TORONTO — Great Canadian Gaming Corp. and Clairvest Group Inc. have been chosen to operate and develop four Ontario Lottery and Gaming Corp. facilities west of Toronto.
Shares in Great Canadian (TSX:GC) gained more than 10 per cent following the announcement, trading up $4.23 at $34.12 on the Toronto Stock Exchange.
Great Canadian and Clairvest and will develop and operate OLG Casino Brantford, OLG Slots at Mohawk Racetrack, OLG Slots at Flamboro Downs and OLG Slots at Grand River Raceway.
The deal gives them the exclusive right to operate the assets for a minimum of 20 years. The facilities have a combined total of over 2,500 slot machines, approximately 60 table games and employ more than 1,400 staff.
Great Canadian will own 55 per cent of the partnership and run the operations, while Clairvest, a private equity firm, will hold the remaining 45 per cent.
In August, Great Canadian and Brookfield Business Partners LP (TSX:BBU.UN) won a bid to run 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 Canadian Press