On the same day it was learned that Canadians lost $14.5 billion gambling last year, Toronto announced it was in preliminary talks to bring a casino to the city.

City licensing chair Howard Moscoe wants Toronto to get a piece of the action.

"I'm willing to sit down with the provincial government and work out a plan for a casino for Toronto," Moscoe said Thursday, adding that any arrangement would have to give the city its "fair share of the revenue."

But opening a casino in Canada's largest city is not a simple matter. City hall would first have to get approval for the facility from the provincial government. Then the city would need to have the plan approved by residents through a referendum.

Moscoe says he is in preliminary talks with the province. He adds that a casino could offer a great boost to the local economy. As an example, Casino Niagara pulls in about $500 million a year and employs 3,500 people.

During a three-day summit of gaming industry representatives in Toronto on Thursday, phase one of a study was released.

The economic report, commissioned by the Canadian Gaming Association, found the industry made revenues in excess of $15 billion in 2006. About $700 million was generated through non-gambling activities such as food and drinks.

"More people are employed in the gaming industry than are directly manufacturing automobiles," association CEO Bill Rutsey said.

Profits were pegged at $10.6 billion while provincial governments received about $7.4 billion and $3.2 billion went to charities.

With a report from CTV's Desmond Brown and files from The Canadian Press