PICKERING, ON, April 4, 2018 /CNW/ - The City of Pickering thanks Ontario Gaming GTA LP (OGGLP), the GTA Gaming Bundle Operator, for choosing to locate a full-service, resort casino at the Durham Live tourist destination in Pickering.
Based on an economic impact assessment prepared for the Developer, Triple Properties, it is estimated that Durham Live, anchored by a resort casino, has the capacity to contribute approximately $1.3 billion in incremental annual GDP, over $625 million in annual total tax revenues, and create approximately 10,000 new jobs. It is this once-in-a-lifetime value proposition that has generated significant business interest from across North America.
In addition to a full-service, resort casino, Durham Live will offer a 5-star hotel, convention centre, film studios, waterpark, boutique hotel, office tower, restaurants, cinemas, and other dynamic attractions. Upon build out, it has the potential to be one of Ontario's top tourism destinations. Triple Properties has already reached out to the Ontario Ministry of Tourism, Region of Durham Tourism, and Central Counties Tourism to see how they could collaborate in boosting overall tourism in the region.
Based on the size and scale of the planned Durham Live Casino, host payments to Pickering are expected to be approximately $20 million or more per year upon full development. By resolution of Council, the City had committed to revenue sharing back in 2012. The concept of Durham Live has always been about creating employment, excitement, opportunity, and prosperity for all of Durham Region. Pickering willingly sharing its gaming revenue bolsters this broad and inclusive approach to region-building.
"With respect to augmenting gaming revenues, economic development, boosting tourism, and significant job creation, Durham Live represents an unparalleled opportunity for Durham Region and the Province of Ontario. We thank the Developer - the Apostolopoulos family; OGGLP; and the Province for their shared confidence in Pickering," said Mayor Dave Ryan. "We are thrilled to invest the casino revenues back into our greater community. Pickering will share up to 30 per cent of its revenues with the Region of Durham, and we suggest that a portion of these funds be earmarked for social housing in order to secure matching funding from the senior levels of government. Finally, we suggest sharing up to 2 per cent of revenues with the local quarter-horse industry, but will need to meet with industry representatives first in order to better understand their needs."
As a gateway to the east GTA, Pickering (population 94,000) is strategically located where Toronto, York and Durham Regions meet, and boasts a world class EN3 Cluster of Energy, Environmental and Engineering companies. Pickering is home to the largest industrial sector in Durham Region, including a wide range of manufacturers who ship their products across the globe. Seaton is a new community located in Central Pickering, designed to attract 30,000 new jobs and 60,000 new residents to the City by 2031. New business can take advantage of direct access to major highways; an educated and skilled labour force; state-of-the-art infrastructure; and a wealth of emerging greenfield employment lands fronting Highway 407.
SOURCE City of Pickering
For further information: Media Contact: Mark Guinto, Manager, Business Development and Public Affairs l Office of the Mayor, 905.420.4660 ext. 2013, 1.866.683.2760, [email protected]