Business
Great Canadian Gaming Announces it is Pursuing an Entertainment Center and Casino Opportunity in Oregon
RICHMOND, BC, Aug. 23, 2012 /CNW/ - Great Canadian Gaming Corporation [TSX:GC] ("Great Ca...
About this update from Goldcana Resources Inc.
[{"type":"text","content":"\n\n\n\n\n\nRICHMOND, BC, Aug. 23, 2012 /CNW/ - Great Canadian Gaming Corporation [TSX:GC] (\"Great Canadian\" or the \"Company\") announced today that it has acquired\n a minority equity interest in PDX Entertainment Company (\"PDX\"), an\n Oregon corporation, through a newly formed subsidiary. PDX, whose\n shareholders include financial partners with gaming experience and\n resident Oregon businesses, is pursuing the opportunity to build and\n operate an entertainment and gaming complex on a 31 acre site in Wood\n Village, Oregon, a City approximately 20 kilometres east of Portland.\n\n\nThe success of the proposed development is subject to a high level of\n uncertainty. It requires the approval of Wood Village voters through a\n local municipal ballot measure, and the approval of Oregon voters\n through two state ballot measures, one of which would change the state\n constitution to permit private-sector casino gaming in Oregon. The\n ballot measures will be voted on November 6, 2012, Election Day in the\n US and the date of the US Presidential election. PDX has recently\n commenced a substantial public outreach program to educate voters about\n the economic benefits that the proposed entertainment and gaming\n complex will provide to residents of Oregon, including approximately\n 2,000 permanent jobs, increased school funding from casino gaming\n revenues, and significant construction-related jobs and supply\n opportunities for Oregonians.\n\n\n\"The proposed development will require a private-sector investment of\n approximately US $300 million and is expected to create product and\n supplies opportunities for hundreds of Oregon companies and direct and\n indirect long-term jobs for thousands of Oregon residents. Government\n financial assistance is not required to construct the proposed\n facility,\" said Rod Baker, the Company's President and Chief Executive\n Officer. \"The timing for the Wood Village proposal is right, as a\n casino being proposed in nearby Clark County, Washington State\n threatens to take economic benefits from Oregon.\"\n\n\nThis project, if approved, will enable the Company to secure a firm\n position in a new and vibrant marketplace. The Oregon proposal is close\n to the Company's corporate office in BC and is less than six hours\n drive south from Vancouver.\n\n\nABOUT GREAT CANADIAN GAMING CORPOR...