Genting Group has reportedly lost out in its bid for a 22-year license to operate casinos in Canada.
Genting was one of three operators, alongside Caesars Entertainment and local firm Great Canadian Gaming Corp, to reach the final round of bidding to acquire OLG Slots at Woodbine, OLG Slots at Ajax Downs and the Great Blue Heron Casino in the Mississaugas of Scugog Island First Nation. The deal would have guaranteed the license for at least 22 years, with the three properties boasting over 4,000 slot machines and 60 gaming tables between them.
Great Canadian Gaming Corp and partner Brookfield Asset Management were awarded the license.
Canadian newspaper The Globe and Mail reported recently that the winning bidder would earn a minimum of US$72 million per year including and to 70% of gambling revenue.
“In exchange, the Ontario Lottery and Gaming Corp (OLG) has asked companies to present aggressive targets for increasing revenue” it said, adding that “the agency’s casinos in the Greater Toronto Area earned nearly US$1 billion in revenue last year.”
The bidding process involved “an extensive due-diligence process into current and past business conduct … [examining] a gaming operator’s ability to act in accordance with the law, with integrity, honesty and in the public interest,” OLG spokeswoman Allison MacNeil said prior to the final decision being made.
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