Casino developer and operator Gateway Casinos is one of the leaders in the field, but it is also willing to support the local field with its operation and this has been recently confirmed by a filing with the US Securities and Exchange Commission. Via an extensive report, it was disclosed that the 20-year operational arrangement between Ontario Lottery and Gaming Corporation and the casino developer inked this year amounted to some CA$79,349,000.
This is the first time that an exact price tag has been put on the deal which took place in the spring of 2017 between the two leading companies in the gaming field of Ontario. Back then the arrangement was settled in a way that will provide the casino giant with the rights to oversee the management of casino venues in the province. Such gaming venues are located in Sault Ste Marie, Thunder Bay, Clinton, Dresden, Hanover, London, Point Edward, Woodstock, Sudbury, Innisfil, and Rama.
Casino Arrangement Elevated the Ontario Gaming Field
In this amount, there is also a CA$55 million included directly related to the equipment and property purchased by Ontario Lottery and Gaming Corporation. This amounts to the facilities where casino operation is held in Sault Ste. Marie and Thunder Bay. The deal also provided the casino operator with the rights to bring to life two new casino venues which are projected to be up and running in the upcoming years.
This week saw information surface about Gateway Casinos still seeking for the most suitable conditions for its future casino venue in North Bay, as at this point conversation is at the stage where the legal department of the casino operator has to iron things out. Sources state the project could reach some CA$24 million, as the company is planning to introduce the new gaming facility in the Pinewood Park Drive area. More information is expected to be revealed soon.
Further in the information recently disclosed it has been clarified the deal between the two companies also covers all gaming devices and slot machines available on site of the casino venues in Sault. Ste. Marie and Thunder Bay. It is important that the casino venues perform well, not only because they will benefit the community by doing so, but also because otherwise, the community will feel the impact.
More Information About Casino Branding
The local lottery leader is obliged to provide coverage for the annual losses of the gambling locations in Sudbury, Sault Ste. Marie, and Thunder Bay. That is if they do not surpass the CA$24-million mark. In addition to this information, the document also provides more details about the way the two casino venues are going to be branded.
The one in North Bay will be operated by Gateway Casinos but it is going to be called Cascades, whereas the ones in Sault Ste. Marie and Kenora will bear the brand Playtime. For the time being the only relative certainty is in relation to the future casino venue in Sudbury which is going to cost some CA$55.5 million to its developer.
This figure is listed in the document and confirmed by Gateway Casinos. As for the operation in Sault Ste. Marie and the transformation of the temporary venue into a permanent one, the region might have to wait some more. The casino operator has not revealed plans for any substantial investment in this project and it is possible that the permanent gambling facility’s construction is delayed.