FOR IMMEDIATE RELEASE

April 10, 2024

Detailed review reveals MegaSpa slated for Ontario Place relies on massive injection of taxpayer money
  
Today, Ontario Place for All released a comprehensive review of the financial viability of the proposed MegaSpa at Ontario Place. It concludes that the business case for the MegaSpa does not make sense, with the MegaSpa losing money for years while costing Ontario’s taxpayers hundreds of millions of dollars in subsidies.
 
The market and financial deep-dive was conducted by a group of volunteers with business and financial expertise and the result is that the business case fails. “With what little we do know, as the Premier is keeping financial details away from Ontarians, the numbers just don’t add up.” said Norm Di Pasquale, Ontario Place for All Co-Chair, “Why is the Ford government gambling with over $650 Million in taxpayer dollars?”
 
Despite demanding answers, Ontarians continue to be fed vague numbers and marketing propaganda around the MegaSpa. Based on the information now available to the public, the projected taxpayer costs to subsidize the project could balloon to well over a billion dollars, with the spa company investing only 30% of the total required. OP4A is not aware of other private spas or waterparks in Ontario being subsidized by taxpayers.
 
The fundamentally-flawed business case requires the new facility to soak up 20% of all spa revenue in the GTHA.  The untested-in-North-America business model hinges on a projection that it will have thousands of visitors per day, roughly as much as the CN tower or Ripley's Aquarium or many multiples of visitors to the Great Wolf Lodge water park. Despite promises of transparency, the public has not seen the business case that supports these numbers. Nor has the public seen proof that this is a wise spending choice for Ontario taxpayer dollars.
 
None of these questions have been answered and the government continues to hide the conditions of the 95-year lease including any mention of any income or return on investment for Ontario taxpayers . A full review could reveal additional hidden taxpayer costs for transportation improvements, parking subsidies, and infrastructure related to the complexity of the site.
 
“OP4A is calling on the Ford government to cancel the project. It’s a bad deal for Ontarians and an irresponsible waste of taxpayer dollars based on a secret and flawed business plan,” said Bruce Van Dieten, Ontario Place for All Steering Committee Member.
 
Contact:
Norm Di Pasquale
6479173198
info@ontarioplaceforall.com
 
Bruce Van Dieten
(416) 720 1387 
bruce.vandieten@gmail.com
 
Financial Presentation Slide deck link:

https://ontarioplaceforall.com/custom/uploads/2024/04/FINAL-OPFA-Financial-presentation-April-10-2024.pptx

Financial Modelling available upon request.

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About Ontario Place for All

Ontario Place for All is a grassroots organization that wants to ensure Ontario Place redevelopment follows core principles of waterfront revitalization.

Our Core Principles:

• Ontario Place must be for ALL and kept publicly accessible.

• There must be a thoughtful, comprehensive public review before any changes, with a full and robust public consultation that:

  • conforms to the Truth and Reconciliation Commission Report’s call for informed, respectful, and meaningful consultation with Indigenous peoples over economic development

  • recognizes the diverse communities that use and contribute to Ontario Place

• Public interest, not commercial interest must drive the new vision.

• Future plans must:

  • acknowledge the waterfront’s Indigenous heritage and incorporate meaningful Indigenous consultation

  • maintain Ontario Place as part of Toronto’s waterfront park system.

  • be integrated with the revitalization of Exhibition Place.

  • celebrate Ontario.

  • be guided by a collaboratively developed Conservation Management Plan that sustains Ontario Place as a recognized cultural heritage landscape.