Gateway Casinos & Entertainment Limited, the Canadian operator, has let it be known that it will be joining forces with one of its biggest shareholders in a CA$1.15 billion deal. The transaction will likely go through in the second quarter of 2020 and will then g0 public on the New York Stock Exchange.
The organisation is currently jointly owned by the Catalyst Capital and Leisure Acquisition Groups. The latter is a blank-check company formed in 2017 with the sole purpose of reorganising or acquiring businesses in the gaming, lodging, recreation, or travel sectors.
Leisure Acquisition Group purchased a significant stake in Gateway after raising CA$200 million though an initial public offering. Now the procurement company will be assumed by the operator and then amalgamated into a subsidiary fully-owned.
Thanks to the ongoing sponsorship and support of Catalyst Capital, HG Vora, and Leisure Acquisition and its principals, the brand is now in a good position from which to continue to achieve good returns for its shareholders, according to a press release by the firm. The announcement added that the CA$1.15 billion deal enterprise valuation for the combined organisation implies a business multiple of 7.5X 2020 Projected Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation.
The brand currently owns almost 30 casino and gaming properties across Alberta, British Columbia, and Ontario. With properties like the Grand Villa Casino in Burnaby, the Starlight in Edmonton, and Playtime in Hanover, it’s one of the biggest operators in the country.
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