Great Canadian Gaming Corp. has been an active player in the Fraser Valley market this spring, picking up a Chilliwack bingo hall and a Surrey development site.
The casino operator, which last year raked in revenue of $383.5 million, acquired the assets and undertakings of the Chilliwack Bingo Association at the beginning of June for a base amount of $10 million.
The deal gives Great Canadian a bingo hall and a five-acre development site where it plans to develop a community gaming centre. The bingo association could receive further proceeds from the deal if Great Canadian successfully develops a gaming centre on the five-acre site.
The deal in Chilliwack follows the purchase of a 25-acre site at 14933 Colebrook Road a month earlier by 0871194 B.C. Ltd., a company whose principal is Great Canadian executive chairman and CEO Ross McLoed.The purchase price was $7.7 million, $2.2 million below the list price, and gives McLeod approximately 19 acres, net, for mixed-use development.
from Western Investor August 2011
