Great Canadian Gaming Corporation, one of the country's giants in the area of entertainment had to temporarily close its gaming facilities in Ontario, British Columbia, Nova Scotia, and New Brunswick.

This measure became effective on Monday in an attempt to minimize the possible negative effects of the coronavirus and remains in force until further notice.

Temporarily Suspensions

Decided in consultation with the respective lottery agencies, the suspension of the Great Canadian gaming venues was based on the recommendations given by health authorities in connection with the risk of eventual transmission of the Covid-19.

Since casinos are among the places where people usually gather in high numbers, the company saw the need for the closures as a measure of prevention even despite the fact, no cases of this insidious virus have been reported by any visitors or employees.

Rod Baker, Chief Executive Officer stated:

 "On behalf of our 10,000 team members across the country, and the millions of guests we have the privilege of hosting and entertaining each year, we know we have a role to play in the fight to slow down the spread of COVID-19.“

 "We are taking this unprecedented and proactive step along with the countless other organizations across the country that are taking similar action to collectively contain the spread of COVID-19.“

Just as it’s the case with other gaming facilities across the country, the closures are temporarily and will be subject to constant monitoring and reviewing as appropriate.

Underlining the company’s commitment to ensuring a safe and secure environment for every single guest and every single member of the staff, Great Canadian will provide further information on future steps as the situation develops.

Termination Of Issue Bid

At the beginning of the week, the company also terminated its recent offer to purchase up to $350,000,000 in aggregate of its shares. In February, Great Canadian commenced a substantial issue bid inviting holders of common shares to tender their shares at a price ranged between $39.00 and $46.00 per share.

Consequently, all previously tendered and not withdrawn shares will be returned to respective shareholders.

It’s worth mentioning...

...that 2019 was a very productive and successful year for the company, which ended it with a 15% revenue growth compared to the previous fiscal period of twelve months.

In December, Matt Anfinson was welcomed on board as a new Chief Operating Officer bringing alone the skills and experience to optimize current activities and develop new strategies for future development. The important part of capital investment is the Pickering Casino Resort, which is due to open by the end of this year.

Source: “Great Canadian Gaming Announces Temporary Business Interruption Due To COVID-19 and Termination of Substantial Issuer Bid“. Newswire. March 16, 2020.