Great Canadian Gaming Corporation In The News

The Great Canadian Gaming Corporation has hit the headlines on two counts. It is one of the largest gaming companies in the country with facilities that include 10 casinos, 8 horse racing tracks and 3 community gaming centers in British Columbia, Ontario, Nova Scotia, and Washington state. The company's headquarters is located in Richmond. It reported revenues of CAD 48.8 million in 2014 with employee strength of 4,600.

Great Canadian Gaming has acquired the New Brunswick Casino for a sum of CAD 95 million. New Brunswick Casino had started operation in 2010 under private ownership. It is located in Moncton and offers visitors a top notch hotel and a performance arena, in addition to a full gaming floor. New Brunswick Casino has last reported annual profits of CAD $38 million. The casino offers many rewards programs for its regular patrons. Great Canadian Gaming intends to continue with the familiar programs and events. The president of Great Canadian Gaming said that the acquisition represented an important opportunity for value creation and would further enhance the prestige of the corporation.

The second news item is not that pleasant. Great Canadian Gaming has decided to sue the British Columbia Lottery Corporation (BCLC) for an estimated CAD 18 million. The suit was filed in the Supreme Court of British Columbia. The dispute resolves around an agreement that Great Canadian Gaming claims was entered into in 2009. According to the agreement the BCLC agreed that there was no further requirement for the casinos of Great Canadian Gaming to make contributions to the trust that was set up to promote socially responsible casino gambling. As per the suit, it has been alleged that even after sending the letter of termination, the BCLC continued to collect 0.6% of the casino revenues. In this manner CAD 18 million was collected By the BCLC from 2009 to 2015. The suit prays that the BCLC be instructed to cease collecting this amount in the future and pay back the amount that has already been collected. Adding support to its claim, the Great Canadian Gaming has pointed out that the particular trust into which the collected sums were going was no longer in operation and had actually been closed since 2009. The BCLC has been appointed by British Columbia’s Ministry of Finance to oversee all casino activities in the Canadian province. No dates have as yet been set aside for the hearing to take place.

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