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GCGC-OLG Extend Interim Arrangements

Published: May 30, 2013 12:28 pm ET

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On Wednesday, May 29, the Great Canadian Gaming Corp. announced that its interim arrangements with Ontario Lottery and Gaming Corporation for the continued operation of OLG slot facilities at Georgian Downs and Flamboro Downs have been extended to June 28, 2013.

A GCGC release on the issue explains that the extensions allow OLG more time to finalize the definitive lease agreements with GCGC and each of the other relevant slot host facilities in Ontario.
The contents of GCGC's official release appear below. The announcement comes on the heels of a May 24 announcement from GCGC that stated that the company had signed definitive agreements with the Government of Ontario for horse racing transition funding.


Great Canadian Gaming Extends Interim Arrangements For OLG To Continue Operating Slot Facilities At Georgian Downs And Flamboro Downs

Great Canadian Gaming Corporation today (May 29) announced that its interim arrangements with Ontario Lottery and Gaming Corporation for the continued operation of OLG slot facilities at Georgian Downs and Flamboro Downs have been extended to June 28, 2013.

These extensions allow OLG more time to finalize the definitive lease agreements with GCGC and each of the other relevant slot host facilities in Ontario. The current interim arrangements with the OLG have been in place since March 31, 2013, when the previous site holder agreements for Georgian Downs and Flamboro Downs expired.

On March 9, 2013, GCGC and OLG signed non-binding letters of intent outlining terms by which OLG will lease the slot machine areas of Georgian Downs and Flamboro Downs commencing April 1, 2013 for a term of five years. GCGC and OLG have been operating as though the key provisions of these lease arrangements came into effect on April 1, 2013.



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