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Great Canadian Gaming to Acquire Assets of Ridge Meadows Bingo Association
RICHMOND, BRITISH COLUMBIA--Great
Canadian Gaming Corporation announced today
that it has entered into an agreement to purchase the assets and
undertaking of Ridge Meadows Bingo Association (RMBA) located in Maple
Ridge, British Columbia for $1.0 million. The agreement between the
Company and RMBA also includes potential additional future
consideration of up to $1.25 million over ten years if approvals to
establish a Community Gaming Centre in Maple Ridge are granted by the
British Columbia Lottery Corporation (BCLC) and the District of Maple
Ridge. The purchase of the assets of Ridge Meadows Bingo Association is
expected to be completed near the end of 2007 and is subject to
execution of a definitive agreement and required regulatory approvals.
Ridge Meadows Bingo Association operates the Haney Bingo Plex, a 525-seat bingo gaming hall located in downtown Maple Ridge, 45 kilometers (28 miles) East of Vancouver. The facility offers bingo 7 days a week and features a restaurant, the Oasis Cafe. In November 2006, Great Canadian acquired approximately 4 acres of land in central Maple Ridge and the Company's current plans are to utilize this land for potential development of a gaming property. Great Canadian expects little to no change in the current operation of the Haney Bingo Plex while it considers this longer-term potential redevelopment.
Ross J. McLeod, Chairman and CEO of Great Canadian Gaming, commented, "This is a great opportunity to expand our presence in one of Lower Mainland's fastest growing communities through the operation of this local bingo facility and the potential for a future Community Gaming Center at this site. We look forward to working with RMBA's staff, BCLC, and the District of Maple Ridge to continue delivering entertaining gaming offerings to the residents of the greater Vancouver area."
ABOUT GREAT CANADIAN
Great Canadian is a multi-jurisdictional gaming and entertainment operator with facilities in British Columbia, Ontario, Nova Scotia and Washington State. Great Canadian operates eleven casinos, five thoroughbred or standardbred racecourses, a community gaming centre, a hotel, two show theatres, and various food and beverage facilities. Further information is available on the Company's website, www.gcgaming.com.
Ridge Meadows Bingo Association operates the Haney Bingo Plex, a 525-seat bingo gaming hall located in downtown Maple Ridge, 45 kilometers (28 miles) East of Vancouver. The facility offers bingo 7 days a week and features a restaurant, the Oasis Cafe. In November 2006, Great Canadian acquired approximately 4 acres of land in central Maple Ridge and the Company's current plans are to utilize this land for potential development of a gaming property. Great Canadian expects little to no change in the current operation of the Haney Bingo Plex while it considers this longer-term potential redevelopment.
Ross J. McLeod, Chairman and CEO of Great Canadian Gaming, commented, "This is a great opportunity to expand our presence in one of Lower Mainland's fastest growing communities through the operation of this local bingo facility and the potential for a future Community Gaming Center at this site. We look forward to working with RMBA's staff, BCLC, and the District of Maple Ridge to continue delivering entertaining gaming offerings to the residents of the greater Vancouver area."
ABOUT GREAT CANADIAN
Great Canadian is a multi-jurisdictional gaming and entertainment operator with facilities in British Columbia, Ontario, Nova Scotia and Washington State. Great Canadian operates eleven casinos, five thoroughbred or standardbred racecourses, a community gaming centre, a hotel, two show theatres, and various food and beverage facilities. Further information is available on the Company's website, www.gcgaming.com.
