Great Canadian Gaming Corporation has agreed to sell the shares of Great American Gaming Corporation to Maverick Gaming LLC for proceeds of $56m in a cash transaction.
Great American, which currently owns and operates three Washington State casino properties, Everett, Tukwila and Lakewood, represents all of the US operations of the company.
“The sale of Great American will allow Great Canadian to focus on its core growth markets as we continue to execute on our operational and development plans for 2019 and beyond,” stated Rod Baker, the firm’s Chief Executive Officer.
He added: “The divestiture is in line with the company’s stated strategic goals and demonstrates our commitment to exploring opportunities to create shareholder value.”
The purchase and sale of Great American is subject to the consent of Washington State Gambling Commission regulatory approvals and customary closing conditions. The closing is expected to occur in the third quarter of 2019.