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N.S. Gaming Corp. releases contract for sale of province's two casinos



Printer Friendly VersionPost a CommentTell a Friend about this Article23 July 2005
As reported by: CNEWS
Nova Scotia's gaming corporation has released a contract it says will help implement its responsible gaming programs, while giving the province more control over its two casinos.

The 10-year deal, which took effect July 1, completes the $73.7-million U.S. sale of the casinos in Halifax and Sydney, N.S., to Great Canadian Gaming Corp. of Richmond, B.C.

The sale was announced in May.

Gaming corporation head Marie Mullally says the 94-page document is significant because it puts the government's gaming strategy at the forefront.

New provisions mean the operator will have to implement suggestions by the corporation, including the type and number of slot machines or gambling tables and where they are placed.

Mullally says the corporation learned from its experience over the past 10 years with previous owner, Las Vegas-based Ceasar's Entertainment Inc.

"We learned that we needed to have more say in how the business was run," says Mullally.

"Under our old contract our primary approval rights were around the budget, but we now have the ability to approve the business plans the marketing and promotional strategies and the policies and procedures that are used to operate the business day to day."

Great Canadian is subject to beefed-up provisions that will see it submit its annual business and budget plan to the corporation for approval.

The corporation will also have the right to commission an independent audit of the operations financial records.

Mullally adds the new deal will also see the province get its fair share of casino revenues through a larger portion of the operator's fee.

"We're not looking at growing the pie, but rather we want a better share of the existing pie."


Article By: CNEWS

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