Great Canadian Entertainment announced further details of the company’s new Toronto casino resort on Wednesday. The property will officially be known as Great Canadian Casino Resort Toronto with the opening set for June 20 at 5 p.m. (ET).
“This landmark development will revolutionize Toronto’s entertainment landscape, creating an exhilarating experience for gaming enthusiasts and entertainment lovers alike,” Great Canadian noted in a news release.
With an investment of about $1 billion, the casino is one of the largest private sector projects currently underway in Ontario, according to the company. Great Canadian expects the property to generate more than $500 million in economic impact.
Details on the New Ontario Casino Resort
Casino players in Ontario can look forward to a new, modern resort casino with “transformative architecture” and 328,000 square feet of gaming space. That includes 4,800 slot machines and 145 table games as well as exclusive VIP rooms,and state-of-the-art sports betting kiosks.
The casino is located on 33 acres adjacent to Woodbine Racetrack and will house a 400-room hotel, 5,000-person live entertainment venue, and numerous on-site dining options. After the unveiling, Great Canadian Toronto will become the largest casino in Canada and also one of the largest in North America.
“We are thrilled to announce that our highly anticipated new casino will open on June 20,” Great Canadian CEO Matthew Anfinson said. “With meticulous attention to detail, state-of-the-art amenities, and a commitment to exceptional guest experiences, our landmark entertainment resort is a game-changer in Toronto.”
Along with partner Ontario Lottery and Gaming Corporation, Great Canadian is also offering a safe gaming focus as part of the new property as well. The new Toronto casino will feature a PlaySmart Centre on the gaming floor, offering players interactive tools and responsible gambling resources.
The property also hosts Casino Woodbine, which will continue to operate until the new casino opens. Founded in 1982, Great Canadian Entertainment is based in Coquitlam, British Columbia, and is one of the largest gaming corporations in Canada. The company operates casinos in Ontario, British Columbia, Nova Scotia, and New Brunswick along with several racecourses in Ontario and B.C. In 2021, the company was acquired for $2.5 billion by Apollo Global Management, a private equity firm based in New York.
Ontario Lottery Releases Complete iGaming Study
After more than a year of regulated online gaming, iGaming Ontario and the Ontario Lottery and Gaming Corporation released a complete study of the industry in the province on Wednesday. The study was conducted by the Deloitte Canada financial consulting firm and focused on Ontario online casinos, including casino games, sports betting, poker, and bingo.
The report projected value added to provincial gross domestic product (GDP), employment, labour income, and government revenue. Deloitte notes that the first year of regulated iGaming included 45 operators across 76 gaming sites. That produced total gaming revenue of $1.4 billion.
“The economic contribution of the regulated iGaming market can be measured across GDP, employment, labour income, and government revenues,” the study reports.
The report also gauged direct and ancillary contributions the industry is making to the economy. Direct contributions include licensed iGaming operators’ revenue share with the government and payment of salaries and wages to employees.
The study also detailed indirect contributions to the economy from demand for goods and services provided by suppliers including marketing and advertising, procurement of technical services, and more. A third benefit includes employee wages and salaries spent as household expenditures.
According to the report, these contributions equated to a total economic contribution of almost $1.6 billion to Ontario’s GDP during the first year of regulated iGaming from April 4th, 2022, to April 3, 2023. Of that, $906 million was contributed to labour income. The industry also created an estimated 12,072 full-time jobs across Ontario.
“The estimates indicate that for every dollar spent by iGaming operators, approximately $1.14 of GDP was supported in the Ontario economy,” the study adds.
For the government, the study estimates that iGaming produced $238 million in federal revenue, $469 million in provincial revenue, and $54 million in municipal revenue. Here’s a complete look at the estimated economic impact.
Looking Ahead at the iGaming Market
As part of Deloitte’s agreement with iGaming Ontario, the company also makes estimates about where the industry will be after five years and 10 years of operation.
After five years, the study projects a total contribution of more than $2.9 billion in GDP and 16,242 jobs. That includes a total of more than $1.3 billion for the federal, provincial, and municipal government.
After 10 years, Deloitte estimates more than $4.7 billion in GDP and 22,132 jobs. That includes $2.2 billion in revenue for the governmental entities.
