Currently, on April 5, 2021, Great Canadian Gaming Corporation released an update on their previously agreed contract with Raptor Acquisition Corporation. Latest news says Investment Canada’s agreement has been given the green light to enable the acquisition of Great Canadian Gaming Corporation.
The well-known gambling company was founded back in 1982 and has since consolidated its top position among the leading casino regulators in Canada. The company has 26 casino properties under its jurisdiction in Ontario, British Columbia, New Brunswick and Nova Scotia. In addition, the company’s funds are used to support many companies and non-profit organizations in the aforementioned provinces.
Raptor Acquisition Corporation is a subsidiary of funds managed by associates of Apollo Global Management. The stipulated agreement was approved under the Investment Canada Act, which will eventually allow the buyer to complete the acquisition of the renowned Canadian gaming operator. However, the final details of the agreement are expected to be finalized in the second quarter of 2021.
Previously, the agreement between the two companies received the nod from the British Columbia Supreme Court on December 23, 2020and by the securityholders of both companies on December 30, 2020. The agreement between the two parties had also received approval under Canadian Competition Law.
The Canadian gaming market leader subsequently published an update of its gaming features Ontario Instructions for Cessation of Operations in Certain Provincial Companies. Following the award of the contract, the company announced that two of its properties in Ontario will be closed. On April 2nd, Elements Casino Grand River and Shorelines Casino Belleville were closed for an undisclosed period of time.
Following the recent Ontario store closure, the company has no operational venues in the province. All British Columbia properties will also remain closed. There is three operational facilities from the 26th Casino New Brunswick in New Brunswick and Casino Nova Scotia Halifax, Casino Nova Scotia Sydney in Nova Scotia. The remaining active casinos operate under restricted conditions and measures.
Shorelines Casino Peterborough and Shorelines Slots at Kawartha Down in Ontario managed to reopen their doors to gambling fans in February Her operational spell was pretty short. Both gaming properties operated under strict health and safety protocols but had to close on March 7, 2021. The closure came following orders from the provincial government to suspend many Ontario businesses.
Casino New Brunswick reopened on February 12, 2021 and continues to welcome its guests to its premises. It must be noted that Mandatory health and safety measures apply to all visitors the ability to keep physical distance, such as protective face masks. Table games and slot offers are also in a reduced volume and the player capacity must not exceed 50 people.
source: “Great Canadian Gaming Announces Investment Canada Approval and Operational Updates,” Cision April 5, 2021