Opportunity to expand
The Great Canadian Gaming Corp. will spend $95 million to buy up the assets of Casino New Brunswick from Sonco Gaming New Brunswick Ltd.
The cash purchase will include ownership and operation of CNB’s existing casino hotel and a multi-use entertainment and convention center, the company has announced.
CNB in Moncton, New Brunswick, was developed by Sonco and opened in May 2010. In 2014, the only full-service casino in the province generated approximately $38 million in revenues.
“The acquisition of Casino New Brunswick represents an important opportunity for value creation and will allow Great Canadian to further expand its Canadian footprint,” said Rod N. Baker, the company’s president and CEO. “Casino New Brunswick is a high-quality gaming and entertainment facility that serves as both a local casino for guests from Moncton as well as a destination casino for guests from throughout New Brunswick and from other areas of Atlantic Canada. We are extremely excited at the prospect of welcoming CNB and its over 400 employees to the Great Canadian team.”
The deal is expected to close in the fall.
