Torstar, one of the biggest Press companies in Canada is now opening its own online casino. We will explain you everything you need to know in following paragraphs.
The company behind the world famous newspaper “Toronto Star”, the most printed newspaper in Canada. is now opening an online casino in order to recover from losses due to the Covid pandemic. The monetary problems began a few years back due to the digital access of news, but now due the covid-19 things got way worse in terms of sales.
However this plan has still yet to be approved by the state of Ontario, state where the company headquarters are located and where they should also get their gambling website legally approved.
Corey Gorman, CEO of Torstar’s corporative development, told the press that “as a communication company based in Ontario and a trust brand for more than 128 years, we believe that creating a trusted gambling brand will create new employment, grow Canada’s economy and generate revenue in taxes that will help the community of Ontario”.
Even tho “Toronto Star” is their biggest brand, they also have many other publications nationwide and more than 70 weekly magazines. It was known as one of the biggest press enterprises in north america, that due to the new times, have been struggling a lot financially.
Tostar began widely famous with their first newspaper during 1892, and now the idea of turning into the “Igaming” Business started after the company was bought by a private investment group called NordStar Capital. This company which have the famous businessmen Jordan Bitove and Paul Rivett as the owners, was acquired 7 months ago for around 60 million Canadian dollars. A bargain price for such a big company, studies claim.
It is also said this idea came out of the box, since the local Government started legalizing the online casino business. Remember that all online gambling websites were state owned under the name of OLG (Ontario Legal Gambling).
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