July 18, 2000
Great Canadian Gaming Corporation [GCD:CDNX], through its
wholly subsidiary, Great Canadian Casinos Inc.(GCC), has purchased a
4.4-acre site at 2080 United Boulevard, Coquitlam, B.C. for $2,461,424. The
Company intends to relocate an existing casino to this site.
On June 22, the City of Coquitlam Council held a public hearing for
rezoning of the site to allow for a community casino. On July 4, the
Council, on its second and third reading, voted in favour of rezoning and
allowing the relocation. On June 30, the Company paid $50,000 and on July 5,
paid $150,000 towards the land acquisition. On July 10, the Company paid
$2,348,207 (including purchase adjustments) to complete the land
acquisition. The Council is expected to vote on the fourth and final
reading on the rezoning within 60 days.
The Company and British Columbia Lottery Corporation had agreed to relocate
the existing Surrey Casino to a jurisdiction that was acceptable to both
parties and had the support of the Council of that local government. The
parties will enter into an agreement, for a term of ten years, with a
renewal term of ten years, when all necessary approvals are obtained.
Upon receiving final approvals, an exciting gaming and entertainment
will be developed complete with table games, slot machines and a full
GCC Executive Vice President Adrian Thomas comments, "We are excited
possibility of servicing the tri-cities area with a unique entertainment
facility. We plan to provide our customers with unsurpassed hospitality -
Great Canadian style."
Great Canadian Gaming, through its wholly owned subsidiary, is the largest
community casino provider in British Columbia with six casinos and
approximately 1000 employees. The Company also has a 50% interest in
Evergreen Entertainment, a company operating a casino in Washington State.
GREAT CANADIAN GAMING CORPORATION
13775 Commerce Parkway, Suite #350
Richmond, B.C. V6V 2V4
Corporate Relations Manager: Thomas Bell
Phone: (604) 214-7777
Fax: (604) 279-8505
The Canadian Venture Exchange has not reviewed the contents of this
and does not accept responsibility for the accuracy of the contents of this