Great Canadian Gaming has officially confirmed the plan to sell its shares to Maverick Gaming for an incredible sum of $56 million.
Great Canadian Gaming company plans to sell shares owned in Great American Gaming. The company has been looking for a potential purchaser for a while. Before the official decision, we can only make some assumptions. The GCG buyer should meet all requirements in terms of US anti-trust legislation.
Maverick Gaming seems to fulfil all conditions as GCG confirmed that it will vend all shares in the subsidiary.
Current Operation:
Great Canadian Gaming represents one of the most prominent operators in the Canadian ground. The company includes 28 gaming venues all over the country. It includes entertainment and hospitality facilities in provinces like British Columbia, Ontario, Nova Scotia, Washington State and New Brunswick.
At the moment, Great Canadian Gaming owns three casinos complexes including Tukwila, Lakewood and Everett, with Washington State location. As part of the sales agreements, GCG will be selling the shares to Maverick Gaming for the total compensation of $56 million. Maverick company will be responsible for the future of three facilities.
Waiting for the sale confirmation…
Meanwhile, we are waiting for official sale confirmation. Apart from anti-trust requirements, the sale should be subject to the consent of the Washington State Gambling Commission. Both purchaser and seller should meet requirements in terms of regulation and closing conditions. We can expect the finalization of the agreement until the end of the third quarter of 2020.
Commenting on the purchase, GCG SEO Rod Baker said:
„The decision was based on a strategy to streamline some of the group’s business operations. By limiting the field on one end of operations, other divisions and plans will be more capable of thriving and growing. Core markets will enjoy priority focus, and this will be modus operandi for the remainder of 2020“.
About Great Canadian Gaming:
Great Canadian Gaming represents a leading entertainment and hospitality company in Canada. It specializes in organization of various activities including interactive gaming, horse racing, show theatres, and cinemas. The company provides top-notch services to customers and shareholders. Great Canadian Gaming works under „Proud of our people, our business , our community“ brand and invests over $2,5 million in its communities. The company also supports healthcare, education and social service projects. Only in 2020, Great Canadian Gaming supported over 1900 charitable organizations.
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