Gateway Casinos open talks over $500M Vancouver Deal
The Canadian gaming company Gateway Casinos & Entertainment Ltd has opened talks with investors from Asia and North America over a sale-leaseback deal for up to three Vancouver properties.
A $500 million project
The British Columbia giant is expected to sign an agreement worth over $500 million but the end of the year. In addition to interest from Asia and America, several investors from Europe have also come forward with their interest.
The news was confirmed by the company’s executive chairman Gabriel de Alba, who still refused to disclose the names of interested parties.
Gabriel de Alba, however, confirmed that the Gateway Casinos has initiated a review to monetize its real estate portfolio which currently includes licenses for land with no facilities. The proposals that have arrived by now include the development of apartments, hotels, cinemas and additional forms of entertainment facilities as the company looks to attract a wide range of visitors.
“Now that we’re formalizing the process, we’re reaching out to other bidders and certainly as the process is known, some other bidders are jumping on board as well,” said de Alba.
Gateway Casinos was bought in 2010 by Toronto-based The Catalyst Capital Group and the company has since then grown from nine properties to the total number of 28.
True North Strong Project
The number is soon to rise to 29 after Gateway Casinos & Entertainment signed a letter of intent with the True North Strong Group to become part of the proposed development of a sports and entertainment district on the Kingsway, Sudbury.
Gateway took over Northern Ontario gaming operations from OLG last month and it intends to build a $60 million premier casino property that will also include an arena and events center, along with a motorsport park, hotels, and other facilities.