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Gateway Casinos bought out

Canadian casino operator Gateway Casinos (GC) has been successfully bought out in a joint bid by Macquarie Group (MG) and Australia's Publishing and Broadcasting Ltd (PBL), it has been reported.

The price of the company has been estimated at over $800 million, according to Thomson Financial.

GC owns nine gambling facilities and has more than 3,000 members of staff, making it one of the biggest casino operators in western Canada, the company claims.

Among its establishments are the Starlight Casino and the Cascades Casino.

Takeover of the company is scheduled to be completed on November 16th. The official owner will be New World Gaming, a subsidiary of MG and PBL, which is forcing a compulsory purchase of all the remaining shares in the company.

GC is the main sponsor for the Burnaby Blues and Roots festival, which has just celebrated its eighth year.