вторник, 26 марта 2013 г.

MGM envisions free Exhibition Place admission with casino plan

MGM Resorts and Cadillac Fairview have unveiled a tantalizing casino-based vision for Exhibition Place but admit that, if they win permission to build, Toronto could get a very different waterfront resort.


“This isn’t a proposal,” but a vision of what’s possible for the site, MGM’s Las Vegas-based senior vice-president Alan Feldman told reporters at a news conference at the Sheraton hotel across from city hall on Wednesday.


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He noted that Toronto council will soon vote on whether to agree to a new casino in the city, and possibly a preferred location, but Ontario Lottery and Gaming Corp. will run the selection process with terms not yet written.


The vision of a 3-million-square foot complex containing 250,000-square-foot gaming floor, 1,200 room hotel, up to 1 million square feet of high-end shopping and 12,000 underground parking spots was unveiled to reporters.


The Ex would be shifted south to straddle Lake Shore Blvd. W., with the midway on what are now Ontario Place parking lots. Feldman said the development partners are proposing that admission to the 18-day fair would be free, with the casino partners compensating the association that runs The Ex for lost gate revenue as well as revenue from the charity casino currently operated during The Ex.


The proposal partners have a tabletop model of the site, with plastic Lego-type overlays to show changes, that they have been quietly showing to city councillors and other decision-makers in a bid to gain support.


But it was covered with a cloth when reporters arrived, briefly exposed during a presentation, and then covered up again with a stern warning that no photos of the model were allowed.


MGM and Cadillac Fairview say they would pay the $3 billion to $4 billion cost for a project that would create 10,000 union jobs paying an average of $60,000 per year.


OLG has said the City of Toronto would get between $50 million and $100 million in casino-hosting fees. The city owns Exhibition Place so it would also stand to gain revenue from a land lease or sale.


The vision unveiled yesterday assumes changes over which the developer currently has no control. For example, they envision increased GO Transit service and extending the TTC streetcar loop up to Dufferin St.


Asked about a contract New York-based HK Hotels has to build the only hotel at Exhibition Place starting this year, MGM and Cadillac Fairview officials shrugged and said they would try to negotiate with HK.


Asked if Molson Amphitheatre operator Live Nation has agreed to the proposed transformation into year-round facility covered by a dimpled dome, they could only say that they are talking to Live Nation.


Other parts of the plan:


The Martin Goodman Trail would be expanded so it goes along the Ontario Place waterfront and snakes through the site.


Improvement of the underground tunnel access between Exhibition Place and Liberty Village.


A permanent 800 to 900 seat Cirque du Soleil theatre.


Preservation of all heritage buildings on the site.


An extra floor of convention space in the Direct Energy Centre.

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