The Calgary Stampede has repurchased the casino it sold two years ago in a transaction reportedly worth .75 million.
The Calgary Herald reported that the acquisition was a demonstration of “faith in an industry that has faced challenges related to the global recession.”
In August 2009, owner Calgary West Hospitality Inc. went into voluntary receivership due to the economic slump. Since that time, the Stampede Casino had been under court-appointed receiver Deloitte & Touche.
“We’ve done our due diligence,” said Doug Fraser, spokesman for the Calgary Stampede. “We’ve gone over from the perspective of where we can take the casino. We believe it’s viable; we feel that a casino is still good for us.”
The Alberta Gaming and Liquor Commission board approved a new casino license for the Stampede last month. The agreement of sale is expected to close June 14.
The casino, built at an estimated cost of $40 million to $50 million, officially opened in 2008. The 100,000-square-foot facility has three restaurants, two lounges, a 400-seat theater and underground parking.