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Great Canadian Gaming Wins Ontario Casino Deal Despite Probe
The Ontario Lottery and Gaming Corporation (OLG) recently announced that they are awarding Excellent Canadian Gaming Corporation and its spouse Clairvest Group Inc. a contract to operate a casino in the west Toronto area.
OLG also gave Excellent Canadian Gaming Corporation approval to operate three new slots operation in the same spot. The contract will be legitimate for the next twenty many years.
This move offers the Wonderful Canadian Gaming Corp. an mind-boggling control of gambling operations in the area. In August, the organization was also awarded a contract to operate of 3 casinos in the Wonderful Toronto spot. The three casinos had been the OLG Slots in Woodbine and Ajax Downs and the Excellent Blue Heron Casino in Very first Nations territory. This previous deal was completed in conjunction with Brookfield Company Partners LP.
These two contracts are part of the OLG's attempts to revitalize gambling income in the region by obtaining solvent operators who can get above and increase operations. The corporation has been moving in the direction of privatization and rising the number of gambling facilities in the location. Modernization ideas are underway, with this deal currently being element of it.
pencetpoker For this most current deal, Fantastic Canadian will be taking more than 4 amenities. The OLG casino at Brantford and 3 different OLG slot services at Mohawk Racetrack, Flamboro Downs and Grand River Raceway. When combined, Excellent Canadian will see an addition of two,500 slot machines and 60 gaming tables. Last year, these amenities created close to $450 million in gambling income. When news broke that OLG has awarded new casinos to Great Canadian, the company's stock costs went up by as significantly as ten %.
Nevertheless, this new contract that Great Canadian bagged comes with a great deal of controversy. Critics are previously saying that the contract must be stopped due to the fact of income-laundering allegations. Great Canadian operates the River Rock Casino in British Columbia. In July 2015, reports from the neighborhood regulator allege that all around $13.5 million in $20 payments was accepted by the casino. This big cash transaction was flagged as suspicious and is currently being investigated for funds laundering.
These allegations and criticism from the two opposition events in the area did not quit OLG from awarding the deal to Excellent. Premier Kathleen Wynne states that she has witnessed no want to cancel any discounts since no charges have been laid towards Great Canadian.
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