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Great Canadian Trying to Survive with Slot Machines

Canadian Gaming Corp was fortunate enough to win the backing of the B.C. Supreme Court last year with their slot machines. The company owns a subsidiary called Great Canadian Casinos, who run the slot machines at their racetrack Hastings Park. The company is looking to do some refinancing, as well as use those slot machines to assist them in their debt management.

The company had gone to the Supreme Court to plead their slot machine case. They told the court that they would not be able to survive without the slot machines, for they were so deeply in debt. They felt that if they were not given slot machines, they were going to have to close their doors.

However, the slot machines were approved, and they are using the slots to help them pay down over $600 million in debt. They are writing down $9.9 million of their investment in Hastings Entertainment, Inc. of Vancouver, and looking to refinance the $600 million.

The refinancing of the company will involve a $200 million line of credit, $200 million term loan, and $200 million in senior subordinated notes. They have other slot machine casinos – located in Nova Scotia, Washington State, and Ontario.

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