Moves by the Ontario Lottery and Gaming Corporation to shift the responsibility for operating its land casinos to carefully selected third party companies have proved a boon to the Great Canadian Gaming Corp., which has just been announced as the successful applicant to run three casinos in the Toronto area.
The news boosted Great Canadian Gaming Corp shares skywards by 18 percent, and those of its partner, private equity group Brookfield Business Partners, up a more modest 7.8 percent Tuesday.
The Bloomberg business news agency reports that GCGC and Brookfield have formed a joint venture company titled Ontario Gaming GTA LP to run the casinos.
The company has been given the exclusive right to operate the slots at Woodbine racetrack, Ajax Downs and the Great Blue Heron Casino in Port Perry for a minimum of 22 years. The deal involves 2,200 employees, 4,000 slot machines, and 60 table games.