Gateway Casinos and Entertainment Limited, a Canadian casino operator, has disclosed that it is closing a deal that will see it gain around CA$376.1 million by selling off three of its venues in Vancouver, British Columbia.
An announcement made by the operator, based in Burnaby, stated that the agreement in place with an organisation linked to Mesirow Financial, an American financial services company, involves its Starlight Casino New Westminster, Cascades Casino Resort Langley, and the Grand Villa Casino, Hotel, and Conference Centre Burnaby. It represents the biggest financial transactions in the company’s recent history.
As part of the deal, Gateways Casino and Entertainment Limited explicated that its subsidiaries are to continue operating the three properties, under a leaseback contract with Mesirow Financial, which is based in Chicago, in the USA. Thanks to this fact it stated that there are no expectations that any changes to employees or operations at the locations will be forthcoming, and the firm will retain control of a considerable real estate portfolio.
Tony Santo, Chief Executive Officer for Gateway Casinos and Entertainment Limited, stated that the company is committed to making use of the considerable resources it has, including the extra liquidity it has unlocked thanks to this deal, to reduce its debt and continue growing for the benefit of its stakeholders.
Gabriel De Alba, Executive Chairman for Gateways Casinos and Entertainment Limited, stated that the transaction demonstrates that the Canadian operator has the expertise and discipline to unlock value and add to its ability to derive success over the long-term.
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