Gateway Casinos seeks $1.3bn for loan refinancing, sources say
Current talks are preliminary and private as of now.
Key Points
- The funds would be used to pay dividends and to refinance loans
- The company has not confirmed a potential deal is in the works
- Sources close to the matter say the groups is seeking out lenders with Morgan Stanley
Canadian operator Gateway Casinos & Entertainment has planned to reach out to lenders in collaboration with Morgan Stanley to refinance loans, according to a recent Bloomberg report.
Bloomberg says Gateway Casinos is seeking $1.3bn of private debt so that it can pay owners a dividend and refinance loans.
The company is comprised of several brands that include Grand Villa Casino, Cascades Casino, Starlight Casino, Playtime Casino, Match Eatery & Public House, Atlas Steak + Fish and Chow Lucky Noodle Bar.
In other national news, The Greo Evidence Insights (Greo) and the Canadian Centre on Substance Use and Addiction (CCSA) recently published a report called, “Gambling Availability and Advertising in Canada: A Call to Action.”
Good to know: Gateway Casinos currently owns and operates 31 properties throughout Alberta, British Columbia and Ontario
The document proposes a national strategy that would manage conflicts of interest among stakeholders, address inadequate funding for gambling harm prevention and research, monitor systematic changes in gambling-related harm, develop standards nationwide and increase public awareness of gambling-related harm.
This report also examines the impact legal gambling has had throughout the country and was published “in response to the significant increase in gambling advertising on billboards, social media, at commercial breaks during sports broadcasts and during sporting events.”
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