Camrose Casino Owner in Receivership, Relocation to Edmonton Still Planned
The owner of Camrose Casino, who entered receivership, has had its plans for relocation approved by Alberta’s gaming regulator.
Mayfield Investments Ltd. went into receivership on October 24th, but despite its financial difficulties, it was allowed to move forward with plans to transfer the casino's gambling license to Capital City Casinos Ltd. for $5.5 million.
The company owes $38 million to ATB Financial, which sought receivership after requesting repayment earlier this year. Ernst & Young has been appointed receiver to manage the company's assets and debts.
Operations at Camrose Casino will continue under an interim license while the AGLC works on reissuing the gambling license.
Casino Faced Difficulties After Covid
The difficulties allegedly came about in the aftermath of Covid-19 as well as a major flood that hit the hotel linked with the Alberta land-based casino destination.
Alberta's gaming regulator has approved a plan to relocate the casino to southeast Edmonton.
Howard Pechet, the chairman of Mayfield Investments, said in a statement that most of the payment for the license has already been made, and the plan will proceed.
Too Late to Reverse Proceedings
During legal proceedings, a judge acknowledged that the company’s obligations were not being met and that the process would not be reversed at this stage.
The company website states:
"Important Update: Operations Continue as Normal
"We want to reassure all of our valued guests that despite recent news regarding our company entering receivership, it’s business as usual here at Camrose Resort Casino.
"All of our facilities, including the casino, restaurants, and accommodations, remain fully operational. Ernst & Young has been appointed to manage the receivership process, and we are working closely with them to ensure a smooth transition.
"We remain committed to providing the same exceptional service you’ve come to expect from us, and we look forward to welcoming you soon!"
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News WriterMost of my career was spent in teaching including at one of the UK’s top private schools. I left London in 2000 and set up home in Wales raising four beautiful children. I enrolled at University where I studied Photography and film and gained a Degree and subsequently a Masters Degree. In 2014 I helped launch a new local newspaper and managed to get front and back page as well as 6 filler pages on a weekly basis. I saw that journalism was changing and was a pioneer of hyperlocal news in Wales. In 2017 I started one of the first 24/7 free independent news sites for Wales. Having taken that to a successful business model I was keen for a new challenge. Joining the company is exciting for me especially as it is a new role in Europe. I am keen to establish myself and help others to do the same.
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