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Las Vegas Sands Interested In Toronto Casino

Canada is right above the US, so it naturally makes sense that Canadian provinces would follow in the footsteps of US states when it comes to casino gambling. With many states adding new casinos in the aftermath of the recession, Canadian provinces are now seeking to do the same.

Toronto is one province that has been mentioned when speaking about gambling expansion. Mayor Rob Ford has already expressed his desire to bring new gaming facilities to Toronto, and now some of the heavyweights in the industry are throwing their name into the mix as possible casino developers.

Las Vegas Sands, the second most popular US gaming company behind Wynn Resorts on the US Stock Exchange, has their eye on several waterfront locations in Toronto. Sands has not been given the approval to build a casino yet, but once a location is found, the ball is expected to move quickly.

"There is going to be more casinos popping up in Toronto, it's not a matter of if, it's a matter of when and where," said Gaming Analyst Brad Dawkins. "Sands would certainly be a frontrunner should they decide to put the full-court press on to develop a casino in Toronto."

Sands' CEO Sheldon Adelson was the mastermind behind the US gaming companies' move into Macau. At a time when Macau was still a risky proposition for casino development, Adelson sunk billions of dollars of his own money into his Macau plan. Macau has since become the gaming capital of the world.

Toronto political leaders have also been hard at work looking for the right location for new casinos. Local business owners have been open to the idea of having a casino in their area.

"We absolutely, wholeheartedly welcome any investments into the neighborhood that would enhance Exhibition Place and make it a more exciting destination for tourists and for the locals," said Adele Gutman, Vice President of Sales and Marketing with HKHotels.

Ford originally was hoping to bring a casino to Woodbine, but his research team has concluded that a casino would be better suited for downtown Toronto. Early estimates have a new casino at Exhibition Place bringing in upwards of $50 million annually just from lease payments where the casino is built. Additionally, hundreds of millions more in gambling tax revenue could be gained each year.

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