Cadillac Fairview Corporation Limited and MGM Resorts International announced today their entrance into a 50/50 joint venture agreement with a goal to construct, develop and operate a “destination-style, integrated resort complex” in the Greater Toronto area.
“Cadillac Fairview recognizes the enormous benefits that can accrue to the city of Toronto from an integrated resort and we’re proud to partner with MGM Resorts to develop this exciting project,” said John Sullivan, President and CEO of Cadillac Fairview. “The City of Toronto staff report has identified how such a project will create thousands of jobs, contribute much-needed revenue to the city and provide Toronto with an iconic landmark to attract millions of tourists.”
Cadillac Fairview has seen success in the Canadian development market and expects its experience to be a benefit in the upcoming project which will include entertainment, gaming, hotel, retail and conference facilities. The resort will be operated under one or more brands owned by MGM.
"We look forward to working with city officials and community stakeholders in support of Council’s decision on the optimal site for an integrated resort, and to maximize its benefits to the city through a fair and competitive process," said Mr. Sullivan.
Cadillac Fairview also announced that the project would result in a permanent Toronto Cirque Du Soleil experience and a partnership with Toronto restaurateur Mark McEwan who will develop a new dining concept for the resort.
“From the start MGM sought to partner with a Canadian company that shares our values of sustainable design, service excellence and commitment to city-building. In Cadillac Fairview we are partnering with the industry leader in developing high quality properties across North America and a company with whom we share a common vision for the development of an iconic integrated resort in Toronto,” said MGM Resorts Chairman and CEO Jim Murren.