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Metro Vancouver Casino Operator Acquired by Apollo Global

An acquisition of major proportions has been announced. Great Canadian Gaming Corporation has been acquired by Apollo Global Management. The deal at CAD $3.3 billion is based on a share price of CAD $39.

The acquisition price was a 59% premium to the 30-day volume-weighted average price as of November 9th.

Great Canadian is known as the operator of over two dozen casino properties across four provinces, of which nine are within British Columbia. Notably, it operates River Rock Casino, Hard Rock Casino Vancouver, Hastings Racecourse & Casino, Chances Maple Ridge, and Elements Casino locations in Surrey and Chilliwack.

Terms and conditions

Great Canadian will remain headquartered in Toronto and led by a Canadian management team and local board of directors.

Apollo, a U.S. equity firm, is based in New York with experience in investing in companies in highly regulated industries.

This includes the casino business.

Leaving what exists intact, Apollo intends to expand its footprint. According to a partner, Alex van Hoek,

“Great Canadian is a leader in the gaming and entertainment industry…we see opportunities to work with their talented team to drive additional growth and value.”

Now with an industry-leading portfolio of assets and an established presence in the best geographic markets across Canada, Great Canadian can offer an enhanced gaming experience.

Approval pending

First the company must face a money laundering inquiry over suspicious activity at the flagship River Rock Casino. It is a volatile time per Rod Baker, CEO.

“We believe Apollo’s extensive experience in the gaming sector will provide
additional strategic benefits to help expand our gaming and hospitality
offerings and secure our position as a long-term market leader.”

The acquisition must be approved by the shareholders requires and by provincial and federal regulators and the Supreme Court of BC. The second quarter of 2021 should see the closure of the deal.

Source: https://dailyhive.com/vancouver/great-canadian-casino-corporation-apollo-global-management

About the author

Patrick Pichette

Patrick Pichette

Patrick Pichette has a vast knowledge about Canadian nature, photography and journalism. After graduating the University of Alberta with a bachelor's degree in journalism he decided to follow his dreams and now he is the Associate Editor of Blog.ca

He can be reached out at: patrick.pichette@blog.ca

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