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After amassing huge debt—over $50 million—Flamboro
Downs was purchased by the Great Canadian Gaming Corporation- know for
outfitting acquired locations with slot machines. Part of the initial
problem for Flamboro Downs was that the horse racing alone (without the slot
machines) just couldn’t bring in enough revenue keep the racing track in the
black.
As part of the deal, the Gaming Corporation bought Flamboro Downs for less
than $25 million, however it also assumed Flamboro Downs’ debt. This has
scarcely been an issue now for the Gaming Corporation since they decided to
add slot machines. After outfitting the race track with over 750 slot
machines and quality dinning experiences, the entire establishment is now
bringing in money rather than loosing money daily.
Every area of the race track is now doing better because of the addition of
slot machines. The restaurants and food area are seeing a dramatic increase
sales; and the horses, once not able to keep the track afloat on their own,
are now bringing large revenue on their own.
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