Gateway Casinos and Entertainment Limited, a leading Canadian casino operator is going to sell off three of its properties in the British Columbia. The deal will fetch it an approximate amount of $376.1 million. The Burnaby-based operator made the deal with an US financial services firm named Mesirow Financial. The properties are Cascades Casino Resort Langley, Grand Villa Casino and Starlight Casino New Westminster.
As part of this huge deal, the Gateway Casinos and Entertainment Limited said its subsidiaries will carry on operating the Vancouver casinos in British Columbia. This is owing to one lease-back agreement made with Mesirow Financial, a Chicago based entity. So, the employees working there need not worry about anything.
Gateway Casinos and Entertainment Limited’s Chief Executive Officer, Tony Santo said the company will use its substantial resources to bring down debt and encourage growth. Gateway’s Executive Chairman Gabriel De Alba said the transaction show the Canadian giant is committed to adopt measures to ensure long term growth and success. The company is focusing on a long exercise process for refinancing, reduction of debt. The investors will gain at the end.
De Alba added that Gateway is a leading player in the online gambling industry and it will do the needful to ensure the performance remains on right track. Incidentally, De Alba is Catalyst Capital Group INC’s Managing Director. This is a private equity firm based in Toronto, which bought Gateway back in 2010. The company is adopting strategies to maintain its leadership position in this industry in future too.