According to reports in Canada, Apollo Global Management Inc., through one of its affiliates is to acquire as prominent casino operator. That operator is none other than the Great Canadian Gaming Corp. The news about the acquisition has been floating for a good while, and it seems that the British Columbia Supreme Court finally approved the acquisition. The report by the Canadian Press News service, the proposal saw the light in November, and it was around 2.1 billion dollars. The company upped its offer last month to take over the operator that owns twenty-five facilities in British Columbia, Nova Scotia, New Brunswick, as well as Ontario. Expectations is that it will pay 34.87 dollars for each outstanding share.
The Consequences of the Great Canadian Gaming Acquisition
The news services reported that the acquisition would result in the Great Canadian Gaming Corp. to start de-listing throughout Q2 of 2021. It is to fulfill the custom regulations of closing down its business. Alex Van Hoek, representing Apollo Global Management, stated that his company has vast experience in the industry. It is thanks to their previous ownership of Harrah's Entertainment. It then changed its name to Caesars Entertainment Corp, it was also reported that more than 79% of the shareholders of the Great Canadian Gaming Corporation voted in favor of revising the takeover deal. Apollo Global Management will maintain its private status, which will help the casino firm reach its long-term financial flexibility goals.
Canada to Legalize Single-Game Sports Betting
In other news, it seems that Canada will soon legalize Single-Game sports betting. There is a new legislation that aims to amend the country's criminal code to allow for single-game sports betting across the nation. Such legislation is reported to have passed its 2nd reading before the Canadian House of Commons.
According to reports, the new bill, Bill C-218, was by the New Democratic Party's Brian Masse. It is currently under review before going for a final vote before the 338 federal legislators of Canada. The act is gaining the support of local casino operators, professional sports leagues, and labor unions. Therefore, many expect that it will become legal by Q2 of 2021.
Great Support for the New Legislation
The CGA (Canadian Gaming Association) trade group is backing the efforts to legalize single-game sportsbetting. It has even established a new coalition in 2020 with many prominent NA sports leagues. These leagues include the NHL (National Hockey League), Major League Baseball, and Major League Soccer. These new coalitions aim to push and create support for the new bill's ratification, Bill C-218.
The CGA said that they are happy that the government finally knows the critical need to change the criminal code. It is an excellent step towards offering safeguards to Canadians and providing support for the economic recovery for Canadian provinces. According to reports, Canadians spent more than 385 million dollars last year on unlicensed sports betting websites.