British Columbia

Gateway Casinos to get new CEO, move to NYSE as part of restructuring plan

A proposed financial restructuring will create a publicly traded company valued at nearly $1.5 billion.

The company operates 14 casinos in British Columbia, including the Grand Villa Casino in Burnaby

Burnaby based Gateway Casinos and Entertainment is naming a new CEO as part of a restructuring plan. Gateway operates 14 casinos in B.C. (Julie Jacobson/AP)

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.

Current Gateway chief executive Tony Santo will retire and be replaced as CEO and president by Marc Falcone, who has held a variety of executive positions at U.S. gaming and hospitality companies for more than a decade.

Falcone is currently director of Leisure Acquisition Corp., a publicly traded company that will be acquired by Gateway's parent GTWY Holdings Ltd., which plans to list its shares on the New York Stock Exchange.

Existing GTWY shareholders are expected to remain the largest investors in the combined company, subject to approvals from shareholders, regulators and government agencies including Ontario Lottery and Gaming Corp.

The current majority owner of GTWY is Catalyst Capital Group Inc., a private Toronto-based firm. Catalyst partner and managing director Gabriel de Alba will remain executive chairman of Gateway under the restructuring.

Gateway currently operates 27 gaming and entertainment destinations in British Columbia, Alberta and Ontario, including the Grand Villa Casino in Burnaby where the company is headquartered, and the Starlight Casino in New Westminster.

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