EDITOR'S NOTE: Subsequent to the publication of this article, lawyers for Gateway Casinos and Entertainment told OrilliaMatters that MP Pierre Poilievre’s statement included a number of inaccuracies such as “the company was just downgraded to junk status and its parent company lost 95 per cent of its value on the stock market before being delisted altogether,” which is false. Lawyers for Gateway advised further that Gateway is a private company and has not been listed on a public exchange and has not lost 95% of its value on any stock market

Gateway Casinos and Entertainment Ltd. Is expected to name a new chief executive following a proposed financial restructuring that will create a publicly traded company valued at nearly $1.5 billion. Gateway Casinos & Entertainment Limited and Leisure Acquisition Corp. To Combine in Transaction Valued at US$1.1 Billion (C$1.5 Billion). Gateway Casinos's revenue is the ranked 4th among it's top 10 competitors. The top 10 competitors average 39.5M. Gateway Casinos has 102 employees and is ranked 5th among it's top 10 competitors. The top 10 competitors average 194.

A long-time Conservative MP says Gateway Casinos and Entertainment, which operates Casino Rama and many other gambling facilities, “swindled a naive prime minister out of $200 million” of taxpayers’ money.

1. Lawyers for Gateway advised further that Gateway is a private company and has not been listed on a public exchange and has not lost 95% of its value on any stock market A long-time Conservative MP says Gateway Casinos and Entertainment, which operates Casino Rama and many other gambling facilities, “swindled a naive prime minister out of $200.
2. According to a statement provided by Gateway, the casino operator’s management was “pleased with the outcome of the vote. We know the past few months have been challenging for all involved.

During an animated exchange with Prime Minister Justin Trudeau Wednesday in the House of Commons, Carleton MP Pierre Poilievre says Gateway is a “failing casino firm” and he chided Trudeau for “throwing away our money in this jackpot for casino insiders.”

Gambling on a casino bailout. pic.twitter.com/eG4ZNhIzNU

Gateway Casino Financial Statements Examples

Poilievre is referring to the news that Gateway was provided a loan from the Canada Enterprise Emergency Funding Corp. under its Large Employer Emergency Financing Facility (LEEFF).

The agreement, announced in late September, provides Gateway with access to $200 million of liquidity.

“These funds will provide us with capital to support restarting our operations and returning people back to work when it is safe and viable to do so,” Gateway CEO Tony Santo said in an email to employees.

But Poilievre said the company is not deserving of the funding.

“The company was just downgraded to junk status and its parent company lost 95 per cent of its value on the stock market before being delisted altogether,” Poilievre said Wednesday.

“In fact, financial experts in Toronto say the company vastly overvalues its assets. But there is someone who would invest other people’s money in it - the casino just got the jackpot of $200 million from this government,” said the former cabinet minister in Stephen Harper’s government.

“Would the financial genius over there who invested $200 million of our tax dollars in this failing casino firm please stand up.”

Trudeau stood up and provided the following response.

“While the Conservatives play silly political games, we recognize the extraordinary situation Canadians are facing,” said Trudeau, who noted Canadians are “worried” about “how they’re going to make it through this pandemic.'

Robert Mitchell, director of communications and public affairs for Gateway, said the MP’s statement contained inaccuracies.

“Mr. Poilievre’s comments contained a number of factual errors which have since been corrected with his office,” Mitchell told OrilliaMatters.

He also said the casino company’s LEEF application “had the support from MPs across the political spectrum … including Simcoe North MP Bruce Stanton and 10 other Conservative MPs who wrote letters of support on behalf of Gateway and our 8,000 employees across Canada.”

He also stressed the LEEFF funding will be repaid by Gateway.

“The LEEFF program is a loan that will be repaid,” said Mitchell. “We will use the funds to help re-open our businesses and get people back to work as soon as it is safe and viable to do so.”

He noted Gateway is “excited to welcome back many employees this week as we re-open a number of facilities today and Saturday, including our Innisfil site.”

Meanwhile, Casino Rama will remain closed. Its doors have been locked since OLG ordered all casinos to close on March 16.

Officials say Casino Rama is too large to open in light of provincial restrictions that limit the number of patrons to 50 and prohibit table games.

Tshweu Moleme of Orillia, a Unifor rep at Casino Rama, said he “can understand some of the concerns raised by the Opposition, especially given the size of the ($200-million) LEEFF loan.”

Poilievre “is doing what he’s in Parliament for - to hold both the government and the borrower accountable,” said Moleme

“He can help the government in making sure that the money (is) used as intended - to help revive a business and to keep jobs,” he said.

Moleme applauded the Liberals’ support.

“The government has done its part, ensuring that Gateway employees can still have jobs to return to. It's now Gateway's turn to keep their word … This is about saving jobs and helping Canadian families,” he said.

Now is not “the time for partisan jabs. Canadians would like to see MPs work together, making sure that we get through this pandemic and come back strong. The entire parliament should be on the side of workers.”

He urges Gateway to use this “much needed financial oxygen” to reopen Casino Rama.

“With such a significant loan, a world-class facility like Casino Rama should be coming back strong,” Moleme said. “I believe that's what parliamentarians, workers, and communities would also like to see happen.”

Gateway Casinos and Entertainment is a Canadian gaming and entertainment operator. It operates 23 casinos in British Columbia, Alberta, and Ontario. The corporate offices of Gateway Casinos and Entertainment are located in Burnaby, British Columbia. It is owned by The Catalyst Capital Group Inc., a private equity investment firm founded in 2002.^[1]

History[edit]

Gateway Casinos & Entertainment Limited is one of the largest casino and entertainment companies in Western Canada and has grown from 2 facilities with 150 employees to 12 facilities with over 3,000 employees.

Properties include The Grand Villa Casino & Convention Centre Burnaby, Starlight Casino New Westminster, Cascades Resort Casino Langley, The Lake City Casinos (Vernon, Kamloops, Kelowna & Penticton) in the Okanagan, The Baccarat and Palace Casinos in Edmonton, the Chances Community Gaming Centres in Squamish, Mission, Kamloops and Newton Bingo in Surrey.

Starting in 1992, Gateway Casinos has provided operational services for casinos in the Greater Vancouver Regional District of British Columbia. In April 1992, Gateway Casinos acquired two casino operations in the Vancouver area: a 5,000 square foot facility on the second floor of the Mandarin Centre in Vancouver’s Chinatown and a smaller 4,000 square foot operation on the top floor of the Royal Towers Hotel in New Westminster, BC.

In March 1994, Gateway Casinos purchased a third casino, located in Maple Ridge, British Columbia with the intention of relocation in the future, which ultimately became Gateway’s Burnaby Casino.

June 1994 saw the Gateway relocation of the Vancouver casino from the small premises on the second floor of the Mandarin Centre to newly renovated premises in the same building. At this time, Mandarin Centre was the largest casino in British Columbia. In January 1996, Gateway Casinos relocated its operation in New Westminster from the top floor to expanded premises within the hotel.

Gateway Casinos ceased operating the casino in Maple Ridge in November 1996. The new operation was opened on the second floor of the parkade across from the now Grand Villa Casino in Burnaby, British Columbia.

November 1999 saw the Gateway acquisition of the Palace Casino (now Starlight Casino) in Edmonton, Alberta where an extensive renovation which more than doubled the size of the facility, was substantially completed in October 2001.

The year 2002 was pivotal for Gateway due to the acquisition of the Baccarat Casino in Edmonton, Alberta, in June^[2] and the August purchase of the Lake City Casinos in Penticton, Kelowna, Kamloops and Vernon.

In May 2005 Gateway Casinos opened the Cascades Casino in the heart of Langley, British Columbia^[3] which brought about a new era of gaming for the company, boasting over 60,000 square feet of gaming space, 77-room hotel and more than 25,000 square feet of convention space operated by Coast Hotels & Resorts Limited.

The Starlight Casino and Grand Villa Casino were opened in 2007 and 2008 respectively and are currently operating as Gateway Casinos & Entertainment Limited’s flagship properties.In 2011 Gateway Casinos & Entertainment Limited purchased three existing Community Gaming Centres located in Squamish, Mission and the Newton Surrey area. In April 2015 Gateway Casinos & Entertainment revealed its plans to build brand new casino located in the Edmonton Arena District.^[4]

In December 2015 Gateway casinos bought Playtime Gaming Inc.^[5] expanding their properties with 4 new CGC (community gaming centers) and 2 commercial bingo halls making them the largest casino company in British Columbia.

In December 2016, Gateway casinos purchased 11 Casinos from OLG in Ontario ranging from Thunder Bay to London with rights to build in Kenora and North Bay hereby now employing 6000+ people and making its way into the Ontario market.

In March 2018, Gateway was selected as the service provider for OLG's Central Gaming Bundle, which includes management of Casino Rama and slot operations at Georgian Downs, and the rights to build a new casino in Collingwood or Wasaga Beach.^[6][7]

Properties[edit]

Western Canada

Gateway Casino Financial Statements Financial

• Baccarat Casino (Edmonton) closed 2016
• Cascades Casino, Hotel and Convention Centre (Langley City)
• Grand Villa Casino (Burnaby)
• Grand Villa Casino Edmonton (Edmonton)
• Playtime Casino (Kelowna)
• Lake City Casinos
  • Kamloops Casino (Kamloops)
  • Penticton Casino (Penticton)
  • Vernon Casino (Vernon)
• Starlight Casino former Palace Casino (Edmonton)
• Starlight Casino (New Westminster)
• Chances Mission (Mission)
• Chances Squamish (Squamish)
• Newton Community Gaming Centre (Surrey)
• Chances Abbotsford
• Chances Campbell River
• Chances Courtney
• Langley Bingo
• Chances Kamloops

Eastern Canada

Gateway Casino Financial Statements Login

• Thunder Bay
• Sudbury
• London
• Point Edward
• Woodstock
• Dresden closed
• Clinton
• Hanover
• Innisfil
• Chatham (opened 2019)

References[edit]

1. ^'About Us'. Gateway Casinos and Entertainment.
2. ^'Baccarat Casino to be replaced by upscale entertainment and gaming facility'. Edmonton Journal. April 14, 2015.
3. ^'Cascades Casino Resort Celebrates its 10th Anniversary'. Gateway Casinos & Entertainment Limited. April 29, 2015.
4. ^Gateway Casinos & Entertainment Plans a Premier Casino in the EAD
5. ^'Gateway Casinos & Entertainment Limited Acquires Playtime Gaming'. newswire.ca. Dec 23, 2015.
6. ^Ian Adams (March 15, 2018). 'OLG picks operator for casinos in Innisfil, Casino Rama'. Toronto Sun. Retrieved 2018-03-16.
7. ^'OLG selects service provider for Central Gaming Bundle (Press release)'. Business Insider. March 15, 2018.

External links[edit]