One of Canada’s largest and most diversified gambling company Gateway Casinos & Entertainment announced that the company inked an agreement with Hanover, Bentinck and Brant Agricultural Society (the owner of an unfinished banquet hall at Hanover Raceway) to take over the place. The company unveiled plans to invest into the empty banquet hall and turn it into a gambling facility that is to generate a steady monthly income stream for the local economy.
Owned and operated by the Hanover, Bentinck & Brant Agricultural Society, Hanover Raceway offers more than 175 slot machines and live horse racing. In 2011, changes to the horse racing funding formula with the province hit Ontario’s thriving horse racing industry, leaving it on its last legs. The changes required suspension of the ongoing construction process of the banquet hall. Since then, the building stays unfinished, empty and unused.
Gateway unveiled its ambitious plan to turn the place into a small gambling venue. The company is to invest in the construction of a small gaming floor that is to feature a selection of gaming options. In addition to that, the company will capitalize on the opportunity to attract also people, who are not interested in gambling. The company is to include new food and beverage facilities. Gateway Casinos spokesperson Rob Mitchell announced that the company plans to invest millions in finishing and rejuvenating the half-built banquet hall.
More Details about the Project and Its Influene on the Local Economy
Construction is expected to start sometime this spring. Supposing that everything goes on schedule, the banquet hall will be ready to welcome its first visitors in the first half of the next year. In the meanwhile, the existing site in Hanover will continue operating as usual. Hanover Mayor Sue Paterson commented that Gateway’s plan is to bring broad economic benefits to the area and decrease the unemployment rate.
Gateway Casinos and Entertainment Limited purchased the OLG Hanover Casino as part of Ontario Lottery Gaming Corporation (OLG) Southwest Gaming Bundle. In May last year, Gateway announced that the company has signed a 20-year Casino Operating and Services Agreement (COSA) with OLG and has purchased the assets of the Southwest Gaming Bundle.
Gateway is yet to unveil further details regarding its venture in Hanover, announcing the signature Gateway brands that the banquet hall is to offer to its customers. Speaking of Gateway’s plans, Linda McColl, General Manager of Gateway Casinos Hanover pointed out that the gambling area will perfectly complement the raceway and maximize its profits. Industry experts are convinced that Ontario is taking a leap forward by privatizing its gambling market. That would allow private companies to rebuild the exhausted gambling sites and modernize the gambling market in the area.