 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! |
Gaming News
Canadian Casino Magnate to Sell Riverboat Casino6 March 2001ALBERTA, Canada – March 6, 2001 – As reported by the Edmonton Journal: "Local casino magnate Heinz Oldach is expected to sell control of his sole British Columbia enterprise, the country's only riverboat casino, for a healthy profit this week. "The sale of the New Westminster-based Royal City Star, a refurbished four-deck Mississippi gambling boat on the Fraser River, is expected to take place on Thursday to Vancouver-based Gateway Casinos Inc. Oldach, 57, says the selling price will be $28 million. "Oldach, who also operates four casinos in Edmonton, Calgary and Lethbridge, has held 51 per cent of the Star since acquiring the shares for a low but undisclosed price in late 1999 when the riverboat casino teetered near bankruptcy. "Since then, says Oldach, his vice-president Barry Pritchard, 64, has turned the 30-table, 300-slot machine casino into a money maker that attracts between 2,000 and 3,000 customers a day. "…Asked why he was selling the B.C. casino, Oldach said that it was `too far away' for him to properly supervise…" |