The province is ready to reveal its plans for a makeover of Ontario Place.

Former Ontario Progressive Conservative leader John Tory will unveil a final report on the Ontario Place Revitalization on Thursday morning.

Tory, who was tapped to head an advisory panel on the project, will present the report's recommendations on what to do with the aging waterfront complex.

The cash-strapped province, which is trying to cut a $16-billion deficit, has said it can't afford to keep Ontario Place open in its current form.

Finance Minister Dwight Duncan said earlier this year that the park will be closed until 2017 and its water park, amusement rides and the giant white ball that houses its Cinesphere will be torn down.

Duncan said the panel's job would be to come up with ways to make the park a must-visit destination once again.

He said annual attendance at the family-friendly park has dropped to about 300,000 compared to the 2.5 million who visited when it opened in 1971.

Many have suggested ideas for the 39-hectare park, such as a casino or a condo development, but the province has rejected the casino idea.

The province has said the concert amphitheatre venue at Ontario Place will stay open, as will the marina and the parking lots. Funding for the revitalization is expected to come from the private sector, Duncan said.

The report will be available at www.ontario.ca/myontarioplace once the report is released at 11 a.m.