A Las Vegas gambling giant has partnered with a Canadian property management firm in an effort to build a massive casino and resort along the city’s waterfront.

According to a press release issued Thursday, MGM Resorts International and Cadillac Fairview Corporation Limited have entered into a “50/50 joint venture” to bid for, develop and operate a “destination-style, integrated resort complex” in the city.

The complex would be built at Exhibition Place and would include a permanent venue for Montreal’s Cirque du Soleil as well as gaming, hotel, retail and conference facilities.

"From the start MGM sought to partner with a Canadian company that shares our values of sustainable design, service excellence and commitment to city-building,” Chairman and CEO of MGM Resorts International Jim Murren said in the press release. “In Cadillac Fairview we are partnering with the industry leader in developing high quality properties across North America and a company with whom we share a common vision for the development of an iconic integrated resort in Toronto.”

The idea of building a casino in Toronto has generated considerable debate.

Mayor Rob Ford has publically lobbied in favour of the concept, saying a gaming facility could create thousands of jobs while being a significant revenue source for the city.

Other councillors, however, have suggested that the social cost of such a facility would negate any financial gains garnered through property taxes and the sale of city land.

On Wednesday, three former mayors penned an open letter to city council in which they suggested that allowing a casino to set up shop is not in “Toronto’s best interest.”

City council is expected to make a final decision on the matter in April.

MGM Resorts International and Caesar’s Entertainment Corp are believed to be the front-runners, should council vote in favour of allowing a casino.

“Cadillac Fairview recognizes the enormous benefits that can accrue to the city of Toronto from an integrated resort and we're proud to partner with MGM Resorts to develop this exciting project," Cadillac Fairview President and CEO John Sullivan said in the press release. "The City of Toronto staff report has identified how such a project will create thousands of jobs, contribute much-needed revenue to the city and provide Toronto with an iconic landmark to attract millions of tourists."

Cadillac Fairview Corporation Limited manages commercial properties throughout Canada and the United States, including Toronto’s Eaton Centre and several other malls in the GTA.

Their exact role in developing and operating a casino in the city is not immediately known.

Remember for instant breaking news follow @cp24 on Twitter.