Great Canadian Gaming Opens New Casino In Ontario

Great Canadian Gaming Corporation, one of the largest gaming and entertainment companies in the country, has announced that its casino at its newest property, the Pickering Casino Resort, is now finally open to the public.

The new casino features around 2,400 slot machines and nearly 100 live table games. Players will also be able to enjoy online live casino games, there are 140 live dealer terminals available at the property.

However, the venue won’t function at full capacity for the foreseeable future due to restrictions related to the novel coronavirus pandemic. Nevertheless, Terrance Doyle, the interim Chief Executive Officer of Great Canadian Gaming Corporation, believes that the opening of this casino is an important step in the company’s recovery from the impact of Covid-19.

Moreover, the Chief Executive Officer added that the Pickering Casino Resort will create around 600 new jobs in the Durham Region, and that’s just in the first phase of the property’s opening.

The Pickering Casino Resort is the 25th property of Great Canadian Gaming Corporation but it’s the first casino resort opened in Ontario in the last sixteen years. The Great Canadian Gaming Corporation is based in Ontario but it operates gaming, entertainment and hospitality venues in various locations across Canada.

Great Canadian Gaming Corporation recorded losses in 2020, mainly due to the impact of the novel coronavirus pandemic, but that situation attracted a tempting takeover bid from Apollo Global Management, a powerful private equity firm.

The initial offer, made in November 2020, was worth just over 3.3 billion Canadian dollars, with a price of 39 dollars per share for all outstanding shares of the company. The board of directors accepted the offer, but the shareholders declined because they expected a better price per share.

Apollo Global Management returned with an improved offer of 45 Canadian dollars per share. That figure was exactly the trade value of Great Canadian shares in February 2020, just before the coronavirus pandemic started having a significant impact on the business.

The improved offer was approved by the majority of the shareholders, and it was also approved by the Supreme Court of British Columbia. The acquisition is expected to be finalized in the second quarter of 2021, with all remaining regulatory approvals.

Source: “Great Canadian Gaming Announces The Opening Of The Casino Portion Of Pickering Casino Resort“. Great Canadian Gaming Corporation. July 23, 2021.