Apollo Global Management has announced that an affiliate of funds it manages (the “Apollo Funds”) has now completed the purchase of Great Canadian Gaming Corporation.
Anthony “Tony” Rodio will now lead the company from its headquarters in Toronto, Ontario, as he has been named CEO and added to the Board of Directors.
Interestingly, Rodio has a history of becoming CEO of a company before it is sold, often to Eldorado Resorts (e.g. Tropicana and Caesars Entertainment).
Alex van Hoek, Apollo Partner and Chairman of the Board of Great Canadian, commented: "Tony is one of the industry's most accomplished executives, and we are confident his experience leading businesses through transformative periods of innovation and growth will help to take Great Canadian to new heights. We are excited to have him at the helm and to support Great Canadian as the company continues to prioritise and enhance the experience of the guests, team members and communities they serve."
Rodio added: "Great Canadian is an incredible gaming and entertainment franchise and I'm excited to lead the company as we continue to safely welcome back team members and guests across the country. Together with Apollo and my management team, we see tremendous opportunity to build on Great Canadian's leading market position, improving the guest experience and entering new channels for growth, with a continuous focus on the importance of our relationships with our Crown agencies and other key stakeholders."
With nearly 40 years of experience in the gaming industry, Rodio has also served the role of CEO of Caesars from April 2019 to July 2020. Prior to that, he was CEO of Affinity Gaming and President (as well as CEO) of Tropicana Ent.
As all shares of the Great Canadian common stock were acquired by an affiliate of the Apollo Fund, the stakeholders are entitled to receive C$45 ($35.5) in cash for each share of GC common stock owned; also, as a result of the merger, shares of GC common stock no longer trade on the Toronto Stock Exchange.