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Talks Continue on Hastings' Lease

Published: November 15, 2011 12:37 pm ET

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According to a report, Great Canadian Gaming is in discussions on a lease agreement for Hastings Racecourse, that expires in 2012.

An article by The Vancouver Courier explains that the Great Canadian Gaming Corporation and the City of Vancouver were to have worked out a new lease agreement for the future of the racino by October 31, 2011, but that both sides are still in negotiations.

The report states that GCGC's current five-year term will be coming to an end November 9, 2012.

An issue in the whole situation, according to the article, is that GCGC recently wrote off over $46 million in "long-lived assets," and that the company is hesitant in re-upping for a 15-year term if it has to pony up for a new parkade and backstretch renovations.

The report has quoted GCGC VP Howard Blank as saying that his company "cannot move forward" with a new Hastings lease agreement if the upgrades are a condition.

Despite the ongoing negotiations, Blank did express optimism.

"Talks are going well and obviously the company is spending considerable time and effort on that property," Blank said Thursday. "If we weren't interested, we wouldn't be talking."

(With files from The Vancouver Courier)


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