America Seizes Initiative in Bid for Coveted Canadian Casinos
Hard Rock Cafe International, Caesars Entertainment Corp, and Mohegan Sun Inc remain in the mix for these two excellent casino prospects.”
News broke last month of the interest in Niagara Falls based casinos by a number of American companies. It seems that the leases on Casino Niagara and Fallsview Casino are up for grabs, and there has been something of a bidding war ever since to try to attract interest and attention. There are plenty of incentives to these casinos, and it seems that this has attracted a lot of interest south of the border.
Indeed, five companies are initially believed to have shown an interest in the casinos and their leases, and of these five only two were actually Canadian. Ontario Lottery and Gaming Corporation has the two casinos up for grabs, bundled together on a two-decade long lease! This is going to be a massively smart move for anyone who wishes to take advantage of this, and cash in on the wonderful opportunities here.
The Great Canadian Gaming Corp recently showed and interest, having recently made the news for their contract negotiations with UNIFOR. Another of the indigenous companies, Gateway Casinos and Entertainment Ltd, have definitely expressed a view to taking over ownership of these casinos. But it seems that Canadian interest has waned, and as these two giants have folded, it has opened the door for their American rivals to swoop in and scoop up the deal of a lifetime. In fact, Hard Rock Cafe International, Caesars Entertainment Corp, and Mohegan Sun Inc remain in the mix for these two excellent casino prospects.
The appeal is obvious, as Niagara Falls is one of the North America’s most popular tourist hotspots, with more than 30 million visitors every year. This is an awful lot of potential customers for casino operators to take advantage of. The two casinos in question are perfectly positioned, well-designed, and full of great games. Everything tourists look for in a casino.
As if that wasn’t appealing enough, the city of Niagara Falls has recently been awarded a C$7 million cash injection by the Ontario Lottery and Gaming Corp. This is something that is going to have a huge impact on any company that owns these casinos. The area is thriving and growing, and this is definitely a location companies are looking to get involved with. And, with three bidders still very much in the running there are bound to be a few more stings in the tail just yet.
In the past these casinos had been owned by Ontario Lottery and Gaming Corporation, and the relationship has been instrumental in helping develop positive economic growth, and making plenty of money for Niagara Falls and Ontario. With new ownership, especially American ownership, it seems likely this will no longer be the case anymore. New ownership could well take money away from the area and into other areas.
The fact that Canadian bidders have seemingly lost out on this lucrative venture is a body blow for the casino industry in the Great White North, and raises a lot of questions about the power and influence of Canada in the casino market in the future.
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