“Toronto’s entertainment industry has been trapped in a long, downward spiral. How badly did Toronto think it needed “The Lord of the Rings,” the colossal, $28 million musical spectacular that officially opened here Thursday night to high hopes but reviews that fell far short of expectations? Badly enough that the Ontario government agreed to risk $3 million in public money in this for-profit show — not for the building but, incredibly, the actual production — despite charges that deficit-strapped provincial taxpayers were now being asked to subsidize someone’s singing hobbits.”