British Columbia-based Gateway Casinos & Entertainment Ltd. this week said it Is negotiating with investors based in North America and Asia to buy and lease back three properties in Vancouver, Canada that are worth a total of more than 8 million.
A deal is expected to be finalized by the third quarter of this year. The names of the principals have not been disclosed. Some inquiries have been made by European companies as well, said Gateway Executive Chairman Gabriel de Alba.
This prompted the company to begin a formal review to monetize its real estate portfolio, which includes license for undeveloped land.
Several proposals are being discussed, including development of condos, cinemas and an Asian market place.
“Now that we’re formalizing the process, we’re reaching out to other bidders and certainly as the process is known, some other bidders are jumping on board as well,” said de Alba.
Gateway is considering an initial public offering, said CEO Tony Santo in an interview with Reuters.
