Online Gaming could hurt Ontario land-based casinos. A report for the Great Canadian Gaming Corporation predicts that the launch of Ontario’s new open iGaming market could negatively impact. This change could lead to a 25% job loss at Land-based, and approximately C$1.9 million for the venue over five years.
This research comes from the company by HLT Advisory Inc. This is a private company with the largest share of Ontario’s casino framework. Although Gateway Casino Sault Ste.
Ontario Gaming Market Report Study
The 130-page report by HLT Advisory Inc aims to outline what the land-based casino market could look like if the province implements that model. There is no limit to the number of licenses that can be granted. Last summer the government launched Gaming Ontario, an entity that will oversee all online gaming in the province.
The study noted that Gateway Casinos Sault Ste. Marie, who operates 340 slot machines will be affected by new markets and the possible new implementation model. Currently, land-based casinos must pay to OLG 55% of their net gambling. So far, the casino has paid Sioux C$1.4 million.
An estimation suggests that annual payments fall to around $1 million a year, resulting in a total loss of about $1.9 million over the next five years.
The casino currently employs 58 full-time staff, with the number expected to drop to 42 with the license change. The total number of unemployed across Ontario could rise to 2,500.
Another recent study suggests there will be more bad news for Ontario’s newly regulated iGaming markets. Another research predicts that the new market could spell trouble for traditional online licensing operators, who will struggle to adapt to the new market. These operators will probably be less profitable than newer operators.
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