ONCAP acquired PURE Canadian Gaming ("PURE", previously known as Casino ABS) in May 2011 from the estate of the company's founder.
Based in Edmonton, Alberta, PURE operates four casinos; two in Edmonton, one in Calgary and one in Lethbridge operating a total of approximately 2,800 slot machines, 85 table games, 56 poker tables and 110 video lottery terminals along with associated food and beverage and entertainment offerings. PURE’s operations can be segmented as follows: (i) Gaming– revenue from slots (cash played), table games (drop & hold) and poker rake; (ii) Restaurant– selling food and beverages through bars and restaurants located at the four casino properties at value prices; and (iii) Other – includes revenue from ATM operations and other gaming activities (e.g. lottery, off-track-betting).
ONCAP was attracted to PURE's leading market position, regional diversification and strong cash flow characteristics in a stable and highly regulated sector with significant barriers to entry. ONCAP, in partnership with the PURE team, aims to create value by enhancing the company’s service and product offerings in gaming and food and beverage.