Ontario Lottery and Gaming Awards 20 year Casino Contract

Published Sunday, August 13, 2017 - Online-Casinos.com
Ontario Lottery and Gaming Awards 20 year Casino Contract

The Canadian gambling jurisdictions are varied with a number of provincial governments offering betting venues across the country. One of the most valuable properties in Canada is the huge and populated province of Ontario which holds massive potential for the gambling industry.

The Ontario Lottery and Gaming Corporation has been undergoing changes to make the offerings in the jurisdiction more profitable which includes the introduction of online betting. The OLG decided to put out a call for proposals to acquire an operator for the potentially large wagering market. It was not surprising that the call attracted some of the industry`s biggest operators.

Companies such as Caesars Entertainment were considering Ontario`s projected expansion of an underdeveloped gambling business model. Genting Group was also in the running for the 20 year contract. The Malaysian based company Genting has reportedly lost its bid for the operator contract. Hard Rock International also expressed interest in running the OLG casino expansion plans but left the competition in order to continue with development plans in Cyprus. Another company Canada‚Äôs Brookfield Asset Management lost the bid for the three casino venues currently available now in Ontario.  

The Great Canadian Gaming Corp and Brookfield Business Partners have acquired OLG Slots at Woodbine, Ajax Downs and at the Great Blue Heron Casino located in the Mississaugas of Scugog Island First Nation and other gambling venues according to the OLG report.

The new deal with the Great Canadian Gaming and Brookfield Business Partners L.P. will see each company hold 49% of the interest, while Toronto based private equity management firm Clairvest Group Inc will hold the last 2%.  Trading of Great Canadian Gaming Corp stocks were temporarily suspended by regulators due to the expected news the bidding for the lucrative contract had been obtained. This news gives new hope for gamblers in Ontario who have not been given much opportunity over the last few years.

 

 

 

 

 

 

 

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