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Cadillac Fairview, MGM join forces for casino bid

Cadillac Fairview and MGM Resorts have announced a new partnership to bid for, build and operate a casino at Exhibition Place.

The company says bringing a gaming complex to the city would have “enormous benefits.”

“The city of Toronto staff report has identified how such a project will create thousands of jobs, contribute much-needed revenue to the city and provide Toronto with an iconic landmark to attract millions of tourists,” Cadillac Fairview CEO John Sullivan said in a release.

The project would also include entertainment — like a permanent Cirque du Soleil show — a hotel and retail and conference space. Talks are underway with Toronto chef Mark McEwan to run the venue’s restaurants.

If approved, local construction firm PCL would build the complex and it would cost between $2 billion and $4 billion.

Las Vegas Sands and Caesars Entertainment have outlined competing visions for a casino complex, but at the Metro Toronto Convention Centre.

Cadillac Fairview owns and manages the Toronto Eaton Centre and dozens of other properties across North America, worth more than $21 billion. MGM runs several Las Vegas casinos, including Bellagio, MGM Grand and The Mirage.

In March, the city manager will report to council with public feedback about allowing a casino in the city. Council will vote on the matter in April.

— With files from Shawne McKeown