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Thursday, July 8, 2004
Canadians buy casinos in state
Vancouver-area company spending up to $5.4 million
RICHMOND, B.C. -- Great Canadian Gaming Corp., the biggest contributor to a campaign to expand gambling in Washington, is raising its stakes in the state by as much as $5.4 million.
The casino company based in this Vancouver suburb said yesterday its subsidiary, Great American Gaming Corp., which already owns half-interest in Evergreen Entertainment Corp., will acquire the remaining half-interest in Evergreen for $350,000 and take over the Grand Central Casinos in Tukwila and Lakewood.
The U.S. subsidiary also plans to acquire the remaining interests in Grand Central properties in Algona, Everett, Tukwila and Tacoma for $1.5 million.
Plus, officials said, there would be future payments of as much as $3.5 million, depending on Evergreen's performance.
Combined with recent consolidation of minority interests at operations in Everett and Kent, Great Canadian's subsidiary will own four casinos in the state.
Great Canadian has six casinos in Canada, a Thoroughbred racecourse, several licensed restaurants and a marina.
As of May 31, Great American was the leading contributor to the campaign for Initiative 892, providing $62,500 for the effort to legalize electronic slot machines in non-tribal casinos in Washington.
The issue is expected to be on the ballot in November.
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