Richmond-based Great Canadian Gaming Association (TSX: GC) (GCGA) today announced plans to buy the Chilliwack Bingo Association (CBA) in order to develop it as a community gaming centre.
The acquisition include’s CBA’s existing bingo operations and a five-acre site in Chilliwack.
“We feel that Chilliwack is an excellent opportunity for us,” said Howard Blank, GCGA vice-president of media, entertainment and responsible gaming.
“It has a growing population and the bingo centre itself is the most popular in the province, so obviously people are enjoying what they have and hopefully we can even improve the amenities and offer new amenities to guests.”
GCGA currently operates 10 casinos, four racetracks and two community gaming centres in B.C., Ontario, Nova Scotia and Washington state.
Blank commented that, at $11.1 million, Chilliwack Bingo generated the highest 2009-2010 revenues of any bingo hall in the province, followed by Vancouver’s Planet Bingo.
Blank said GCGA will put in a community gaming centre at the Chilliwack site. He commented the company’s development of a community gaming centre at its Maple Ridge site has involved a $4-million investment, including 100 slot machines, property enhancements and off-site servicing commitments.
“We’ll look to put in a community gaming centre,” he said. “That would have other amenities – obviously slots, perhaps off-track wagering. It could also have restaurants and other entertainment components to it.”
Blank emphasized a community gaming centre has already been approved.
“Everybody’s worried about expanding gambling, etcetera, but this is not expansion – this has been pre-approved.”
The deal remains subject to approval by GCGA’s board of directors in addition to various closing conditions.