GCG operates 25 properties across four Canadian provinces, ten of which are currently closed due to the pandemic.
Canada.- Great Canadian Gaming Corp has agreed to be acquired by Apollo Global Management Inc. in a C$3.3bn ($2.5bn) deal.
The Canadian gaming giant operates 25 properties across four Canadian provinces, and after the acquisition Apollo plans to remain with the company’s headquarters in Toronto.
But all ten of its properties in British Colombia are currently closed due to the coronavirus pandemic, demonstrating the challenging climate in which Apollo has taken ownership of the properties.
GCG’s chief executive officer, Rod Baker, said in a statement “We believe Apollo’s extensive experience in the gaming sector will provide additional strategic benefits to help expand our gaming and hospitality offerings and to secure our position as a long-term market leader.”
Apollo’s executives also commented: “Apollo is committed to maintaining the Company’s current operational footprint and anticipates Great Canadian’s properties will increase under the Apollo Funds’ ownership,”
“Apollo intends to help drive additional, incremental growth through initiatives such as expansion of non-gaming facilities, expanded loyalty and marketing programs, and gaming improvements that leverage the scale of the firm’s platform.”