Great Canadian Gaming (“GC”) is the largest casino operator in Canada and trades on the Toronto Stock Exchange. Prior to 2016, British Columbia (“BC”) casinos represented 80%+ of GC’s profits. Then, the Ontario gov’t decided to privatize its gaming operations, so it split its region into eight “bundles” and awarded them to the deserving bidder. GC won the first bundle, which was the East region. The East Bundle drove the company’s 2015 EBITDA 20% higher by 2017 and reduced its BC exposure to ~65%. The real game-changer occurred in late 2017/early 2018. GC was awarded the two largest bundles called the Greater Toronto Area (“GTA”) and West GTA (“WGTA”). Combined, we will refer to the two bundles as the “Toronto Bundles”. As outlined below, the Toronto Bundles could increase GC’s 2017 EBITDA – MI by ~150% and decrease its BC exposure to ~30% by 2022.