04/04/2005 11:00PM

Hastings owner expands


Great Canadian Gaming Corp., the owner and operator of Hastings Entertainment, has added another Standardbred track to its holdings. Great Canadian said it reached a deal to purchase all the issued and outstanding shares of Georgian Downs Ltd., a Standardbred racing and slots facility in Innisfil, Ontario, about 45 minutes outside Toronto.

The total value of the deal is roughly $48 million dollars, which includes $23 million of assumed debt. According to Great Canadian, Georgian Downs has about $34 million in total assets, including buildings, land, and undeveloped property.

Great Canadian purchased Hastings last year and recently finalized a deal to buy Orangeville Raceway Limited, the operator of two Standardbred tracks in British Columbia: Sandown Park and Fraser Downs, which also has 420 gaming machines.