Construction of a new entertainment complex
on the Peel Basin:
A core project for Montreal's development
Montreal, June 22, 2005 The Board of Trade of Metropolitan Montreal is in favour of the project announced today by Loto Québec and Cirque de Soleil to build an entertainment complex on the Peel Basin. This new integrated tourist attractionincluding a trade- exhibition centre, a hotel, a spa, a performance hall and a casinowill generate considerable spinoffs for the economic, cultural and tourist development of Montreal, and indeed, all of Quebec.
Construction of this entertainment complex in the Montreal harbour area is great news for the city. This high-profile project will illustrate Montreal's ability to project an international image and showcase its creativity. However, concurrently with this project, we believe it will be important to build the large-scale facilities required to meet the needs of the exhibition industry, and more importantly, to allow Montreal to remain internationally competitive, stated Isabelle Hudon, president and CEO of the Board of Trade of Metropolitan Montreal.
This project is all the more promising because it has the ingredients to kick start the revitalization and development of the Montreal harbourjust like the expansion of the Palais des congrès and the construction of the Caisse de dépôt head office accelerated the completion of the Quartier International. We also commend Loto-Québec for giving its project a major economic profile by associating it with the expertise and reputation of Cirque du Soleil. This association will go a long way to attracting the $180 million in private capital required for the project and creating 14,000 construction-related jobs and 6,000 positions thereafter, continued Mrs. Hudon.
The Board of Trade is also pleased to see the creation of a high-level inter-ministerial committee that will be responsible for evaluating how, for example, the project will impact the revitalization and social development of the sector. For an ambitious project to be successful and garner public support, it must have rigorous, transparent follow-up mechanisms. In this regard, we are pleased with the scope and clarity of the committee's mandate, and it goes without saying that the Board of Trade will be following the work closely, added Isabelle Hudon.
There will be many core projects in the city in the next few years such as the construction of the two university hospital centres, the development of the Montreal harbour, and this new entertainment complex. All this development will make Montreal look like one big construction site, something we haven't seen since the heady days leading up to Expo '67. This is an especially encouraging sign that the city believes in itself and is determined to give itself the tools to fulfill its ambitions, concluded Isabelle Hudon.
The Board of Trade of Metropolitan Montreal has some 7,000 members. Its primary mission is to represent the interests of the business community of Greater Montreal and to provide individuals, merchants and businesses of all sizes with a variety of specialized services to help them achieve their full potential in terms of innovation, productivity and competitiveness. The Board of Trade is Quebec's leading private economic development organization.
Coordinator, Media relations
Board of Trade of Metropolitan Montreal
Tel.: (514) 871-4000, ext. 4015