Great Canadian Gaming Completes GTA Bundle Deal
Great Canadian Gaming has announced it has successfully completed the purchase of a number of gaming assets in the Greater Toronto Area (the GTA Bundle) for around C$170 million.
The Canadian casino and hospitality operator made this move together with Brookfield Business Partners, through their joint venture Ontario Gaming.
An Excellent Move
Following the acquisition, the Partnership signed a casino operating and services agreement (COSA) with Ontario Lottery and Gaming Corporation (OLG) to take control of every-day operations of these assets in the GTA Bundle.
Under the provisions of the COSA, the Partnership received the exclusive rights to operate these facilities for a minimum of 22 years. According to available information, the Partnership plans to implement an ambitious strategy, which includes modernization and further development of the facilities, while the final goal is a complete overhaul of the GTA Bundle-located properties.
Great Canadian’s President and Chief Executive Officer, Rod Baker said his company had a long gaming history in Canada and Ontario and stressed that collaboration with OLG and other partners aimed to deliver a responsible gambling. Baker added he was looking forward to this historic opportunity to service the country’s largest metropolitan region, with the population of 5.9 million people.
Cyrus Madon, Chief Executive Officer at Brookfield Business Partners said the company would bring its capabilities in operations, development, and retail to the Partnership with the goal of delivering expanded gaming options and premier entertainment that would enhance the experience of the customers and contribute to the surrounding communities.
The GTA Bundle is comprised of three facilities – OLG Slots at Woodbine, OLG Slots at Ajax Downs and Great Blue Heron Casino, located on the Mississaugas of Scugog Island First Nation lands. Last year, they generated a combined gross gaming revenue of more than C$1 billion.
The GTA Bundle facilities employ more than 2,200 people, offering over 4,000 slot machines and 60 table games.