OLG Reach Deal with Gateway for Casino Property in Ontario
Gateway claims London property will become a significant investment and its largest development in Ontario.
“If you look at what Gateway has built in other provinces, we really have a track record of creating full-service entertainment destinations that involve restaurants, spectacular gaming floors, hotels, other non-gaming amenities. We’re working through those plans right now with the OLG.”, Carrie Kormos, Senior Vice President marketing and Communications at Gateway, states.
Full-fledged casino facility is likely to command cost in excess of $200 million, although the thorough plans on the casino property are still being worked on, according to Carrie Kormos.
“We are still working on our plans and it is important to be respectful of the approval process that we have with our OLG partners, with government, and with other folks.”, Kormos said.
Long-Term Deal with OLG
A casino operation and services agreement between Gateway and Ontario Lottery and Gaming Corporation came to effect on Tuesday and runs for the next 20 years. The deal also saw Gateway purchase the business and assets of the Southwest Gaming Bundle.
The bundle includes a Point Edward casino, and slots in Woodstock, Clinton, London, Dresden and Hanover.
The new undertaking is expected to bring up to 1,000 jobs in addition to any construction jobs on the sight and is unlikely to cause a loss of jobs in the city located north of Lake Erie and the US border whereas Gateway plans to open its head office for Ontario in London as well.
Gateway’s latest project was the Cascades Casino Penticton – a $25 million investment operating 248 tables, over 8.400 slots, 54 restaurants and 272 hotel accommodations.