Great Canadian Sells Shares To Maverick
Great Canadian Gaming (GCG) has been looking to sell some the shares owned in Great American Gaming for a while now. The company appeared to be going this way and that on the issue of who to be offloading to, and one can only assume that the legal identity of the purchaser would have had had to clear its own set of hurdles and hoops in terms of approvals and compliance wcommiith United States anti-trust legislation.
Maverick Gaming must have ticked all of the compliance-boxes as GCG has confirmed that it will be selling all of the shares held in the subsidiary to the first-mentioned.
Multiple Provincial Operations
Great Canadian Gaming has its hands full with current operations and obligations and is a prominent player in the Canadian entertainment field. The group owns 28 games, entertainment and hospitality venues all over Canada, with the list of provinces including British Columbia, Ontario, Nova Scotia, Washington State and New Brunswick.
Great American Gaming, as far as its own Canada-based endeavours go, currently owns three casinos in Washington State, namely Tukwila, Lakewood and Everett. Great Canadian Gaming will be offloading the said shares to Maverick for a consideration that equals $56 million. The three casinos are the sum-total of Great American Gaming’s interests in Canada, and going forward, Maverick Gaming will play an important role in the future of the three casinos.
The Goal Is Efficienc
In addition to the compliance that would no doubt have had to be made cross-border in terms of anti-trust regulations, the sale of the shares is also subject to a consent by the Washington State Gambling Commission. Regulatory approvals and the usual closing conditions will have to be adhered to by both the seller as well as the purchaser as a means of finalising the deal. The sale is expected to be finalised by the third quarter of the current year.cgreeat
But why the decision on the part of GCG to sell in the first place? According to CEO Rod Baker, the decision was based on a strategy to streamline some of the group’s business operations. By limiting the field on one end of operations, other divisions and plans will be more capable of thriving and growing. Core markets, said Baker, will enjoy priority focus, and this will be modus operandi for the remainder of 2019.