Gateway Casinos & Entertainment Ltd., one of the largest gambling companies in Canada, is considering a sale or other strategic options, according to people with knowledge of the matter.
(Bloomberg) — Gateway Casinos & Entertainment Ltd., one of the largest gambling companies in Canada, is considering a sale or other strategic options, according to people with knowledge of the matter.
The company has hired Morgan Stanley and Macquarie Group Ltd. to look for potential investors or acquirers, according to the people, who asked not to be identified discussing private deliberations. Gateway is seeking a valuation of about US$2 billion, including $1.1 billion in debt, one of the people said.
Gateway owns 31 gaming properties in British Columbia, Ontario and Alberta, according to its website. The business, which celebrated its 30th anniversary last year, has grown over the years through internal expansion and acquisition. Among its properties is the Grand Villa Casino in the Vancouver suburb of Burnaby.
The company is majority owned by Catalyst Capital Group Inc., a private equity firm, which acquired control in 2010.
Gateway previously pursued an initial public offering and a merger with a special purpose acquisition company, neither of which went through.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.