The gaming provider hoping to operate a Kenora casino has filed an initial public offering of shares in the U.S. through its parent company Catalyst Capital.

Gateway Casinos is hoping to raise $100 million through the offering. Gateway went through a restructuring of its finances in the spring.

They were awarded the northern bundle of five casinos in northern Ontario two years ago. The other communities included in the bundle are Thunder Bay, North Bay, Sudbury, Sault Ste-Marie.

Kenora has been waiting for announcements on the construction of a casino since 2012. A site for the project has not been announced.

Gateway's web site says they operate:

  • in British Columbia, Edmonton and Ontario
  • with 9,000 employees
  • 27 gaming properties
  • more than 380 tables,
  • over 13,200 slots,
  • 77 restaurants and bars and
  • 561 hotel rooms.

Gateway was awarded the gaming bundle for central Ontario earlier this year. It includes:

  • OLG Slots at Georgian Downs,
  • Casino Rama Resort and
  • a planned new build in Wasaga or Collingwood (subject to all necessary approvals). 

The Southwest Gaming Bundle has also been awarded to Gateway, and it includes:

  • OLG Casino Point Edward along with
  • OLG Slots at Western Fair District in London and
  • OLG Slots at Clinton, Dresden, Hanover, and
  • Woodstock Racetracks.

Catalyst Capital describes itself as having:

  • five funds (and two parallel funds) with
  • over US $4.3 billion in capital commitments from
  • prominent university endowments, charitable foundations, pension plans, family offices and financial institutions.

There are also media reports detailing Catalyst's purchase of Gateway in 2011, followed by an IPO in 2012 for Gateway, which was later withdrawn. However, Catalyst openly disputed the figures used by the wire service Reuters in their reports.

For more information:

Catalyst Group

Gateway - IPO

 

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