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Great Canadian Gaming and Brookfield complete acquisition of the GTA Bundle in Ontario gaming modernization process
Great Canadian Gaming and Brookfield complete acquisition of the GTA Bundle in Ontario gam...
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[{"type":"text","content":"\n\n\n\nGreat Canadian Gaming and Brookfield complete acquisition of the 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, Jan. 23, 2018\n\n\n\nCOQUITLAM, BC and TORONTO, Jan. 23, 2018 /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\") announced today that they, through their partnership Ontario Gaming GTA LP (\"the Partnership\"), have successfully completed the acquisition of certain gaming assets in the Greater Toronto Area (the \"GTA Bundle\") for a purchase price of approximately C$170 million.    \n\nThe Partnership has signed a casino operating and services agreement (\"COSA\") with the Ontario Lottery and Gaming Corporation (\"OLG\") to take over the day-to-day operations of the gaming facilities in the GTA Bundle. \n\nThe GTA Bundle is the largest award by 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 on the Mississaugas of Scugog Island First Nation lands, generated gross gaming revenue of over C$1 billion. These facilities have a combined total of over 4,000 slot machines, 60 table games and employ more than 2,200 staff. In accordance with the terms of the COSA, the Partnership will have the exclusive right to operate these facilities for a minimum period of 22 years.\n\nGoing forward, the Partnership intends to undertake an ambitious growth strategy to enhance the guest experience. This modernization and development (subject to approvals) of the facilities is intended to include enhanced gaming offerings and integrated property expansions that will incorporate leading world-class amenities such as state-of-the-art meeting and event facilities, hotels and premier entertainment venues. The Partnership intends to...