Great Canadian Gaming Corporation is one of Canada’s largest gambling operators with 19 properties in Canada and the United States. Therefore, in order to further expand its business, the company decided to participate in the bidding process organized by OLG for the privatization of the gaming sector in the Greater Toronto area.
As a result, the company’s stock began to rise sharply last week, The company’s price reached a near-record level of $25.43 (or 5% growth) per share.
Canada’s Investment Industry Regulatory Organization (IIROC) said on Thursday it had decided to stop trading shares of the company after the market closed. Friday’s market opening failed to change the situation for the company, which is still trading suspended. Experts acknowledged that it was a long pause waiting for the news release.
It’s interesting to remind you that just two years ago, Great Canadian Gaming Corporation signed a similar privatisation agreement with OLG to buy casino properties and slots for $46.9 million.
There are only a few days left until OLG points out the name of the winning casino operator to take over OLG-owned casinos and slot machines from GTA. The winners will sign a 22-year agreement with OLG that will allow them to begin renovating three casino facilities that already exist. In addition, it was noted that winners would be allowed to open a fourth casino facility in the area, assuming they meet certain legal requirements.
The privatization contract was encouraged by the profitable view of making “big money” and stimulated the desire of many operators to participate in the bidding. The winners were competing for control of the gambling business at Woodbine Racecourse in Toronto, Ajax Downs, and Great Blue Heron Casino in Port Perry.
The Globe and Mail learned the names of three companies, Brookfield Asset Management of Canada, Caesars Entertainment of the U.S., and Genting Group of Malaysia, which are completing the contract bidding process at the end of July this year, the media said.
OLG has embarked on the privatization process with an idea to revitalize the region’s old gambling industry of gambling. The company will retain OLG-owned casino facilities and monitoring of winners to acquire slot machines.카지노사이트