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Private casino would continue to share slot revenues

Wednesday, March 21, 2012   by: Carol Martin
Privatization of the Sault Ste. Marie casino can only mean a better facility and more revenue for the city, says Ontario Lottery and Gaming (OLG) President and Chief Executive Officer Rod Phillips (shown).
 
Business is focused on business and profit while government is focused on governing and delivering services, he said during an announcement at the Roberta Bondar building yesterday.
 
For example, he said a private operator is much more likely to invest in a permanent structure to house the casino and replace the 20-year-old temporary structure that currently houses it. 
 
He said any operator taking over the casino will also be taking on the agreement the casino has to continue to provide the city with a portion of the revenue from slot machines and will not be able to close the casino if it fails to thrive.
 
The process to sell off the Sault Ste. Marie casino will begin this spring, said Phillips.
 
"We will begin an open and transparent process to engage the private sector," he said. "All land based gaming facilities in Ontario will be managed by private operations under the strict control and monitoring of OLG."
 
Phillips said engaging private sector investors is vital to revitalize OLG's facilities so they can compete with other gaming facilities and to invigorate casinos, such as the Sault casino, that have seen declining revenues in recent years.
 
He said it was necessary to engage private sector investment because the Province is now, understandably, focusing its energy on reducing its deficit while maintaining vital services such as health care and education.
 
The modernization and invigoration plan announced last week will involve some investments in gaming facilities.
 
Investments, he said, that are highly unlikely to come from the Province.
 
Phillips said requests for information from private operators will go out by the end of April and that the process would take some time.
 
"We should have a pretty good idea of who will be running it and what it will look like by this time next year," he said.
 
Privatizing land-based gaming in the province will attract more private sector investment, increase casino revenues for casino operators, for the province and for the municipalities in which they are located, said Phillips.
 
In addition, he said the modernization and revitalization plan will generate 2,300 more jobs in gaming and 4,000 more jobs in hospitality across the province, some of which could come to the Sault .
 
It would also generate more spin off jobs in support sectors and see more money spent in the community with increased tourism.
 
Comments
12
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scottstewy123 3/21/2012 10:15:35 AM Report

So what happens if the government can not find anyone stupid enough to take it over? It said in this report this casino has been lossing money. Who would want to buy a casino that losses money
Luca_3 3/21/2012 10:40:00 AM Report

Wow I'm amazed at people posting their incompetance on here. The Casino will sell in a flash. There has been lots of interest, both from the Vegas companies that already run a few Ontario Casinos, as well there has been local interest in purchasing the Casino.

The Casino has never lost money. The Casino is one of the only recession proof businesses out there.

Think before you post please.

steve53000 3/21/2012 10:45:30 AM Report

it loses money cause the government runs it but in private hands
who knows how HONEST it would be
Mr E 3/21/2012 10:51:50 AM Report

I wouldn't be surprised to see it bought by the Sault Michigan Kewadin Casino tribe. They could build a new structure much like Vegas Kewadin on the waterfront side and not lose any revenue :)
bus 3/21/2012 10:52:43 AM Report

fact of the matter is. when its sold, if it loses money, its not the governemnts problem and its not the governments debt.
it would not be a good thing if it lost money enoguh to warrant it's closing, obviously because of loss of good jobs in the community, but at least it wouldnt fall back on our awful indebtted government.
scottstewy123 3/21/2012 12:14:48 PM Report

Luca Luca Luca It is a known fact this casino is lossing money .
Profits are way down . We have seen this since 2008. In fact I hope it bankrupts as far as I am concerned. I Would not shed a tear if it closes in this community.As far as I am concern the casino is a scourge to this community.
OH IT'S ME AGAIN 3/21/2012 12:35:47 PM Report

Private ownership brings two scenarios:
They will work at improving it to increase its profitability
or
Close it when it does not show the percentage of profitabilty that they require and demand ,then walk away indicating it was not profitable for them to run it and reap in the losses as tax benefits..
Stay tuned..........
geterdun 3/21/2012 2:17:35 PM Report

Well seeing how the goverment ran it??They havnt spent a dime fixing it up ??
Maybe new investment money will bring a new hotel and a permanent structure would be nice......Im all for it bring in Vegas and let them show you dummies how to do it.......Ceasars in Windsor is pretty freakin nice if you ask me......
This goverment should also look at selling booze in corner stores .Privitize everything and when all is said and done when the goverment has no say in anything in this province then you will see that privitizing everything wasnt that good of an idea!!!!!!! Cant wait to have to pay big money for water to survive.PRIVITIZE THE WORLD I SAY!!!!!!!!Let the rich run the world.....Liberal Ideology........Spend till we cant pay any more then privitize everything for profit.....They just got to make sure they are all going to be takin care of.right.......
tube 3/21/2012 2:56:06 PM Report

close the fffin shithole, its finally time
clane 3/21/2012 3:05:55 PM Report

"It is a known fact this casino is lossing money .
Profits are way down . We have seen this since 2008."

If you are showing a profit, you are not losing money.
AceOfBass 3/21/2012 3:36:41 PM Report

Garden River First Nation should open and run the new Casino next to their Bingo Hall.

The other option is Batchawana First Nation build a new casino on Whitefish Island.
speed7 3/21/2012 3:51:54 PM Report

If you take the time to read the article, it does say the OLG will remain with strict montoring and control of said private companies. So somehow, I dont think this means the casino will fail to make money or close like all you negative people in here are suggesting.

I would like to know where some of you work? I guess maybe you are all to chicken to respond to that one eh? How it would feel for some of you if where you work, this happens to you and you are out of a job? Well guess what? When all of the sault and Ontario for that matter, becomes privatized... the stinging pain will be felt by all of us. It will be a lesson we will never forget. Some of you people in here are really what's wrong with society today. Brutally mean and thoughtless!
Comments
12
Note: Comments that appear on the site are not the opinion of SooToday.com. If you see an abusive post, please click the link beside the post to report it.
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