11/10/2004 12:00AM

Hastings takeover completed


Great Canadian Gaming Corp. has completed purchase of 100 percent of Hastings Entertainment Inc., the operating company that manages Hastings Racecourse, Great Canadian announced Monday.

Great Canadian, in partnership with the Wall Financial Corp., bought Hastings Entertainment from Woodbine Entertainment Corp. for $20.1 million last April, forming a subsidiary in which Great Canadian owned 60 percent. Wall Financial has now received $18.8 million for its 40 percent share, on top of the $5.2 million it initially invested.

The decision by the Vancouver City Council to allow 600 slot machines at Hastings was in large part responsible for the dramatic increase in the value of the company. Wall Financial, led by Peter Wall and his nephew Bruno Wall, had lobbied heavily for approval of slots.