River Rock Casino News
Great Canadian Gaming Corp., which owns River Rock Casino & Resort in Richmond, has been approved for sale to a global investment firm, Apollo Global Management.
The B.C. Supreme Court approved the plan for Raptor Acquisition Corp., an affiliate of Apollo, to acquire the company’s shares for $45 (Canadian) a piece.
The original announcement in November listed the share price at $39 and estimated the total value of the company at $3.3 billion.
Following regulatory approvals, it’s expected the deal will close in the second quarter of 2021.
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River Rock Casino, along with other casinos in B.C., has been closed since mid-March because of the COVID-19 pandemic.
The City of Richmond, which gets 10 per cent of net revenues from River Rock, received almost $12 million less in revenue than it originally budgeted because of the closure. The city received about $2.7 million in revenue while it originally anticipated about $14.5 million.
Once the deal is closed, the Great Canadian shares will be delisted from the Toronto Stock Exchange.
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As of Sept. 30, Apollo had globally held assets in the U.S., Europe and Asia worth about $433 billion.
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According to a press release in November from Great Canadian, the casino group will keep its headquarters in Toronto and will still have a Canadian board of directors.
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The news release also states that Apollo has “extensive experience in the gaming sector” and its affiliates own companies in industries like gaming, healthcare, chemicals and aerospace.