After several years of anticipation, Toronto's massive new casino resort will finally open this summer.

In a press release, Great Canadian Entertainment announced today that its $1 billion brand-new entertainment resort will be called Great Canadian Casino Resort Toronto.

Located at the intersection of Highways 401 and 427, the casino resort will sit adjacent to Woodbine Racetrack. Casino Woodbine will continue to operate for the time being, until the new destination opens.

Great Canadian Casino Resort Toronto will be Canada's largest destination casino resort, and will feature a Vegas-style casino, 400-room hotel, 5,000-seat entertainment venue, new parkade, and on-site dining options.

“We see this as an unprecedented opportunity to introduce an entirely new, world-class experience in Canada that will bring together the best in casino gaming, exceptional live entertainment, dining, and accommodation in one very special place,” said Matthew Anfinson, CEO of Great Canadian Entertainment.

“This project has been several years in the making, and we are thrilled that we are close to bringing it to life,” he said.

Great Canadian Casino Resort Toronto's official opening date will be announced in the coming weeks.