Chicago-based Mesirow Financial last week announced that it had completed the sale-leaseback of three Gateway Casinos & Entertainment Ltd. casinos in the Vancouver, British Columbia region—for the purchase price of $500 million.
They are Grand Villa Casino Burnaby, Starlight Casino New Westminster and Cascades Casino Langley. Under the agreement Mesirow Realty Sale-Leaseback, Inc. (MRSL), will lease the casinos back to Gateway subsidiaries for long terms.
Gateway Executive Chairman Gabriel de Alba commented, “This traditional real estate transaction unlocks significant value and generates cash which the company will use to reduce debt, invest in Gateway’s growth, support new developments and job creation, and deliver value to our stakeholders.”
