Clairvest completes sale of Casino New Brunswick
Upon completion of the sale, Clairvest received gross proceeds of approximately $57 million, which is subject to customary working capital adjustments. Consistent with its beneficial ownership, Clairvest Group Inc. realized 25% of this amount, or approximately $14 million, compared to the June 30, 2015 carrying value of $9.2 million.
“We are very proud of the management team and staff at Casino New Brunswick for their vital role in the casino’s growth and success over the last few years. Great Canadian Gaming is acquiring a great asset and team and we wish the new partnership continued success”, said Jeff Parr, Co- CEO and Managing Director of Clairvest.
Casino New Brunswick commenced operations in May 2010 and now generates annual gaming revenues in excess of $50 million. The casino is part of a three building complex which includes the casino, a 128-room 4.5 star hotel and a multi-purpose entertainment center.