OLG selects partner to run casino at Toronto's Woodbine Racetrack
The Canadian Press
Published Tuesday, August 8, 2017 10:29AM EDT
TORONTO -- The Ontario Lottery and Gaming Corp. has selected Great Canadian Gaming Corp. (TSX:GC) and Brookfield Business Partners LP (TSX:BBU.UN) to run its casinos in the Greater Toronto Area.
Under the deal, Great Canadian and Brookfield would acquire OLG Slots at Woodbine, OLG Slots at Ajax Downs and the Great Blue Heron Casino located in the Mississaugas of Scugog Island First Nation.
The two companies would also have the exclusive right to operate the casinos for a minimum of 22 years.
The three locations have a total of more than 4,000 slot machines, 60 table games and employ more than 2,200 people.
Great Canadian would operate the facilities and hold a 49 per cent stake in the partnership.
Brookfield would also hold a 49 per cent stake, while Clairvest Group Inc. would hold a two per cent interest.
After the announcement, shares in Great Canadian soared by 14.3 per cent on the Toronto Stock Exchange in early morning trading, while stock in Brookfield was up 3.4 per cent.
Great Canadian has 22 gaming properties including 14 casinos, four racetrack casinos, three community gaming centres, one commercial bingo hall and resort hotels in Richmond, B.C., and in Moncton, N.B.