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Great Canadian Entertainment

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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.

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Great Canadian Entertainment
FormerlyGreat Canadian Gaming Corporation
Company typePrivate
IndustryGaming and hospitality
Founded1982
HeadquartersNorth York, Toronto, Ontario, Canada
Number of employees
9,400 (2018)
ParentApollo Global Management
Websitegreatcanadian.com
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Overview

Great Canadian operates 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.[2] 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

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Perspective

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.[5] In 1986, it opened its first permanent casino in Vancouver.[5] It held an IPO on the TSX Venture Exchange in 1992, and renamed itself the Great Canadian Gaming Company in 1997.[5] In 2004, it listed on the Toronto Stock Exchange.[5] 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

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River Rock Casino Resort in Richmond, British Columbia

British Columbia

Ontario

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Great Canadian Casino Resort Toronto opened in 2023

Atlantic Canada

References

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