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Report: Roustan trying to revitalize Markham arena project |
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Is the dream of a second NHL team in the Greater Toronto area still alive?
A report in
the New York Post on Wednesday suggests that Graeme Roustan, the venture capitalist who was behind a proposal to build an NHL-sized arena in Markham, Ont., is involved in a Toronto casino project that could conceivably revitalize plans that were derailed after the Markham town council voted it down in Dec. 2013.
Roustan has reportedly been meeting with Caesars Entertainment, one of a half dozen bidders in the running for a Greater Toronto area casino project that could potentially partner and bankroll much of the cost of the proposed $425 million arena.
According to the report, a decision on the site for a Toronto area casino is expected from the Ontario Lottery and Gaming Corp. late next summer.
Building an arena would only be the first step on the road of bringing a second team to Toronto.
TSN’s Rick Westhead reported in 2014 that the NHL has designs of making a financial killing on an expansion fee for a Toronto franchise, beginning at $800 million and possibly exceeding $1 billion, which would be double the $500 million expansion fee for Las Vegas franchise.
The venture capitalist did not submit an expansion application with the NHL last June, with only Las Vegas and Quebec City doing so. With Vegas in the fold, Quebec will likely be first in line for a expansion or potential franchise relocation, even if Roustan gets funding and builds his arena.
Resistance for a second GTA team from media conglomerates Bell and Rogers (co-owners of the Leafs) would also be a hurdle to clear for the league.
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