Niagara Falls Casinos Set For US Ownership

Two casinos in Ontario, Canada could soon be under American management – Casino Niagara and Niagara Fallsview Casino Resort are no longer within sights of two of the biggest operators in Canada, Great Canadian Gaming Corporation and Gateway Casinos and Entertainment Limited companies after they both withdrew from the bidding process.

These two casino brands are owned by Ontario Lottery and Gaming Corporation (since 1996) and managed by Falls Management Group (since 2004), with this about to expire in June 2019 when a new operator will be taking over. Great Canadian Gaming Corporation and Gateway Casinos and Entertainment Limited both pulled out of the bidding race and now it’s wide open for two US-based companies to pave the way towards the new ownership over Ontario casinos thanks to their “aggressive offers that have increased the properties values,” as cited by Globe and Mail. These prices became too steep for the Canadian operators who decided to concede defeat.

One bid is by the Las Vegas-based Caesars Entertainment Corporation who is one of the world’s most eminent operators, with as much as 47 properties worldwide. The other, by Mohegan Gaming and Entertainment is owning the vast Mohegan Sun Resort in Connecticut and is in latter stages of planning and building a Project Inspire integrated casino resort which will be built in South Korea by 2012 and which will cost $1.6 billion. Finally, Hard Rock International, who has 15 gambling venues in 11 countries, is also one of the remaining US bidders.

Casino Niagara and Niagara Fallsview Casino Resort contribute with circa $1.5 billion in tax annually.

Source:

“Canadian operators bow out of Niagara Falls casinos bidding”, Postrado Leonard, calvinayre.com, July 17, 2018.