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Great Canadian Gaming Announces Investment Canada Approval and Operational Updates

2021-04-05 08:00 ET - News Release

Great Canadian Gaming Announces Investment Canada Approval and Operational Updates

Canada NewsWire

Apollo Funds Affiliate Receives Approval Under ICA for its Acquisition of the Company

Company Announces Government-Mandated Suspension of Operations at Elements Casino Grand River and Shorelines Casino Belleville

TORONTO, April 5, 2021 /CNW/ - Great Canadian Gaming Corporation (TSX: GC) ("Great Canadian" or the "Company") is pleased to announce that Raptor Acquisition Corp. (the "Purchaser"), an affiliate of funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO), has received approval under the Investment Canada Act for the acquisition of Great Canadian, pursuant to a previously announced plan of arrangement (the "Arrangement") involving Great Canadian, the Purchaser and Company securityholders ("Securityholders").

As announced on December 23, 2020 and December 30, 2020, respectively, the Arrangement has previously received approval of the Supreme Court of British Columbia and Securityholders, as well as clearance under the Competition Act (Canada).

The Arrangement remains subject to certain other closing conditions. It is expected to be completed in the second quarter of 2021.

Operational Updates

Additionally, and further to the April 1, 2021 announcement from the Ontario provincial government mandating the suspension of operations for certain businesses in the province, including casinos, the Company suspended operations at Elements Casino Grand River and Shorelines Casino Belleville as of Friday, April 2, 2021 at 11:59 p.m. EST.

With the suspension of operations at Elements Casino Grand River and Shorelines Casino Belleville, the Company will have three of its 26 properties open which are operating under restricted conditions.

Below is an overview of the current status of the Company's properties:

Current Status of Operations

Ontario

Status


Ontario

Status

Casino Woodbine

Closed


Elements Casino Brantford

Closed

Elements Casino Mohawk

Closed


Shorelines Casino Thousand Islands

Closed

Elements Casino Flamboro

Closed


Shorelines Slots at Kawartha Downs

Closed

Casino Ajax

Closed


Shorelines Casino Belleville

Closed April 2

Great Blue Heron Casino

Closed


Shorelines Casino Peterborough

Closed

Elements Casino Grand River

Closed April 2




 

Nova Scotia

Status


New Brunswick

Status

Casino Nova Scotia Halifax

Open with restrictions


Casino New Brunswick

Open with restrictions

Casino Nova Scotia Sydney

Open with restrictions





British Columbia

Status




All properties in British Columbia

Closed






ABOUT GREAT CANADIAN GAMING CORPORATION

Founded in 1982, Great Canadian Gaming Corporation is an Ontario based company that operates 26 gaming, entertainment and hospitality facilities in Ontario, British Columbia, New Brunswick, and Nova Scotia. 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 over 1,400 charitable and non-profit organizations across Canada. 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.

SOURCE Great Canadian Gaming Corporation

View original content: http://www.newswire.ca/en/releases/archive/April2021/05/c3174.html

Contact:

Great Canadian Gaming Corporation, 39 Wynford Drive, North York, ON, M3C 3K5,Website: www.gcgaming.com; For investor enquiries: ir@gcgaming.com; or, Ms. Tanya Ruskowski, Executive Assistant to the Interim Chief Executive Officer, (604) 303-1000; For media enquiries: Mr. Chuck Keeling, Executive Vice President, Stakeholder Relations & Responsible Gaming, ckeeling@gcgaming.com

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