MGM Resorts International is teaming up with a property company on its bid for a license to operate a resort casino in downtown Toronto.
The 50-50 joint venture is a first for Cadillac Fairview, which claims to be one of North America’s largest investors, owners and managers of commercial real estate.
“In Cadillac Fairview we are partnering with a company with whom we share a common vision for the development of an iconic integrated resort in Toronto,” said MGM Resorts Chairman Jim Murren.
Cadillac Fairview owns a number of major Canadian shopping centers, including Toronto’s Eaton Centre, Vancouver’s Pacific Centre and Calgary’s Chinook Centre. The company is owned by the Ontario Teacher’s Pension Plan.
Alan Feldman, MGM’s senior vice president of public affairs, called the partnership “extremely important” to the future of the bid. “This is our side-by-side, 50-50 partner,” he said. “This was the really critical component.”
MGM has made known its preference for a casino at the city’s Exhibition Place. Las Vegas competitors Caesars Entertainment and Las Vegas Sands are vying for the license at different locations.