OLG Selects Great Canadian Gaming & Brookfield to run Toronto Casinos
Great Canadian Gaming and its institutional partner Brookfield has been selected by the Ontario Lottery and Gaming Corporation as operators of the gaming facilities in the Greater Toronto Area.
Great Canadian Gaming and Brookfield Win
Great Canadian Gaming and Brookfield received a vote of confidence to acquire the OLG slots at Woodbine, Ajax Downs and the Great Blue Heron Casino located in the Mississauga of Scugog Island First Nation.
The three casino locations within the Greater Toronto Area boast more than 4,000 slot machines, together with 60 table games. They employ well over 2,200 people that will be added to Great Canadian Gaming’s current crop consisting of 22 gaming properties, 14 of which are casinos.
The new Toronto operator also runs four racetrack casinos, three community gaming centres, one commercial bingo hall and resort hotels in Richmond and Moncton.
The Minimum of 22 Years
Under the deal, the two partner companies have earned the exclusive right to operate the casino businesses in the area over a predetermined minimum of 22 years whereas Great Canadian will hold 49% stake.
The exact amount will also go to Brrokfield, whereas Clairwest Group Inc. would hold a 2% share interest.
The agreement announcement resulted in Great Canadian shares rising up 14.3% on the Toronto Stock Exchange in early morning trading, while Brookfield stock went through a 3.4% push.
The newly-formed partnership between the Great Canadian Gaming and Brookfield came as great news for the two companies which remain tight-lipped on their plans. Chuck Keeling of Great Canadian Gaming said the companies will first brief vested shareholders on plans and get their feedback before making any details regarding the Toronto casinos public.
“We do have a vision for the GTA marketplace.”, he said, promising details ‘soon’.