Great Canadian entertainment has announced that the Great Canadian Casino Resort Toronto will open on June 20, 2023 at 5:00 p.m. local time. The highly anticipated opening adjacent to Woodbine Racetrack will open a massive 300,000 square foot arcade and offer all the Las Vegas-style amenities Canadians have come to expect from a legacy lottery-casino operator.
Meanwhile, speakers from iGaming Ontario (iGO), a subsidiary of the Ontario Gaming and Alcohol Commission, were at the Canadian Gaming Summit in Toronto last week, and iGO CEO Martha Otton told a panel discussion and large audience that industry players would “crush”..
Neither Great Canadian’s press release nor iGaming Ontario’s comments addressed the possibility of immovable objects encountering irresistible forces.
Historical development
Great Canadian Entertainment prides itself on its personal entertainment offering, a massive gaming floor with more than 4,800 slots and 145 table games in a gaming space of 328,000 square feet – Canada’s largest casino and one of the largest in North America, which attracts and maintains the attention of players personally through other amenities on 33 acres of fun with a great location near the intersection of the 401 and 427 freeways.
In addition to innovative modern architecture and a location next to the popular Woodbine race trackVisitors will also find a 400-room hotel, a variety of on-site restaurants and a Live entertainment venue for 5,000 people.
Although the new place is there cost about $1 billion, It is also expected to have an annual economic impact of around $500 million.
Matthew Anfinson, CEO of Great Canadian Entertainment, said of the opening: “We are pleased to announce that our highly anticipated new casino will open on June 20th. With meticulous attention to detail, state-of-the-art amenities and our commitment to exceptional guest experiences, our iconic entertainment complex is a game changer in Toronto.”said the CEO.
The company noted that the existing Woodbine Casino will continue to operate without interruption until the new venue opens to ensure a smooth transition. The statement also noted that there was a “PlaySmart Center in the arcade, packed with engaging interactive tools and valuable responsible gaming resources available to all players.”
Ontario iGaming “Smashing It”
While the first fiscal quarter is still ongoing for iGaming in the province, and thus final numbers are not yet available, iGo’s Martha Otton told attendees at the Canadian Gaming Summit in Toronto on Wednesday that GGR, or gross revenue from gaming, “3.5 Times as big as in the first quarter of last year”according to a report by CDC Gaming Reports.
Other panellists who discussed the first full year of iGaming legalization and regulation in the province included Dave Forestell, CEO of iGaming Ontario; Doug Downey, Ontario Attorney General and Tom Mungham, CEO of AGCO – The Ontario Gaming and Alcohol Commission, a crown agency responsible for royal regulation of the alcohol, gambling and horse racing and retail sectors of cannabis retailers in Ontario.
In the discussion, a study commissioned by iGO and provided by Deloitte was published, which estimates that the liberalization of online gambling in Ontario has created approximately 12,000 “full-time equivalent” jobs and reduced the contribution to the province’s GDP by approximately 1. CA$6 billion up US$900 million of that in labor income.
Of more than 12,000 jobs, Otto said: “… either direct or indirect jobs in the market and an average salary well above the provincial average. It’s good jobs for this province who come here.”
The Deloitte report “Economic Contributions of Ontario’s Regulated iGaming Market” examines not only the economic impact of a more open competitive model in the province, but also the decision to retain lottery participation. The previous model ran through a hybrid crown corporation in which the government was one shareholder and the Ontario Lottery was the other shareholder. the current model launches dozens of competitors while maintaining its connection to the lottery.
The Deloitte report predicted the potential of 10,000 new additional jobsan additional $4.7 billion in annual GDP growth and the potential to surpass $2 billion in government revenue within the first decade of operations.
The report states that employment in the gaming sector is 40% more lucrative than employment in the private sector, with average earnings exceeding $100,000 per year. It is also noted that some of the sectors involved employ people with math, technology, engineering and science skills.
Benefits to the government sector would include a $470 million increase in revenue from outstanding provinces from last year According to this, sales should increase to almost 1.5 billion US dollars in the years 2031 to 2032 20% revenue share model used in Ontario; Federal revenue increases to $47 million from $238 million and Ontario municipal revenue nearly doubles to $115 million from $54 million.
Spring: Ontario’s regulated online gaming market will create 12,000 full-time jobs in its first year with an economic impact of CA$1.6 billionCDC Gaming Reports, June 14, 2023
Great Canadian opens Casino Resort Toronto on June 20thG3 Newswire, June 14, 2023
