Great Canadian Entertainment Explained

Great Canadian Entertainment
Former Name:Great Canadian Gaming Corporation
Type:Private
Industry:Gaming and hospitality
Founded:1982
Location:North York, Toronto, Ontario, Canada
Num Employees:9,400 (2018)

Great Canadian Entertainment is a Canadian gaming, entertainment and hospitality company. Prior to its acquisition by Apollo Global Management in September 2021, the company was listed on the Toronto Stock Exchange and was part of the S&P/TSX Composite Index.

Overview

Great Canadian operates 25 gaming properties in Canada, consisting of casinos, horse race tracks (with slot machines), and smaller-scale gaming centres. It also runs hotels, restaurants, and entertainment facilities associated with its properties. As of the third quarter of 2017, 67% of revenue was from gaming.[1] As of 2018, it had 9,400 employees.[2] In 2016, 61% of revenues were from British Columbia, 17% were from Ontario, 15% were from Atlantic Canada, and the rest were from the United States. In total, Great Canadian properties include 16,000 slot machines, 386 table games, 80 dining establishments and 500 hotel rooms.[3]

In 2017, the company's gross gaming revenue was about $1.2 billion, with net earnings for 2017 of $85.7 million.[4]

History

The company was founded in 1982 as the Great Canadian Casino Company.[5] It initially operated charity casinos and a casino at Vancouver's Pacific National Exhibition. In 1986, it opened its first permanent casino in Vancouver. It held an IPO on the TSX Venture Exchange in 1992, and renamed itself the Great Canadian Gaming Company in 1997. In 2004, it listed on the Toronto Stock Exchange. In 2005, it acquired a number of casinos in Ontario and Nova Scotia.[6] As a result of these acquisitions, it breached debt agreements in March 2006.[7]

Great Canadian has been investigated for money laundering that allegedly took place at their River Rock Casino Resort.[8] The company has released a statement saying that it has followed all the necessary procedures.[9]

In August 2017, Great Canadian (in cooperation with Brookfield Property Partners) won a bidding process to take over the slots facility at Woodbine Racetrack in Toronto from the OLG.[10] It also took over the slots at the Ajax Downs track and the Great Blue Heron Casino. The then-opposition Ontario PCs called for the deal to be halted due to the money laundering allegations.[11]

In December 2017, Great Canadian (in cooperation with Clairvest Group) won a process to take over four more OLG facilities.[12]

In January 2021, president and CEO Rodney Baker resigned after he and his wife were discovered to have booked a private plane to travel to Beaver Creek, Yukon and deceived medical personnel by saying they were local motel workers to obtain doses of a COVID-19 vaccine intended for the indigenous community.[13] [14]

In September 2021, the company was acquired by Apollo Global Management in an all-cash deal and its shares were delisted from the Toronto Stock Exchange.[15]

Properties

British Columbia

Ontario

Atlantic Canada

Notes and References

  1. News: Great Canadian Gaming Corporation - 2017 Q3 Financial Statement. Great Canadian Gaming Corporation. December 28, 2017. en-US.
  2. News: Great Canadian Gaming Corporation - Annual Information Form 2016. Great Canadian Gaming Corporation. December 28, 2017. en-US.
  3. Web site: Great Canadian Gaming Corporation - Who We Are .
  4. News: Financials - Great Canadian Gaming Corporation. Great Canadian Gaming Corporation. September 1, 2018. en-US.
  5. News: History - Great Canadian Gaming Corporation. Great Canadian Gaming Corporation. December 23, 2017. en-US.
  6. News: Great Canadian Gaming sinks. Luciw. Roma. February 13, 2006. The Globe and Mail. December 23, 2017.
  7. News: Great Canadian Gaming posts Q4 loss, may breach debt pacts. March 20, 2017. CBC News. December 23, 2017. en.
  8. News: Great Canadian Gaming says its B.C. casino follows rules amid allegations of illegal activity. October 23, 2017. BNN. December 28, 2017.
  9. News: Gaming Corporation responds to allegations of money laundering at River Rock Casino. Global News. December 28, 2017. en.
  10. News: World-class casino slated for Woodbine. Warmington. Joe. August 8, 2017. Toronto Sun. December 28, 2017. en-US.
  11. News: Ontario PCs want deal with company chosen to run Woodbine Racetrack halted. Wilson. Codi. October 30, 2017. CTVNews Toronto. December 28, 2017. en-CA.
  12. News: Great Canadian Gaming and Clairvest win Ontario casino deal. December 19, 2017. Financial Post. December 28, 2017. en-US.
  13. Web site: 2021-01-25. Great Canadian Gaming CEO resigns after allegedly flying to Yukon for COVID-19 vaccine. 2021-01-26. British Columbia. en.
  14. News: Canadian mogul fined after getting Covid vaccine meant for Indigenous residents. January 25, 2021. The Guardian. January 25, 2021. en-UK.
  15. Web site: Great Canadian Gaming names new CEO as U.S. private equity fund Apollo takes control . September 22, 2021 . The Globe and Mail.
  16. News: River Rock: More than a house of gambling. Bitonti. David. March 7, 2013. The Globe and Mail. December 28, 2017.
  17. Web site: Kawartha Downs workers fear job losses however since the reopening of Kawartha Downs a lot of those employees have been re hired . Kovach. Joelle. August 10, 2017. Peterborough Examiner. en-CA. https://web.archive.org/web/20171218233711/http://www.thepeterboroughexaminer.com/2017/08/10/some-workers-at-shorelines-slots-at-kawartha-downs-dont-have-guaranteed-jobs-at-new-shorelines-casino-peterborough. 2017-12-18. December 28, 2017.
  18. Web site: Casino announces opening. Miller. Jason. January 10, 2017. The Belleville Intelligencer. en-CA. December 28, 2017.
  19. News: Lineups for opening of new Shorelines Casino Peterborough . Joelle . Kovach . October 15, 2018 . The Peterborough Examiner.

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