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New World Gaming Partners, a joint venture owned by Australia’s Macquarie Group and Crown (formerly Publishing and Broadcasting), has acquired all of the units of Gateway Casinos Income Fund.

Concurrently with the acquisition, New World acquired all of Gateway’s 5.35 per cent convertible debentures, substantially all of the assets of Gateway Casinos Inc and all of the shares of Star of Fortune Gaming Management. Collectively, the aggregate enterprise value ascribed to the acquired businesses and assets was approximately $1.37 billion (£689 million).

The acquisitions were financed in part, by multi-currency first lien facilities and a second lien facility provided by a syndicate of lenders led by Bear, Stearns & Co and RBC Capital Markets, in their capacities as co-lead arrangers and joint bookrunners.
With nine casinos in British Columbia and Alberta, Gateway Casinos & Entertainment is one of the largest casino and entertainment companies in western Canada and has grown from two facilities with 150 employees to nine facilities with more than 3,000 employees.

Gowling Lafleur Henderson represented New World Gaming Partners with a multi-office team led by Myron Dzulynsky and included, among others, Bryce Kraeker (securities), Ian Macdonald (corporate), Alan Dean (real estate), Lilly Wong (financing), and Tim Wach (tax issues).

Chicago law firm Shefsky & Froelich acted as gaming regulatory counsel to New World Gaming Partners, with advice from Cezar Froelich, Paul Jenson and Rhett Skubis.

Other advisers on the deal include Latham & Watkins, Mair Jensen Blair, Allens Arthur Robinson, Blake Dawson, McCarthy Tétrault, Lawson Lundell, Parolin & Company, Fraser Milner Casgrain, Borden Ladner Gervais, Heenan Blaikie, Nicholl & Akers, Shearman & Sterling, Cassels Brock & Blackwell, Bull, Housser & Tupper, Parlee McLaws and Sangra Moller.

Macquarie is a provider of investment banking, financial markets and retail financial services with more than 11,000 employees in 24 countries and has reported successive years of record growth and profits since its listing on the Australian stock exchange in 1996.

Media and entertainment group Crown is listed on the Australian Stock Exchange.

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