Most currently on April 5, 2021, the Great Canadian Gaming Corporation has provided an update on its previously agreed deal with Raptor Acquisition Corporation. Latest news states that the agreement has received a green light from Investment Canada in order to allow the acquisition of Great Canadian Gaming Corporation.
The prominent gaming corporation was founded back in 1982, and ever since then, it has cemented its top spot among the leading casino regulators in Canada. The corporation has under its jurisdiction 26 casino properties in Ontario, British Columbia, New Brunswick, and Nova Scotia. Additionally, the corporation’s funds are used to support many businesses and charitable organizations in the said provinces.
Raptor Acquisition Corporation is an affiliate of funds headed by associates of Apollo Global Management. The agreed arrangement has been greenlighted under the Investment Canada Act which will finally allow the purchaser to complete the acquisition of the renowned Canadian gaming operator. However, final details about the arrangement are expected to be completed in the second quarter of 2021.
Previously the arrangement between the two companies has received the nod from the Supreme Court of British Columbia on December 23, 2020, and from the security holders of both companies on December 30, 2020. The agreement between both parties had also received approval under the Competition Act of Canada.
The Canadian gaming leader has published an update on its gaming properties after Ontario’s directions to suspend operations at certain provincial businesses. Following the issued order, the corporation announced that two of its properties in Ontario will be closing down. On April 2, Elements Casino Grand River and Shorelines Casino Belleville have been shut down for an unknown period of time.
After the recent closure of Ontario businesses, the corporation has no operational gambling venues in the province. All British Columbia properties also remain closed. There are three operational facilities from the 26. Casino New Brunswick in New Brunswick and Casino Nova Scotia Halifax, Casino Nova Scotia Sydney in Nova Scotia. The remaining active casinos are operating under restricted conditions and measures.
Shorelines Casino Peterborough and Shorelines Slots at Kawartha Down in Ontario managed to reopen its door for gambling fans in February but their operational spell was rather brief. Both gaming properties operated under strict health and safety protocols but were required to close down on March 7, 2021. The shutdown was implemented after the provincial government’s orders to suspend many Ontario businesses.
Casino New Brunswick was reopened on February 12, 2021, and continues to welcome guests on its premises. It must be noted that mandatory health and safety measures apply for all visitors of the property, such as protective face masks and keeping physical distance. Table games and slot offerings are also in a reduced volume, and player capacity must not exceed 50 individuals.
Source: “Great Canadian Gaming Announces Investment Canada Approval and Operational Updates” Cision, April 5, 2021