive Canadian development experience.
“In Cadillac Fairview we are partnering with the industry leader in developing high quality properties across North America and a company with whom we share a common vision for the development of an iconic integrated resort in Toronto," Murren said.
MGM Resorts, along with Las Vegas Sands Corp. and Caesars Entertainment Corp., are exploring a potential casino development in Toronto. The Ontario Lottery Corp. has selected Toronto, Canada’s largest city, for a single casino destination. But the concept still needs the approval of city leaders and residents.
MGM Resorts preliminary design and scope for the project include a permanent Toronto Cirque Du Soleil attraction as well as a partnership with a noted Toronto restaurateur to develop new dining concepts for the integrated resort.
"The City of Toronto staff report has identified how such a project will create thousands of jobs, contribute much-needed revenue to the city and provide Toronto with an iconic landmark to attract millions of tourists," said Cadillac Fairview CEO John Sullivan.