Today the Great Canadian Caming Corp. announced that it has won its bid to run three casinos in the Toronto, Ontario area, causing the group's shares to surge in value.
The annoucnement of the successful bid caused the company's stock prices to surge 18% to $30 CDN. The company announced that they've won the rights to suply assets to the Ontario Gaming GTA LP for the next 22 years. There will be more than 4,000 slot machines, 60 gaming tables, and 2,000 staff employed as a result of the deal. Properties included are the Great Blue Heron Casino, Woodbine Racetrack, and Ajax Downs.
Ontario had been looking to modernize its gaming industry, and will invest more than $1 billion CDN to expand throughout the province.
It's expected that the leasing and deployment of the equipment will take place in the early part of next year.