Gateway Casinos to consider sale or other strategic options

October 17, 2023
By

The operator is looking for potential investors or acquirers.

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.

State-by-State

Product Spotlight

Konami

Things get unruly in the company of some fleecy characters in the new Konami Gaming’s new Unwooly Riches slot series.
GA HUDDLE #089

Brian Uran - AI has shown casinos new ways to think about business

GA HUDDLE #088

Adam Wexler: PrizePicks almost went out of business during Covid - but now...

Roughly six years after speaking to Gambling Insider as an upcoming start-up, PrizePicks CEO Adam Wexler joins the Huddle to reflect on huge growth since - which almost ground to a halt during the Covid-19 pandemic.

We cover:

- Entrepreneurship, regulatory changes and the pandemic

- Offering a different customer experience and differentiating by product

- Fantasy sports being strong enough without sports betting

- Barriers to entry in the fantasy market

- Opposition from FanDuel and DraftKings

- Targets, plans and the Philippines

- US markets and the future of fantasy


Five years ago, before the mass proliferation of social media we see today – and even before the Covid-19 pandemic – I think you would be hard pressed to find a CEO talking about “Instagrammable moments.” KPIs w...

gga
The Global Gaming Awards: Looking ahead to 2024's ceremonies.
After more than a decade of celebrating gaming's best, Gaming America looks ahead to a bright 2024 for the Global Gaming Awards in the Americas and Asia-Pacific.
GA
From the top: The Indian Gaming Tradeshow & Convention
Tribal gaming is a uniquely American institution and all its uncommon attributes were on display this April at the Indian Gaming Tradeshow & Convention in Anaheim, California.
terre
Review: Terre Haute Casino Resort and Harrah's Hoosier Park Racing & Casino
Terre Haute Casino Resort vs. Harrah's Hoosier Park Racing & Casino, Gaming America's Laura Mack reviews each property.
andrew
Eureka Casino interview: CEO Andre Carrier on resort expansion
We spoke with returning guest, CEO Andre Carrier, about Eureka Casino Resort's expansion. He aims to not only change the look and feel of the casino, but to also build residential housing around it.