$75-million hotel announcement follows casino deal
From the Niagara Falls Review:
Ontario has locked down Casino Niagara’s long-term future with a 15-year extension on the lease at its Falls Avenue location.
The government’s commitment could unleash up to $1 billion in private investment in the area around Clifton Hill -money investors were afraid to spend when the casino’s location was uncertain, said Niagara Falls MPP Kim Craitor.
Ontario Lottery and Gaming, the Crown corporation that owns the province’s casinos, reached a deal with Canadian Niagara Hotels, the company that owns the building Casino Niagara has occupied since its 1996 opening.
“Today is really great news for the employees that work at Casino Niagara,” said Craitor, during a Friday afternoon ceremony at the casino.
It ends uncertainty that has surrounded Casino Niagara’s future for years. While the province was committed to keeping two casinos running, there was no guarantee Casino Niagara would remain on Falls Avenue…
Moments after Craitor’s announcement, Canadian Niagara Hotels released a statement about its plans to start work on a 30-storey 300-room hotel.
The new hotel will be built on land the company owns near its Planet Hollywood restaurant.
The $75-million Marriott Residence Inn would be the first all-suites hotel in the area around Clifton Hill.