Business
Great Canadian Gaming Reaches Agreements in Principle for OLG Slot Facility Leases at Georgian Downs and Flamboro Downs
RICHMOND, BC, March 9, 2013 /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, March 9, 2013 /CNW/ - Great Canadian Gaming Corporation [TSX:GC] (\"Great Canadian\" or \"the Company\") today announced that it has\n entered into letters of intent with the Ontario Lottery and Gaming\n Corporation (\"OLG\") for the continuation of slot operations at each of\n the Company's Georgian Downs and Flamboro Downs racetrack facilities.\n\n\nThe letters of intent set out the general intentions and business\n arrangements for the respective properties' and proposed lease\n agreements with the OLG. The terms of definitive lease agreements are\n subject to approval by the Ontario Ministry of Finance. These lease\n arrangements will replace the current site holder agreements that will\n expire on March 31, 2013.\n\n\nWhile the Company has had discussions with the Ontario Horse Racing\n Industry Transition Panel (the \"Panel\"), it has not formalized\n transitional funding for continued racing operations at either Georgian\n Downs or Flamboro Downs. We believe that securing lease agreements with\n the OLG will assist in further discussions with the Panel regarding\n transition funding for horseracing.\n\n\n\"We are extremely pleased to have reached this agreement in principle\n with Great Canadian for both their Flamboro and Georgian sites\" said\n Rod Phillips, OLG's President and CEO.  \"We have a longstanding and\n positive relationship with Great Canadian and look forward to working\n with them in the future.\"\n\n\n\"We also are extremely pleased to have now concluded our negotiations\n with the OLG and look forward to continuing to work with them through\n these lease arrangements,\" stated Mr. Rod N. Baker, Great Canadian's\n President and Chief Executive Officer. \"We also look forward to\n continuing our discussions with the Ontario government and the Panel\n with a view to finalizing arrangements and funding for horse racing to\n be able to continue at Flamboro Downs and Georgian Downs.\"\n\n\nUntil such time as the definitive lease agreements have been signed,\n further discussions with the Panel have occurred, and related horse\n racing transitional funding decisions have been made, the full effect\n of today's announcement on our properties' annual revenues and EBITDA\n will not be determinable. However, based on terms agreed to in the\n Letters of Intent with the OLG, we continue...