Gateway Casinos & Entertainment Ltd News
Careful evaluation has become the main priority of Gateway Casinos & Entertainment as it has to monitor the situation across the province prior to deciding to reopen various casino locations along with gaming halls. The Director of Communications and Public Affairs, Rob Mitchell, along with being the casino leader, has stated that for the present moment, the casino hasn’t pinpointed any particular dates relative to the relaunch of live gambling.
The situation will need to be evaluated by the casino leader before any announcements regarding the reopening dates for casino locations along with gaming halls. Unfortunately, the process is expected to be one that’s a lot more time-consuming.
An announcement made by the Ontario Lottery and Gaming Corporation stated that Stage 3 of the approval of the business reopening plan is underway and patrons can expect to make their way back to land-based casinos within the next four months.
More Gateway Casino news has stated that many casinos have been deemed eligible for reopening which is a clear result of the announcement regarding the reopening. Some of the reopening’s will be overseen by Gateway Casinos as they span across the North, Central, and Southwest Gaming Bundles.
This is set to include gaming hotspots such as Gateway Casino Woodstock, London, Clinton, Chatham, and Hanover. Other locations include Sault Ste. Marie, Innisfil, Sudbury, Rama, and Thunder Bay.
Some of the aforementioned casino locations are quite well-rounded; however, there are others that are gaming halls that don’t have as much to offer.
The casino operator is still working on the details regarding their future operation that’s been affected by the conditions that have been highlighted by the Crown Corporation. Mitchell has provided more details on the preparation process as both plans regarding health and safety have been acted on.
Safety protocols are expected to be implemented across the gaming halls while casino patrons have the responsibility of maintaining a 2-meter social distancing protocol. This is something that will be compulsory within the entire province.
Limited gaming offerings will be made available as this will be necessary to ensure adequate distances between players. This means that certain games such as slots will be shut down.
The Alcohol and Gaming Commission of Ontario
Until stated otherwise, table gaming will be unavailable due to casino chips and casino cards being touched all the time and it’s simply impossible to keep sanitizing them.
The casino operator has made it clear that regular sanitation of all flat surfaces and thorough cleaning of the casino will be implemented at all of the casino locations that are set to be reopened. It’s also mandatory for all visitors to wear face masks throughout the duration of their visit.
All plans for the reopening of casinos are being reviewed by the Alcohol and Gaming Commission of Ontario, with approval expected to be issued in the near future. A maximum of 50 visitors will be permitted within the casinos.
Refinancing of Corporate Debt
Gateway Casinos & Entertainment Limited had announced that a US$1.25 billion senior protected term advance B had been closed and issued to refinance its investment structure to sufficiently supply money to the tally sheet. Capital directed by associates of the Fortress Investment Group was principal stockholders in the deal.
According to the Executive Chairman of Gateway, Gabriel de Alba has stated that they are happy to have the refinancing with Fortress as the primary investor. The reopening of Gateway’s operations in Q3 has also had the company change its focus, as operational discipline, with a higher streamlined cost structure, along with guest encounters has become the main priority. This has paid off as the performance of the organization has been much better than expected.
CEO of Gateway Casinos, Tony Santo, has stated that Gateway is an entertainment and gaming brand that stands out from the rest since it has reopened in the provinces of Ontario and British Columbia.
The company has managed to generate higher property-level operating limits along with an increase in adjusted EBITDA.
Due to the total investment structure being refinanced by the lenders, and the reimbursement of the loan has placed the company in a position that allows them to be more flexible when it comes to delivering better customer service in all areas. Which is incredible, to say the least.
Details Regarding the Transaction
The SSTLB (Senior Secured Term Loan B) has carried both the USD and the CAD designated term loan tranches that develop six years prior to the closing date.
This will provide Gateway with a tremendous security pathway along with added assets that can be used by the company to supply its work. The pricing of the USD designated term loan has been linked to the protected instantaneous backing rate along with a credit range change.