TORONTO - The iconic giant white ball beside Lake Ontario that houses the Ontario Place Cinesphere will be destroyed and the 39-hectare park shut down for five years for a redevelopment the government hopes will bring tourists back in droves.

The cash-strapped province, facing a $16-billion deficit, can't afford to keep Ontario Place open when attendance has fallen from 2.5 million when it opened in 1971 to about 300,000, said Finance Minister Dwight Duncan.

"It's fallen into disrepair and we just don't want to continue to put in $20 million a year when there's declining use," he said.

"This is about a sustainable Ontario Place that not only will improve but it will be financially sustainable. To simply continue to increase funding while attendance goes down is not."

The water park, amusement rides and the Cinesphere will be torn down while the park is closed until 2017 so a panel led by former Progressive Conservative leader John Tory looks at ways to make Ontario Place a "must-visit" destination again for tourists.

The panel will report back to government this spring and hopes to start the process for redevelopment work by the summer. There are no conditions on what the panel can consider, and there have already been lots of ideas put forward to rebuild Ontario Place, said Tory.

"There's been I think 11 studies and that's probably about nine more than there needed to be, and now it's time to act and get on with doing something," he said.

"I want it to be excellent, a people place, something that will help to create jobs and enrich the cultural and social fabric of Toronto and takes advantage of what is a jewel of a location."

Reporters laughed aloud when Tourism Minister Michael Chan said one of the four areas to remain open at Ontario Place would be the parking lots.

The only other things to stay open will be the amphitheatre where concerts are held, the Atlantis pavilion and the marina.

No decision has been made on whether or not to put a new casino at Ontario Place as part of the revitalization project, but the panel can consider the idea, said Duncan.

"The government has not considered additional casinos," he said.

"It is at best premature to suggest any decisions have been made in that regard."

The province will look to the private sector to fund the redevelopment of Ontario Place, added Duncan.

"What we don't know is what the final configuration is, but what's important is that we also leverage private capital in the redevelopment of this site," he said.

The New Democrats said they fear that could mean more waterfront condominiums will be built on what Duncan called some of the most expensive land in North America.

"There's an eventual privatization we see coming out of this. Who knows what it's going to look like at the end," said NDP critic Gilles Bisson.

"There's probably more questions being raised than have been answered in this press conference, and I think time will tell exactly what's going to happen."

The Progressive Conservatives called it a good idea to revitalize Ontario Place, but said the government should make sure the park remains affordable after it is rebuilt and reopened.

"Ontario Place needs a face lift and probably more," said Tory Peter Shurman.

"Let's give people something they really value and let's give it to them at a reasonable price."

About 50 full-time workers will lose their jobs, and 600 summer jobs will also disappear, as the waterfront park owned by the province is closed, overhauled and rebuilt.

Admission to Ontario Place was free last year for the park's 40th anniversary, which helped increase admissions to 563,000.