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Great Canadian Gaming and Brookfield Awarded GTA Bundle In Ontario Gaming Modernization Process
Great Canadian Gaming and Brookfield Awarded GTA Bundle In Ontario Gaming Modernization Pr...
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[{"type":"text","content":"\n\n\n\nGreat Canadian Gaming and Brookfield Awarded 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, Aug. 8, 2017\n\n\n\nCOQUITLAM, BC AND TORONTO, Aug. 8, 2017 /CNW/ - Great Canadian Gaming Corporation (TSX:GC) (\"Great Canadian\") and Brookfield Business Partners L.P. (NYSE:BBU) (TSX:BBU.UN) (\"Brookfield Business Partners\") together with its institutional partners (collectively, \"Brookfield\"), announce today that they have been selected as the successful proponent by the Ontario Lottery and Gaming Corporation (\"OLG\") to operate certain gaming facilities in the Greater Toronto Area (the \"GTA Bundle\"). \n\n\n \n \n\n \nThe GTA Bundle is the largest award by the OLG as part of the modernization of its casino operations.  In 2016, its three facilities, OLG Slots at Woodbine, OLG Slots at Ajax Downs and Great Blue Heron Casino located in the Mississaugas of Scugog Island First Nation, generated gross gaming revenue of over $1 billion. These facilities have a combined total of over 4,000 slot machines, 60 table games and employ more than 2,200 staff. \n\nAs a result of this award, Great Canadian and Brookfield will acquire all the gaming assets in the GTA Bundle through a transition and asset purchase agreement with OLG, and will have the exclusive right to operate these assets for a minimum period of 22 years, in accordance with the requirements of a Casino Operating and Services Agreement.  \n\nGreat Canadian and Brookfield will invest through a newly formed partnership, Ontario Gaming GTA LP (the \"Partnership\"), with Great Canadian and Brookfield each holding a 49% interest in the Partnership.  Clairvest Group Inc. will hold a 2% interest. Great Canadian will operate the gaming facilities within the GTA Bundle on behalf of the Partnership.\n\nThe Partnership will bring considerable gaming, urban redevelopment and hospitality expertise to the operations and strategic repositioning of the GTA Bundle. This development (subject to approvals) and moder...