Vancouver’s Gateway Casinos & Entertainment Limited has agreed to merge with Leisure Acquisition Corp, a New York-based special purpose acquisition company. The deal is valued at C$1.5B.
Once the deal is successfully completed, the new business entity will be a subsidiary of GTWY Holdings Ltd, the Canadian gambling giant’s existing holding company.
Marc J. Falcone, director at leisure will become the chief executive officer of the new entity once the deal is sealed. Gateway’s current CEO, Tony Santo, will retire from his positions once the merger is completed.
Santo will continue as an advisor to the board of directors and Falcone for three months following his retirement in order to assist with an orderly transition.
“I am excited to enter this new role as CEO of Gateway,” commented Falcone. “I am grateful for the confidence placed in me by Gabriel, HG Vora and the leadership of Leisure. I believe the Canadian gaming market offers unparalleled growth opportunities and Gateway has always been a platform that I found to be highly-compelling. I look forward to creating significant shareholder value alongside the rest of the Gateway management team.”
With 25 properties across British Columbia and Ontario, Gateway has significantly expanded its footprint, while diversifying and expanding its product offering to include well-known proprietary casino and restaurant brands.
