Canada
Great Canadian Gaming Announces Third Quarter 2020 Results

Great Canadian Gaming Corporation announced its financial results for the three month period ended September 30, 2020 .
THIRD QUARTER 2020 UPDATES
On November 10, 2020, the Company entered into a definitive agreement to be acquired by funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”). Under the terms of the agreement, Apollo Funds will acquire all the outstanding common shares of the Company for $39.00 per share.
Since the closures on March 16, 2020 in an effort to contribute to the containment of the COVID-19 coronavirus pandemic (“the Pandemic”), the Company has reopened its gaming properties under restricted operating conditions in Ontario and New Brunswick on September 28, 2020 and in Nova Scotia on October 5, 2020. Due to localized health authority mandates, Casino Woodbine and Casino New Brunswick were temporarily closed again on October 9, 2020, with Casino New Brunswick reopened again on October 23, 2020.
Shareholders’ net loss from continuing operations of $36.5 million or $0.66 per common share in the third quarter, compared to shareholders’ net earnings from continuing operations of $49.7 million or $0.85 per common share in the same period in the prior year.
“We are pleased that the transaction with Apollo represents a great opportunity for our shareholders, while continuing to support the success of the business longer term. We believe this transaction is beneficial for our shareholders, our team members, our guests, and other stakeholders as we continue to execute on our operational and development plans into 2021 and beyond, while we navigate through this volatile time,” stated Rod Baker, the Company’s Chief Executive Officer.
“We were able to safely reopen our gaming properties under restricted operating conditions in Ontario and in the Atlantic region, allowing us to initially bring back to work a small complement of team members in these provinces. We have worked diligently these past several months on comprehensive reopening plans that adhere to provincial guidelines on health and safety. We will continue to follow the direction of provincial governments and local health authorities, which continues to be rapidly fluctuating and will require the Company to adjust the operating environment in the future as conditions evolve, and may include temporary resuspensions like those we experienced with some of our properties,” continued Mr. Baker. “Although we have partially reopened our gaming properties, gaming revenues in each jurisdiction are significantly reduced due to the restricted operating conditions.”
FINANCIAL REVIEW
The temporary suspension of all of the Company’s gaming facilities for almost the entire third quarter resulted in decreases in revenues, expenses, Adjusted EBITDA1, shareholders’ net earnings (loss), Free Cash Flow1, and total cash flows, when compared to the same period in the prior year.
____________________________
1 Adjusted EBITDA and Free Cash Flow are non-IFRS measures, as described in the disclaimer section of this press release, and excludes discontinued operations
The Company incurred negative Free Cash Flow during the temporary suspension period. During the third quarter, the Company had negative Free Cash Flow of $54.8 million, which was primarily due to $62.2 million in capital expenditures related to our capital developments in Ontario. Negative Free Cash Flow for the third quarter of 2020 was an improvement from negative Free Cash Flow of $123.4 in the second quarter of 2020, which included capital expenditures of $98.6 million. This negative Free Cash Flow was funded with borrowings from the Company’s credit facilities, and the remaining from available cash balances.
The Company had cash outflow of $26.3 million for the third quarter, which was lower than the cash outflow of $97.8 million in the same period in 2019, due to reduced cash outflows from financing and investing activities. The Company repurchased $8.0 million of common shares under the normal course issuer bid in the third quarter of 2020, compared to $71.9 million of repurchases in the same period in the prior year.
OUTLOOK
“Despite the impact that the Pandemic has had on our construction projects, we are moving forward with our GTA capital development programs, primarily our Pickering Casino Resort and Casino Woodbine integrated resort developments, which will be primarily funded by our capital expenditures credit facility. We continue to assess the timing for the launch of these developments; however, we do not anticipate any impact to our total planned capital spend. As we continue to incur the expenditures related to these development programs, we are encouraged by the partial reopening of our gaming facilities which will assist us in improving our cash flow profile for the remainder of 2020 and beyond, subject to our gaming properties remaining open.”
“Great Canadian remains proactive in maintaining its capital structure while minimizing cash outflows and taking measures to reduce operating expenses as appropriate. As at September 30, 2020, Great Canadian continues to remain in stable capital and liquidity position with a cash balance of $471.9 million and $1,062.5 million of available undrawn credit on its credit facilities, subject to applicable covenants. The Company has entered into agreements with its lenders to temporarily waive compliance with its financial and operational covenants under certain of its credit facilities. As at September 30, 2020, we were in compliance with all applicable covenants and we are currently in preliminary discussions to extend our waiver period with our banking partners, who continue to provide ongoing support to our business,” concluded Mr. Baker.
SOURCE Great Canadian Gaming Corporation
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Alon Segev
Segev LLP Celebrates 10 Years of Business-Focused Legal Innovation

Leading business, technology, finance, and gaming law firm, Segev LLP, is proud to announce its 10th anniversary. Over the past decade, Segev has evolved from a bold idea into a multi-jurisdictional firm serving clients across Canada, the U.S., and beyond.
Built for innovation-driven industries, the firm is widely recognized for its work with companies at the forefront of gaming, crypto, technology, and emerging sectors. “Our 10-year anniversary is a defining moment,” said Founding Partner, Ron Segev. “It’s a testament to the strength of our team and our culture of teamwork, self-improvement, and growth – all of which is directed at scoring wins for our great clients.”
As industries like fintech, crypto, iGaming, and AI have matured, so has the firm, often in parallel with its clients. “We’ve all grown together with our clients from one success to the next, whether it be helping clients complete financings or helping them close business,” said Managing Partner Alon Segev. “I look forward to continued growth for us and our clients in the next 10 years!”
The firm’s client-first approach has consistently earned recognition from top legal ranking guides. Segev LLP is ranked by Chambers and Partners as a “Leading Firm” and “Band-1” in Canada for Gaming Law and are also recommended by The Legal 500 and Lexology. These rankings reflect the team’s ability to deliver strategic, high-quality legal solutions that align with their clients’ business goals.
Recognized for their unique ability to exceed expectations and deliver out-of-the-box solutions, Segev LLP’s clients have affirmed: “The firm demonstrates its capability not only to understand complex matters, but also to offer solutions that are practical, pragmatic, and value-adding.”
“Segev possesses outstanding resources and maintains global partnerships, enabling it to deliver precise and informed responses to any queries related to the iGaming industry.”
“Epic service, very good, I won the case!”
“Great service, friendly atmosphere, and support.”
Several Segev team members also reflected on the milestone: “There was a moment early in my time here when I realized I wasn’t just being brought in to help; I was expected to contribute, take initiative, and run with big ideas. That stuck with me,” said Negin Alavi.
“Together with our clients, [Segev] has experienced remarkable growth over the past decade. I’m honored to have contributed to this journey and to celebrate these shared successes,” said David McHugh.
“Segev has cultivated a thriving law practice on the principle that challenges are to be embraced as opportunities. The approach has enabled us to grow as lawyers, but more importantly, it has enabled us to ensure the success of our clients,” said Mark Balestra.
“Since joining through Segev’s Ontario expansion, I’ve had the chance to work alongside some of the sharpest and most collaborative lawyers in the gaming space,” added Manav Bhargava. “As a full-service firm and industry leader, Segev stands out for its ability to support innovative businesses with practical, forward-thinking legal advice.”
Segev LLP will commemorate the anniversary with a series of internal and external initiatives throughout the remainder of the year.
The post Segev LLP Celebrates 10 Years of Business-Focused Legal Innovation appeared first on Gaming and Gambling Industry in the Americas.
AGCO
INCENTIVE GAMES SECURES ONTARIO GAMING LICENSE

Incentive Games, a leading B2B games provider, is proud to announce that it has been awarded an Ontario Gaming License by the Alcohol and Gaming Commission of Ontario (AGCO), effective today. This achievement enables the company to offer its portfolio of real-money games to licensed operators and players across the province.
The license underscores the Incentive Games’ commitment to meeting the highest standards of compliance, security, and operational excellence. The rigorous application process demands robust security protocols and comprehensive responsible gaming measures and affirms the company’s readiness to enter one of Canada’s most dynamic iGaming markets.
The North American market is a strategic focus for Incentive Games, and this milestone follows closely on the heels of the company receiving its Provisional Michigan gaming licence from the Michigan Gaming Control Board earlier this month.
Incentive Games will distribute its real-money gaming content in Ontario through Incentive Studios, the company’s dedicated Real-Money Gaming division, ensuring a focused and tailored approach to the market.
“Ontario represents a huge opportunity for us, and securing this license is a proud moment for the whole team,” said John Gordon, Chief Executive Officer at Incentive Games. “It reinforces our dedication to meeting the highest standards while delivering compelling real-money content. We’re looking forward to building strong relationships in the region and continuing our momentum across regulated markets worldwide.”
The post INCENTIVE GAMES SECURES ONTARIO GAMING LICENSE appeared first on Gaming and Gambling Industry in the Americas.
AGLC
AGLC Announces New Board Chair

Alberta Gaming, Liquor and Cannabis (AGLC) has announced the appointment of Larry Spagnolo as the new Board Chair, effective August 15, 2025. This announcement follows the official Order in Council issued by the Alberta Government and marks a new chapter in AGLC’s ongoing commitment to support communities, encourage responsible choices and position Alberta as the best place to do business.
Larry brings a wealth of experience in technology and business leadership to the AGLC Board and will play an integral role in guiding AGLC’s strategic direction. He is currently serving as VP and GM of Emerson’s SaaS SCADA business and has held senior roles at Zedi and Telus, driving innovation, growth, and global success.
A strong advocate for education and community, Larry serves as Vice Chair of Athabasca University’s Board of Governors and has held board roles with NAIT and Polytechnics Canada. He was awarded the King Charles III Coronation Medal for his community contributions.
AGLC and the Board of Directors extend their heartfelt thanks to Len Rhodes for his leadership and dedication as Board Chair since August 2019. He decided not to seek a third term and will continue to serve in this role until August 14, 2025. Len led AGLC through some significant milestones, including reducing red tape by 51%, growth of the emerging cannabis industry and ensuring AGLC delivered a balanced approach to business development, social responsibility, and regulatory oversight.
The post AGLC Announces New Board Chair appeared first on Gaming and Gambling Industry in the Americas.
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