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Great Canadian Gaming and Brookfield Business announced that they were among the winners in a bid to privatize the gaming industry in the Toronto area. OLG recently started bidding as part of a company strategy to revive the province's underdeveloped casino industry, with many foreign companies actually jumping into bidding competition, attracted by the great potential and solid financial benefits of the GTA's market.
OLG is a Canadian corporation responsible for the gambling industry in Ontario, and accordingly is responsible for lottery, slot machines, and commercial casinos in the state. As a result of the bidding process, Great Canadian Gaming and Brookfield were given control over certain gaming facilities, also called the "GTA Bundle," OLG noted. The two companies will acquire assets in the 'GTA Bundle' by signing a 22-year contract with OLG. Transactions between the parties are also known as 'partnerships'. Under the Partnership, Great Canadian and Brookfield will each hold an equal stake of 49%; the remaining 2% will be granted to Clairvest Group Inc.
OLG will therefore enter into an acquisition and asset purchase agreement with the parties, whereby "bundle" award-winning companies will take over the operations of the OLG slot at Woodvine Racecourse, the OLG slot at Ajax Downs and the Great Blue Heron Casino. The partnership is thought to give a strong boost to the region's casino industry, reduce unemployment, and bridge some gaps in the budget. In addition, the partnership will upgrade and modernize the overall regional image as it also includes consolidated property expansion. This will attract many foreign visitors and further develop the tourism sector in the region.
In fact, this is not the first time OLG has collaborated with Great Canadian Gaming. The two companies signed a privatization agreement for great Canadian gaming to purchase casino facilities and slots from OLG. The new person appears to be Brookfield Business Partners. Brookfield Business Partners is a company focused on acquiring affordable businesses, targeting unadvantaged branches to deploy their potential and drive success through proper management.
The process of transferring assets and certain liabilities from OLG to award-winning companies is expected to be completed , but there are certain legal requirements for the parties to meet.
Sunday, February 11, 2024