The Great Canadian Gaming Corporation issued an update on its previously negotiated agreement with Raptor Acquisition Corporation on April 5, 2021. According to the latest news, Investment Canada has given the agreement the green light to allow the acquisition of Great Canadian Gaming Corporation.
The well-known gaming corporation was founded in 1982, and it has maintained its role as one of Canada’s top casino regulators ever since. The corporation has under its jurisdiction 26 casino properties in Ontario, British Columbia, New Brunswick, and Nova Scotia. Furthermore, the corporation’s funds are used to help a number of companies and charitable organisations in the provinces.
Raptor Acquisition Corporation is an affiliate of funds headed by associates of Apollo Global Management. Under the Investment Canada Act, the agreed agreement has been approved, allowing the buyer to complete the purchase of the renowned Canadian gaming operator. However, the arrangement’s final details are scheduled to be finalized in the second quarter of 2021.
The agreement between the two companies had previously gained approval from the Supreme Court of British Columbia on December 23, 2020, and from both companies’ security holders on December 30, 2020. The agreement between the two parties was also authorised under the Canadian Competition Act.
Following Ontario’s directions to suspend operations at some provincial businesses, the Canadian gaming leader has released an update on its gaming properties. Following the issuance of the order, the corporation announced the closure of two of its properties in Ontario. Elements Casino Grand River and Shorelines Casino Belleville were both closed on April 2 for an unknown period of time.
Following the closing of its Ontario businesses, the corporation now has no active gambling venues in the province. All properties in British Columbia are also closed. There are three operational facilities from the 26. Casino New Brunswick in New Brunswick and Casino Nova Scotia Halifax, Casino Nova Scotia Sydney in Nova Scotia. The remaining operating casinos are subject to restricted conditions and measures.
In February, Shorelines Casino Peterborough and Shorelines Slots at Kawartha Down in Ontario reopened their doors to gambling fans, but only for a short time. Both gaming properties were forced to close on March 7, 2021, due to strict health and safety regulations. After the provincial government ordered the suspension of several Ontario businesses, the closure was implemented.
On February 12, 2021, Casino New Brunswick reopened its doors and continues to welcome guests. It should be remembered that all visitors to the property are subject to mandatory health and safety measures, such as wearing protective face masks and keeping physical distance. Table games and slot offerings are also in a reduced volume, and player capacity must not exceed 50 individuals.
