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Great Canadian Gaming Acquisition Receives Green Light

Posted on September 17, 2021 | 12:26 pm

Great Canadian Gaming Corporation, one of the most important gaming and entertainment companies in the country, has announced it received all regulatory approvals for the acquisition of the company by an affiliate of Apollo Global Management, a powerful international private equity firm.

Raptor Acquisition Corporation, the respective affiliate of Apollo Global Management, will acquire Great Canadian shares at the price of 45 Canadian dollars per share. That figure was approved by the Canadian company’s shareholders as it represented the exact trade value of Great Canadian shares in February 2020, just before the coronavirus pandemic started having a severe impact on the business.

The arrangement is expected to become effective on September 23, 2021. After the completion of the deal, the Great Canadian Corporation shares and debentures will be unlisted from the Toronto Stock Exchange.

Great Canadian was founded all the way back in 1982 in Ontario and since then it has grown into a nationwide company that operates 25 gaming, entertainment and hospitality facilities located in Ontario, British Columbia, New Brunswick, and Nova Scotia.

Apollo Global Management is a global alternative asset manager, which looks to invest into promising businesses all around the world. As of June 30, 2021, Apollo had assets under its management worth around 472 billion U.S. dollars.

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New Casino Inaugurated In Ontario

Even though the company was undergoing takeover procedures, this summer Great Canadian Gaming Corporation opened a new casino at its newest property, the Pickering Casino Resort in Ontario.

The new casino features around 2,400 slot machines and nearly 100 live table games. The venue also offers its customers the possibility to enjoy online live casino games, with 140 live dealer terminals available at the property.

However, the new casino still does not function at full capacity and won’t do so for the foreseeable future due to restrictions related to the novel coronavirus pandemic.

However, the Pickering Casino Resort created around 600 new jobs in the Durham Region, and more will be added in the following phases of the property’s development plan. The Pickering Casino Resort was the 25th property developed by the Great Canadian Gaming Corporation but it was the first casino resort opened in Ontario in the last sixteen years.

SOURCE: “Great Canadian Gaming Receives All Regulatory Approvals for the Plan of Arrangement with an Affiliate of Apollo Funds“. September 10, 2021.

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