IGaming Market Could Hit Ontario Land Casino

A report conducted for the Great Canadian Gaming Corporation predicts that the launch of Ontario's new open eye gaming market could have a negative impact on land-based casinos. According to the study, the electronic game change could lead to a 25% job loss at Gateway Casino Sault St. Marie, as well as costing C$1.9 million over five years to the venue.

The report was officially named as the result of the Ontario Game Market Assessment Draft and was conducted by HLT Advisory Inc. on the company. The company is the largest private company in the Ontario casino framework. Gateway Casino On the other hand, Sault St. Marie is owned and operated by Gateway Casino and Entertainment.

The 130-page report from HLT Advisory Inc. aims to provide an overview of what the land-based casino market will look like if the province implements an open licensed electronic game model. There will be no limit to how many licenses you can grant. Last summer, the government introduced iGaming Ontario, an organization that will oversee all online games in the province.

According to the study, gateway casino Sault St. Marie, which operates 340 slot machines, will be affected by the possibility of implementing new markets and open market models. Currently, regular casinos have to pay 55% of their net gambling profits to the provinces through OLG. Currently, casinos pay 1.4 million CA a year to the city of Sault St. Marie.

The report predicts that the introduction of an open licensing system will reduce annual revenue-sharing contracts from casinos to cities. Estimates show that annual payments will decrease to approximately CA$1 million per year, resulting in a total loss of CA$1.9 million over the next five years.

Also, land-based casinos like Sault St. Marie can have bad news. The report expects about 15 job losses. Currently, the casino employs 58 full-time employees, and the number is expected to decrease to 42 due to license changes. Total job losses across Ontario could rise to 2,500.

Most recently, the city of Sault St. Marie received a quarterly revenue-sharing allocation from OLG to attract Gateway Casino & Entertainment properties. Payment volume was CA$273,611 and was from October 1, 2021 to December 31, 2021. Since the casino opened in the area in 1999, the area has received a total of CA$32.3 million.

Another recent study suggested that Ontario's new regulated iGaming market could bring even worse news. A study by OnlineCasinoList.com predicts that legacy online licensees who will have difficulty adapting to new markets may experience problems. These operators will not be as profitable as new operators, and they will fall behind in the pecking order.

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