Chilliwack Bingo goes for $10 m

Chilliwack Bingo Association's operations and assets are being sold for $10 million, with potential for additional "trailing" payments, according to details released by Great Canadian Gaming Corp. officials Thursday.

  • May. 12, 2011 5:00 a.m.

It’s close to a done deal.

Chilliwack Bingo Association’s operations and assets are being sold for $10 million, with potential for additional  “trailing” payments, according to details released by Great Canadian Gaming Corp. officials Thursday.

The price-tag was tucked into the highlights of the 2011 first quarter results released Thursday by the Richmond-based Great Canadian Gaming, and was based on the sales agreement the two parties signed in March.

The potential for “additional future consideration” over the next 20 years was mentioned “should the Company successfully develop this facility into a community gaming centre.”

Great Canadian officials have stated that is their intention.

Chilliwack Bingo Association has a “bingo operating services” agreement slated for renewal in May 2016. The 49 charities that own Chilliwack Bingo voted overwhelmingly in favour of the acquisition proposal from Great Canadian Gaming on May 7, as reported in Tuesday’s Progress.

The five-acre site, purchased by CBA on Olds Drive in 2008 for $6.5 million to expand the bingo operation into a CGC, was included in the sale of assets and CBA operation, announced May 12.

The acquisition of the bingo operation is still subject to receipt of the regulatory approvals and other details of closing.