SBC News Voice of the Sports Betting Industry
Canadian business news sources have reported that Caesars Entertainment Corporation (CEC) is one of the bidding firms seeking to win the building rights for a casino complex in Toronto.
CEC’s bid for a Toronto gaming complex, comes despite the company being embroiled in ongoing creditor disputes relating to subsidiary Caesars Entertainment Operating Company (CEOC) $18 billion debt.
Nevertheless, CEC shareholders are said to support the firm’s Toronto bid and potential investment which would help the casino operator provide more generous pay-outs and improve group financing.
Toronto officials voted in July 2015 to approve a casino development featuring live tables and an entertainment, with the new complex becoming the biggest casino in Canada.
It has been reported that six companies are currently bidding for the Toronto casino project, including Genting Group. CEC governance are said to be keen in growing further gambling enterprises away from its core US markets.
The Toronto casino project will be managed by The Ontario Lottery and Gaming Corporation which expects to announce the winning bid by next summer. At least two city development sites in the city are under consideration.
