Genting’s Canadian casino bid fails

  • Reports emerge that Genting Group have failed in their bid run Toronto’s gaming venues
  • Great Canadian Gaming Corp and Brookfield Business Partners judged to have the edge over Genting

UOB Kay Hian Malaysia Research has suggested that the Genting Group has failed to win its bid to secure a casino concession in Canada.

The research indicated that gambling authority Ontario Lottery and Gaming Corp had selected the Great Canadian Gaming Corp and Brookfield Business Partners to run Toronto’s gaming venues, as oppose to Genting.

“Following this latest development, it implies that Genting Group would have lost the opportunity to venture into Canadian territory.”
Research group UOB Kay Hian Malaysia

What the deal means

Under the deal agreed, the two business partners of the Great Canadian Gaming Corp and Brookfield Business Partners will obtain OLG Slots at Woodbine, Ajax Downs and at the Great Blue Heron Casino located in the Mississaugas of Scugog Island First Nation.

The two companies will be able to operate the three different land-based casinos, which include more than 4,000 slot games and 60 table games, such as poker, for a minimum of 22 years.

The Great Canadian Gaming Corp and Brookfield Business Partners also managed to beat Canada’s Brookfield Asset Management and American company Caesars Entertainment in the final round of bidding, as well as Genting Group.

Stocks trading halted by regulators over deal

The deal saw trading of Great Canadian Gaming Corp stocks temporarily halted by regulators last week due to the expected news that they had won in the bidding to secure the rights to operate three casino venues in Canada.

Despite failing to win their bid, it was recently revealed that Genting were making other expansions by winning the right to open a brand new $4 billion venue on the Las Vegas strip, which is set to open in 2020.

However, missing out on this very lucrative privatisation deal is a huge missed opportunity for the Genting group, who were hoping to expand their business even further into new countries.

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