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Gateway Casino & Entertainment, one of Canada's largest gambling companies, continues its growth strategy with confidence after securing an important gaming bundle from the Ontario Lottery and Game Company (OLG). The company announced on Thursday that it has been selected by OLG as a service provider for the Central Game Bundle.
As a result, Gateway will have the right to build a casino and entertainment complex in Collingwood or Wasaga Beach, which will require further approval from local authorities. The Central Gaming Bundle also includes Georgia Downs' existing OLG slot, which houses over 950 slot machines and electronic table games. Gateway will also be responsible for the daily operations of Casino Lamar Resort, a casino, hotel and entertainment complex in Chippewas in the Lamar First Nation Reserve.
As a service provider for OLG's Central Gaming Bundle, the company will operate these facilities on its behalf, and part of its revenue will be collected by the Ontario Government Corporation. With this agreement, OLG has now begun the planned modernization of the gaming industry in Ontario. The first phase of the conversion and asset purchase agreement was signed on Wednesday and will end within months of the signing of a 23-year casino operations and services agreement.
The company will begin operations at the gambling venues above this summer. The agreement requires all employees to be in their positions for at least 12 months. The modernization of the Ontario gambling market will significantly increase visitor numbers to the region and the tourism sector, Wasaga Beach Mayor Brian Smith commented on the deal. Collingwood Mayor Sandra Cooper also welcomes the new project, although Gateway has yet to decide on the location of the new casino complex.
Burnaby, British Columbia-based Gateway Casino & Entertainment is rapidly gaining ground in the Canadian gambling market through recent mergers and acquisitions, acquiring OLG's North and Southwest gaming bundle to operate nine existing gambling facilities and build two new venues.
The company has significantly expanded its casino and hospitality portfolio over the past two years, now operating 25 functional facilities in Ontario, British Columbia and Edmonton, more than doubling from 2015 when it had only 12. We are currently working on several projects, including rebranding the Palace Casino in West Edmonton Mall as Starlight Casino Edmonton. It will also undergo major renovations at a cost of CA 57 million dollars.
Other projects included in Gateway's growth strategy include Starlight Casino Point Edward, planned $70 million development at Delta, and more renovations at Kelowna, Chance Campbell River and Chance Courtney.
Thursday, August 24, 2023
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