Article content continued

A spokesman for the OLG said it is too early to speculate on hosting fees, while casino critics at city hall dismissed the city manager’s report as full of “fake numbers.”

The document, to be tabled at Mayor Rob Ford’s executive committee next week, is based on analysis by Ernst & Young, which looked at the costs and benefits of bringing a casino to Toronto.

Mr. Pennachetti is asking for permission to launch public consultations before city council gives the project a green or red light by February or March.

Earlier this year, the OLG announced plans to build a casino in greater Toronto and major international players, including Caesars, MGM Resorts, and the Las Vegas Sands, have expressed interest. Queen’s Park says it will not put a casino in a city that does not want one.

The report looked at four possible locations for a resort-type complex that includes hotel rooms, convention space, retail and entertainment. From a financial perspective, Exhibition Place is the best bet, according to the report.

The best case scenario — assuming OLG agrees to split the government’s gambling take, instead of apportion a sliding scale of slot proceeds that tops out at 5.25% — sees Toronto making $195-million a year in hosting fees and new property tax revenues by locating it at the Ex.

Using the city’s two host fee formulas, a casino at the Metro Toronto Convention Centre could bring in $128-million to $190-million a year; $127-million to $178-million at the Port Lands; and $82-million to $132-million at the Woodbine Racetrack. Toronto would make extra money at Exhibition Place and the Port Lands because it owns the properties. In the case of the Ex, a lease or sale could generate up to $250-million.