Canadian company Gateway Casinos & Entertainment has announced it will consider “a sale or other strategic options,” according to sources close to the company.
Gateway recently hired Morgan Stanley and Macquarie Group “to look for potential investors or acquirers” and is “seeking a valuation of about US$2bn, including US$1.1bn in debt,” sources said.
Gateway Casinos & Entertainment currently owns 31 gaming properties throughout Canada, including those in the provinces of British Columbia and Ontario. The group also runs two locations in Edmonton, Alberta. Gateway celebrated its 30-year anniversary last year.
The company recently released a statement regarding the passing of its CEO and Director Tony Santo. The executive died unexpectedly during the summer.
Company President Tolek Strukoff took a moment to express Gateway’s sorrow and commented on his contributions and achievements while with the group.
He said, "It is with great sadness that we announce the passing of Tony Santo. Tony joined Gateway as our President and Chief Executive Officer in October 2013 and became a Director in July 2017.
"His mission was to establish Gateway as Canada's premier entertainment and gaming company. You could often find Tony visiting sites and staff from dawn to dusk connecting about their work, families, and lives.
“Tony was an iconic leader in the US and Canada and grew Gateway from a small regional gaming company to one of the largest gaming companies in Canada. However, Tony would say himself he didn't do it – we did it together."
Strukoff also said Santo’s loss will be deeply felt throughout the company and extended the group’s condolences to the surviving family.
