Gateway Casinos to repay loan debt following merger with Leisure

By Sarah Lizee

Olympia, Wash., Dec. 30 – Gateway Casinos & Entertainment Ltd. holding company GTWY Holdings Ltd. plans to repay all or a portion of its existing about $154 million holding company loan and repay a portion of Gateway's existing operating company term loan, according to a press release.

Gateway announced that it plans to combine with Leisure Acquisition Corp. in a transaction valued at $1.1 billion, under which Leisure, a special purpose company created to make acquisitions, will merge into a wholly owned subsidiary of GTWY. The loan repayments will be made using the combined companies’ available cash.

Gateway Casinos is a Burnaby, B.C.-based owner of gaming properties.

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