Great Canadian Gaming has fulfilled its $56m sale of Great American Gaming subsidiary to Maverick Gaming which is set to encompass 45 table games, four restaurants, three bars and supporting amenities.
Maverick has emphasised that the transaction will be funded primarily via cash consideration as well as debt financing from HG Vora Capital Management, a private investment firm.
Speaking when news of the sale was first announced, Rod Baker, chief executive officer of Great Canadian Gaming, commented: “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.
“The divestiture is in line with the company’s stated strategic goals, and demonstrates our commitment to exploring opportunities to create shareholder value.”
Following the approval from the Washington State Gambling Commission, Maverick will undertake the operation of three Washington-based casino properties in Everett, Tukwila and Lakewood, which represent all of the US operations of Great American Gaming.
As a result of the sale Great Canadian is to focus on operations across its home country, where it operates 28 gaming, entertainment and hospitality facilities in Ontario, British Columbia, New Brunswick and Nova Scotia, encapsulating over 16,000 slot machines, 300 table games, 80 dining amenities and 500 hotel rooms
Tim Merrill, president of Maverick Washington, added: “In the next month we expect to give details on seven more Washington properties, and we look forward to competing in this robust market.
“With 4.6m residents, and a strong local economy, we couldn’t be more excited to close this transaction.”
Eric Persson, majority owner of Maverick Gaming, explained: “With the closing of this purchase, Maverick’s footprint in Washington continues to grow. We now have twelve properties [and] nearly 180 table games in this important market.
“As a Washington native, and a member of the Shoalwater Tribe, I couldn’t be prouder to be able to come back home. When all of our contemplated Washington transactions close we will provide over 3,000 jobs which have annual compensation above $75,000 and pay over $40m in annual taxes. This is truly a dream come true.”