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Fraser Downs Approved by City Council19 January 2005SURREY, British Columbia – As reported by the Surrey Leader: "The sale of Fraser Downs has been given approval by Surrey council, provided the purchaser meets a list of requirements. "Great Canadian Casino (GCC) is preparing to buy controlling shares in Orangeville Raceway, which owns the Fraser Downs race track and casino at 17755 60 Ave. "The sale of Fraser Downs has been given approval by Surrey council, provided the purchaser meets a list of requirements. "Great Canadian Casino (GCC) is preparing to buy controlling shares in Orangeville Raceway, which owns the Fraser Downs race track and casino at 17755 60 Ave. "…The 20-year lease has a renewal option for a further 10 years and will net the city $225,000 in the the first year, increasing to $300,000 annually by the sixth year. "…GCC is purchasing the shares of Orangeville for $40 million plus an 'upward adjustment' over the next three years based on a percentage of the net win…" |