Share on Facebook Share on Twitter Share by Email Documents show Gateway Casinos planning 'very little investment' in Sault Ste.
Marie Posted: November 29, 2018 Last Updated: November 29, 2018 Documents filed with the U.
Securities and Exchange Commission give people in northern Ontario a deeper look inside the company running three casinos in the region, with plans for two more.
Gateway Casinos filed for an initial public offering Nov.
The documents they filed detail the company's business running casinos in western Canada, as well as its expansion plans in Ontario, including new casinos to be built in Sudbury and North Bay.
Ontario Lottery and Gaming, which reached a 20-year agreement with Gateway to run the northern casinos last year, also declined to comment, but did confirm some of the details regarding its deal with the private company.
You can read the whole report.
Here are some of the highlights: 1.
Ontario Lottery and Gaming signed an agreement with Gateway Casinos to run the northern Ontario bundle for 20 years in May 2017.
The details were never made public.
Marie and Thunder Bay, as well as the slot machines and other equipment from those two casinos, plus the leased space at Sudbury Downs.
Why taxpayers might have to pay if the casinos have a bad year The documents also detail some of the other terms in the agreement between Gateway Casinos and Ontario Lottery and Gaming.
There is also mention of an annual revenue "threshold" that Gateway must reach or "pay to OLG the difference.
Gateway is also required to make fixed payments every year to casinos in thunder bay ontario province and if it makes more https://gothailand.info/casino/two-rivers-casino-entertainment.html its annual threshold, 30 per cent of that excess revenue goes to the OLG as well.
Why it was a bad summer for Gateway casinos The documents Gateway Casinos filed with the U.
Securities Exchange Commission mention how from June to August 2018, the company's new gaming management system went down eight times at "key properties in the North and Southwest Ontario regions.
The "temporary" casino opened in Sault Ste.
Documents show that the new owner Gateway Casinos is planning "very little investment" for this location in the near future.
What the northern casinos will include and what they'll be called While the five casinos in northern Ontario will all be owned by Gateway, they will operate under different brands.
The documents show that the company plans to rebrand the Sudbury operation as a Starlight Casino, the casino in Thunder Bay and the one planned for North Bay will be called Cascades, while the Sault Ste.
Marie casino and the future site in Kenora will be known as Playtime casinos.
Some of those same brands will be featured at the North Bay casino, which will have 300 slot machines and 10 table games.
Marie could be waiting even longer for a 'permanent' casino Casinos in thunder bay ontario Ste.
Marie had one of the first casinos in Ontario when it opened in 1999.
It was meant as a temporary facility and some of it is actually a tent.
There were hopes in the Sault that the new private opener would come with plans for a new casino, but that doesn't appear to be the case.
What Gateway Casinos sees as risks to its business Since this is a document for stockholders or potential stockholders, Gateway Casinos does stress that it sees "significant opportunities to increase revenue" at the Ontario properties, but it does list potential risks.
This includes potential for labour strife the unions at each location and the date their contract expires is provided and the "reputational challenge of operating in the gaming industry.
It also makes specific mention of the controversy in Sudbury over the Kingsway Entertainment District and the appeals of city council's approval to the Local Planning Appeal Tribunal, noting that the planned expansion "may not be completed on a timely basis, on anticipated terms or at all" using similar language to describe the plans for a new casino in North Bay.
Erik White journalist Erik White is a CBC journalist based in Sudbury.
He covers a wide range of stories about northern Ontario.
Connect with him on Twitter erikjwhite.
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