COQUITLAM, BC , April 26, 2019 /CNW/ - Great Canadian Gaming Corporation [TSX: GC] ("Great Canadian," or "the Company") announced today that the Company has agreed to sell the shares of Great American Gaming Corporation ("Great American") to Maverick Gaming LLC ("Maverick") for proceeds of US$56 million in a cash transaction.
Great American currently owns and operates three Washington State casino properties, Everett , Tukwila and Lakewood . Great American represents all of the US operations of the Company.
"The sale of Great American will allow Great Canadian to focus on its core growth markets as we continue to execute on our operational and development plans for 2019 and beyond," stated Rod Baker , the Company's Chief Executive Officer. "The divestiture is in line with the Company's stated strategic goals and demonstrates our commitment to exploring opportunities to create shareholder value."
The purchase and sale of Great American is subject to the consent of Washington State Gambling Commission regulatory approvals and customary closing conditions. The closing is expected to occur in the third quarter of 2019.
ABOUT GREAT CANADIAN GAMING CORPORATION
Founded in 1982, Great Canadian Gaming Corporation is a BC based company that operates 28 gaming, entertainment and hospitality facilities in Ontario , British Columbia , New Brunswick , Nova Scotia , and Washington State . Fundamental to the company's culture is its commitment to social responsibility. "PROUD of our people, our business, our community" is Great Canadian's brand that unifies the company's community, volunteering and social responsibility efforts. Under the PROUD program, Great Canadian annually supports hundreds of non-profits, community groups, and in 2018, Great Canadian team members spent over 15,000 hours volunteering for various charitable and community initiatives. In each Canadian gaming jurisdiction, a significant portion of gross gaming revenue from gaming facilities is retained by our crown partners on behalf of their provincial government for the purpose of supporting programs like healthcare, education and social services.
GREAT CANADIAN GAMING CORPORATION [TSX:GC]
95 Schooner Street
SOURCE Great Canadian Gaming Corporation
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