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Great Canadian Gaming and Clairvest Group Inc. awarded West GTA Bundle in Ontario gaming modernization process
Great Canadian Gaming and Clairvest Group Inc. awarded West GTA Bundle in Ontario gaming m...
About this update from Goldcana Resources Inc.
[{"type":"text","content":"\n\n\n\nGreat Canadian Gaming and Clairvest Group Inc. awarded 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, Dec. 19, 2017\n\n\n\nCOQUITLAM, BC and TORONTO, Dec. 19, 2017 /CNW/ - Great Canadian Gaming Corporation (TSX:GC) (\"Great Canadian\") and Clairvest Group Inc. (TSX:CVG) (\"Clairvest\") 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 West Greater Toronto Area (the \"West GTA Bundle\"). \n\n\n \n \n\n \nThe West GTA Bundle is comprised of OLG Casino Brantford, OLG Slots at Mohawk Racetrack, OLG Slots at Flamboro Downs and OLG Slots at Grand River Raceway. 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 $450 million in gross gaming revenue in fiscal 2017. \n\nGreat Canadian and Clairvest will invest through a newly formed partnership, Ontario Gaming West GTA Limited Partnership (the \"Partnership\"), with Great Canadian owning 55 per cent and Clairvest owning 45 per cent. Great Canadian will develop and operate the gaming facilities within the West GTA Bundle on behalf of the Partnership.\n\nAs a result of this award, the Partnership will acquire all the gaming assets in the West GTA Bundle and will enter into leases for each of the facilities. It will have the exclusive right to operate these assets for a minimum period of 20 years, in accordance with the requirements of a Casino Operating and Services Agreement. The closing will be completed under the terms of a Transition and Asset Purchase Agreement entered into with OLG.  \n\nWith years of gaming, racing, hospitality, and development expertise, the Partnership will provide strategic vision and operational modernization that will add extensive non-gaming amenities and expanded gaming offerings to ensure properties in the West GTA Bundle deliver a premier gami...