GCG expands it dominance of the Canada casino market, taking over four gambling properties near Toronto.
In December of last year, the Ontario Lottery and Gaming Corporation (OLG) selected Great Canadian Gaming (GCG) to take over one of its most prominent gaming bundles. GCG won the bid to manage four Toronto casinos. This week, the company completed its $134 million acquisition of those properties.
In a press release on Tuesday, GCG and its partner, Clairevest Group – a consortium that is, together, known as Ontario Gaming West GTA Limited Partnership – announced they had finished dotting their i’s and crossing their t’s. With all the paper work done, and necessary financial checks complete, the private service provider is now taking charge of the four properties in the OLG’s prominent West Greater Toronto Area Bundle.
The casinos, now under managerial operation of GCG, include the following four locations:
– OLG Casino Brantford
– OLG Slots at Flamboro Downs
– OLG Slots at Grand River Raceway
– OLG Slots at Mohawk Racetrack
As of yesterday, May 1, 2018, each of those properties are receiving a trademark makeover. GCG has chosen its ‘Elements Casino‘ brand to reinvent the properties. Their new names will be (in the same respective order as above):
– Elements Casino Brantford
– Elements Casino Flamboro
– Elements Casino Grand River
– Elements Casino Mohawk
GCG to Manage West Toronto Casinos for 20 Years
Per the contract, GCG and Clairevest have earned the right to operate the Ontario, Canada casino properties for at least the next 20 years. In inking the casino operating and services agreement, the consortium promised to invest $134 million into the properties.
Clarievest’s role in the deal is a pecuniary one. GCG, which owns 55% of the consortium, will take over all day-to-day managerial operations. Together, the group will pour millions of dollars into modernizing the four casinos.
At present, the combined properties play host to approximately 2,500 slot machines, 60 live dealer table games, and a throng of electronic gaming tables. The facilities employ around 1,400 staff members. GCG says that, by the time they’re done investing in the properties, an additional 1,650 jobs will be created.
GCG is Canada’s largest gaming corporation. The company is now responsible for 28 casino gaming, entertainment and hospitality facilities throughout North America. GCG operates properties in the Canadian provinces of British Columbia, New Brunswick, Nova Scotia and Ontario, as well as the US State of Washington.
OLG Buttresses Ontario Canada Casinos
Although GCG will take the brunt of the workload from the OLG’s shoulders, the regulator will continue to maintain oversight of all properties in the West GTA Bundle. All player information will be maintained and protected by the OLG. They will continue to ensure GCG’s management is in compliance with regulatory standards, and deliver each casino’s revenue-based payments to their respective host municipalities.
All cities in Ontario that host a gambling facility are privy to a portion of the proceeds, as per Municipality Contribution Agreements. For example, the Slots at Woodbine Racetrack are the most profitable of all Toronto casinos. In 2017, the City of Toronto received $16.2 million in payments from OLG based on Woodbine’s revenue alone. Since the slots parlour first opened in March 2000, the city has collected $271 million in hosting fees.