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Originally Posted by newhere
I am also intrigued by the rumour regarding the possible sale of the casino to MGM. I know this is a bit far fetched however if a better locale and the space to have a hotel are the criteria for the purchase, why not purchase the Provincial building across from the train station.
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I wouldn't say a possible sale to MGM is unlikely, its the move to the corner of the Expressway and Oliver that is unlikely. Huge costs involved to do so, especially when the casino functions where it is just fine. I am sure MGM would at least review the possibility of being the operator for Ontario casinos. They would pretty well have a monopoly after all, and what company can resist that idea?
Quote:
Originally Posted by Conker
The building is for sale, but it has a tenant with a long term, iron clad lease agreement as part of the sale. Who is the tenant you ask? The Ontario Government.
What the government is doing would be the same as you selling your house to a property management company with a lease agreement already in place so that your new landlord has to accept the rent that you set for yourself and they cannot kick you out.
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Its all about short term gain for long term loss. Sell your buildings, get a sudden influx of cash, so you can spend like drunken sailors, and look good to the public. The only problem is, its a temporary influx of money. The savings are not there in the long term. Some governments in other jurisdictions in North America are actually starting to reverse this trend of privatization as prices to contract out were coming in way over what the gov't can do the work for, and the quality wasn't there. It worked alright at first, but things got out of control over the years.
Quote:
Originally Posted by newhere
Yes, I was speaking of the building on Red River. I was in there a couple of years back and it seemed to be almost empty. Maybe things have picked up since then. I was not aware of the lease arrangement. Typical. Should the building ever be sold, I am hoping that is can be another jewel in the Tbay entertainment zone. Casino/hotel would be ideal...it is fun spending other peoples money! Hopefully mining interests will gravitate to Innova. Thanks for the responses.
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The mining companies are not that interested in Innova at the moment. They have all clustered in the Intercity area so far for the most part. Most rent or lease because of the nature of the business. A developer would have to put up office/shop space and lease to mining companies if we want them in Innova. Its more likely we will see service and supply companies move into Innova. I'm not saying this may change in a couple years time though.
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The building I spoke about yesterday kitty corner to Rockhouse is being renovated inside, and eventually outside this winter as well. Sounds like it is a local owner who is motivated to get the place fixed up. As for the new Intercity building, its another strip mall from what I gather. Not sure what the timeline is on it, I think the contractor is too busy with other projects right now.