Great Canadian Gaming Corp Wins Casino Bid
Posted on August 15, 2017 at 12:08pm
On 9 August 2017, the value of the Great Canadian Gaming Corp.’s shares skyrocketed. This followed an announcement by the group that its bid to run 3 casinos in the area of Toronto, Ontario, had been successful. Stock prices shot up to $30 CDN, a jump of 18%. The Great Canadian Gaming Corp., as part of the Ontario Gaming GTA LP, has been selected by the Ontario Lottery and Gaming Corp to supply the GTA Gaming Bundle with assets for the next 22 years. The properties involved are the Woodbine Racetrack, Ajax Downs and the Great Blue Heron Casino. The incredibly lucrative deal will see them delivering over 4000 slot machines and 60 gaming tables. As a result, 2000 new jobs will be created. The equipment is expected to be leased and deployed in the early part of 2018
The Ontario Gaming GTA LP
The Ontario Gaming GTP LP is a partnership between the Great Canadian Gaming Corp. and Brookfield Business Partners LP. Great Canadian will be operating the GTA Bundle’s gaming activities on behalf of this partnership. The procurement process to get to supply the 3 casinos in the GTA Gaming Bundle was a competitive one, but the Ontario Lottery and Gaming Corp. feels confident in the decision. Stephen Rigby, the Ontario Lottery and Gaming Corp.’s president and Chief Executive Officer, commented that the Ontario Gaming GTA LP is a global leader in infrastructure development. He added that this, combined with their significant experience in high-standard gaming, hospitality and entertainment across North America and in Ontario, makes the selection a sound one.
A Calculated Expansion Move by Ontario
Ontario is reported to have been looking into options to modernise its gaming industry for some time, and now that it has decided to go with the Great Canadian Gaming Corp., it will invest over $1 billion CDN in the project. The vision is major expansion throughout the province, and all the job creation and economic stimulation that this will bring. The 2000 new employments that the Great Canadian Gaming Corp.’s involvement in the GTA Gaming Bundle will generate is a good start. Rod N. Baker, the President and Chief Executive Officer of the Great Canadian Gaming Corp., stated that the company was looking forward to servicing the largest metropolitan region in Canada and described the opportunity as historic. The corporation and Brookfield Business Partners LP will each hold an interest in the Ontario Gaming GTA LP of 49%, while Clairvest Group Inc. will have a 2% interest.