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Great Canadian Gaming and Clairvest Group Inc. Complete Acquisition of the West GTA Bundle in Ontario Gaming Modernization Process
Great Canadian Gaming and Clairvest Group Inc. Complete Acquisition of the West GTA Bundle...
About this update from Clairvest Group Inc.
[{"type":"text","content":"\n\n\n\nGreat Canadian Gaming and Clairvest Group Inc. Complete Acquisition of the West GTA Bundle in Ontario Gaming Modernization Process\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCOQUITLAM, BC and TORONTO, May 1, 2018\n\n\n\nCOQUITLAM, BC and TORONTO, May 1, 2018 /CNW/ - Great Canadian Gaming Corporation (TSX: GC) (\"Great Canadian\") and Clairvest Group Inc. (TSX:CVG) (\"Clairvest\"), through its Clairvest Equity Partners V partnerships,  announced today that they have successfully completed the acquisition of the gaming assets in the West Greater Toronto Area (the \"West GTA Bundle\") for a purchase price of approximately C$134 million. \n\nGreat Canadian and Clairvest established the Ontario Gaming West GTA Limited Partnership (\"the Partnership\"), in which Clairvest owns 45% and Great Canadian owns 55%. The Partnership was selected as the successful proponent by the Ontario Lottery and Gaming Corporation (\"OLG\") to operate the following West GTA gaming facilities: OLG Casino Brantford, OLG Slots at Mohawk Racetrack, OLG Slots at Flamboro Downs and OLG Slots at Grand River Raceway. \n\nThe Partnership has signed a casino operating and services agreement (\"COSA\") with OLG to take over day-to-day operations of the gaming facilities in the West GTA Bundle. The Partnership has entered into a five year credit agreement that has funded approximately 65% of the acquisition costs and will provide financing for the initial capital development program of the Partnership. \n\nEffective May 1, 2018, the West GTA facilities will be re-named as Elements Casino Brantford, Elements Casino Flamboro, Elements Casino Grand River and Elements Casino Mohawk. These facilities have a combined total of over 2,500 slot machines, approximately 60 table games, employ more than 1,400 staff and generated approximately $460 million in gross gaming revenue in fiscal 2017/18.\n\nIn accordance with the COSA, the Partnership will have the exclusive right to operate these facilities for a minimum period of 20 years. \n\nWith the transition process complete, the Part...