A local businessman has bought out his partner's stake in the Copper Coulee Casino, giving him a full 50-per-cent stake, advancing his plans to move to a facility in Box Springs Business Park.--NEWS FILE PHOTO
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A local business man says he has bought out his partner’s shares in the Copper Coulee Casino and plans to move the operation out of the Medicine Hat Lodge – itself another shareholder and the casino’s landlord, which is currently in receivership.
Albert Stark told the News he has acquired a full 50 per cent share of the gaming establishment, formerly known as Casino By Vanshaw, taking over a one-quarter stake controlled by Cam Christianson when the pair took over casino operations in 2018.
“This transaction strengthens the future of Copper Coulee Casino and affirms the continued progress of our planned relocation to Box Springs,” Starks said in a statement to the News that also reiterated his position he will hold right of first refusal during a court-ordered sale of Mayfield Investment’s stake in the casino.
That would give him the ability to match any bid registered in the liquidation process that is now underway and faces an initial bid deadline next week.
“Approval by the court of such an acquisition will make the casino 100% locally owned and operated, further strengthening the Starks Group’s commitment to supporting local charities,” reads Stark’s statement.
Stark, a major shareholder in the Box Springs Business Park, and Christianson, owner of the Canalta Hotels chain, became involved in the Casino in 2018 when they acquired shares initially as security in an apparent plan to relocate to the Box Springs area.
That plan was paused however when a new long-term lease was signed with the Lodge – ending a legal dispute over rent with a previous Casino by Vanshaw owner, and which also gave the two men full control of the 50 per cent non-Mayfield voting block.
Last fall, the Lodge and Mayfield’s casino shares were listed as assets as the Edmonton-based hospitality group entered court-creditors protection and a receiver took over hotel operations toward a sale.
In January, lawyers for Stark and Christianson argued unsuccessfully in court that they had rights to the shares at a set price laid out in the joint shareholders agreement.
Allowing the open sale of Mayfield’s 50 per cent stake, they implied was a gambit by the receiver, Ernst & Young, to have Christianson enter the bidding process and potentially drive up the prices in the process.
Lawyers for E&R and major creditor ATB Financial successfully argued that the assets should be joined in order to determine a fair value at auction for creditors.
Stark told the News early in the Mayfield receivership process that he was interested in acquiring additional shares, but not the hotel, as relocation was still the eventual plan.
This week he said he is preparing an application to relocate the facility’s licence to a new building in Box Springs.
“We are excited to offer our guests an expanded and enhanced experience in a state-of-the-art facility upon approval,” the statement reads.
“This move will not only elevate Copper Coulee Casino’s guest experience but also contribute to the continued growth of the local community through economic development.”
Mayfield’s assets are now being offered for sale in a court-ordered process to clear up $30 million in debt.
That includes the Camrose Resort Casino Hotel in Camrose, but not the related casino, according to a teaser published by real estate firm Avison Young.
