Monday, 5 Dec 2022

Canada's Gateway Casinos & Entertainment files for U.S. IPO, to list on NYSE

(Reuters) – Canadian gaming and entertainment operator Gateway Casinos & Entertainment Ltd on Tuesday filed for an initial public offering with the U.S. Securities and Exchange Commission to list its shares on the New York Stock Exchange under the symbol “GTWY”.

The company set a placeholder amount of $100 million to indicate the size of the IPO.

The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO could be different.

Gateway Casinos & Entertainment’s biggest shareholder is Catalyst Fund, a company that has investments in several fintech firms. Catalyst holds over 5 percent in the company.

Olga Ilich, a Canadian politician, also holds a stake in the company, according to a regulatory filing here.

The company has 26 gaming properties in British Colombia, Ontario and Edmonton, Alberta, with over 13,500 slot machines.

It recorded a total revenue of C$484.3 million ($367.51 million) in the first nine months of this year, up 42.9 percent from last year.

Profit attributable to shareholders was C$156.2 million in the same period, compared to a loss of C$36.4 million, a year earlier.

The company said all shares in the IPO will be sold by shareholders and it does not expect to receive any of the net proceeds from the sale.

Morgan Stanley is the underwriter to the IPO.

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