Great Canadian Gaming Corporation Provides Information on Proposed Acquisition by an Affiliate of Funds Managed by Affiliates of Apollo Global Management, Inc. and Announces Amendments to Credit Agreements

TORONTO, Nov. 30, 2020 /CNW/ - Great Canadian Gaming Corporation (TSX: GC) ("Great Canadian" or the "Company") today announced that it has made available a Shareholder Update in respect of its previously announced proposed acquisition (the "Transaction") by an affiliate of funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (together with its subsidiaries, "Apollo").  The Shareholder Update discusses the background to the Transaction, reasons to support the Transaction and certain risks and uncertainties being faced by Great Canadian as a result of the COVID-19 pandemic.  A copy of the Shareholder Update has been filed on the Company's issuer profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

The Shareholder Update is also available on the Company's website at: www.gcgaming.com.    

A Special Meeting of Shareholders and Optionholders (together "Securityholders") will be held virtually on December 23, 2020 at 11:00 a.m. (Vancouver time) to approve the Transaction. The Board of Directors of Great Canadian unanimously recommends that Securityholders vote FOR the Transaction. Securityholders are urged to vote well before the deadline of 11:00 a.m. (Vancouver time) Monday, December 21, 2020. If you have any questions or need assistance voting your shares, please contact Kingsdale Advisors at 1-877-657-5856  or 416-867-2272, or by email at [email protected].

In addition, Great Canadian also announced today that is has executed amendments to each of its credit agreements to temporarily waive certain financial and other covenants.  The waivers are in effect until September 29, 2021, except for the waiver for the facility entered into by Ontario Gaming GTA Limited Partnership ("GTALP") which expires on June 30, 2021 unless extended by GTALP, at its option, to September 29, 2021.  Certain waivers require the maintenance of a liquidity covenant during the waiver period. 

ABOUT GREAT CANADIAN GAMING CORPORATION

Founded in 1982, Great Canadian Gaming Corporation is an Ontario-based company that operates 25 gaming, entertainment and hospitality facilities in Ontario, British Columbia, New Brunswick, and Nova Scotia. Fundamental to the Company's culture is its commitment to social responsibility. "PROUD of our people, our business, our community" is Great Canadian's brand that unifies the Company's community, volunteering and social responsibility efforts. Under the PROUD program, Great Canadian annually supports over 1,400 charitable and non-profit organizations across Canada. In each Canadian gaming jurisdiction, a significant portion of gross gaming revenue from gaming facilities is retained by our Crown partners on behalf of their provincial government for the purpose of supporting programs like healthcare, education and social services.

ABOUT APOLLO

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had assets under management of approximately $433 billion as of September 30, 2020 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.apollo.com. 

CAUTIONARY NOTES REGARDING FORWARD-LOOKING STATEMENTS 

This news release may contain forward-looking information within the meaning of applicable securities legislation.

Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's and Apollo's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the timing of the mailing of the Circular and the holding of the securityholder meeting called to approve the Transaction; impact of global liquidity and credit availability and liquidity and market risks associated with our financial instruments; interest and exchange rate fluctuations; fluctuations in operating results; economic uncertainty and financial market volatility; outbreaks of epidemics or pandemics and the response of governments to actual and potential epidemics or pandemics, including the current outbreak of COVID-19. These factors and other risks and uncertainties are discussed in the Circular and the Company's continuous disclosure documents filed with the Canadian securities regulatory authorities from time to time, including in the "Risk Factors" section of the Circular and the Company's Annual Information Form, and as identified in the Company's disclosure record on SEDAR at www.sedar.com. 

Readers are cautioned not to place undue reliance on the forward-looking information. The Company and Apollo undertake no obligation to revise forward-looking information to reflect subsequent events or circumstances except as required by law. The forward-looking information contained herein is made as of the date hereof, is subject to change after such date, and is expressly qualified in its entirety by cautionary statements in this press release.

SOURCE Great Canadian Gaming Corporation

Great Canadian Contact Information: For investor enquiries: [email protected], or Ms. Tanya Ruskowski, Executive Assistant to the Chief Executive Officer and the President, Strategic Growth & Chief Compliance Officer, [phone]; For media enquiries: Mr. Chuck Keeling, Executive Vice President, Stakeholder Relations & Responsible Gaming, [phone], [email protected]; Apollo Contact Information : For investors: Peter Mintzberg, Head of Investor Relations, Apollo Global Management, Inc., 212-822-0528, [email protected]; Ann Dai, Investor Relations Manager, Apollo Global Management, Inc., [phone], [email protected]; For US media: Joanna Rose, Global Head of Corporate Communications, Apollo Global Management, Inc., [phone], [email protected]; For Canada media: Kieran Lawler, Crestview Strategy, [email protected], 416-303-0799; Morgan Cates, Crestview Strategy, [email protected], 647-999-3024

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