Mesirow Financial buys 3 Canadian casinos
March 20, 2018 3:00 AM
by Robert Mann
Three Canadian Gateway casinos have been acquired up by Mesirow Financial in a deal valued at CA$500M ($383M US).
It’s a sale-leaseback deal similar to the Real Estate Investment Trust (REIT) strategy currently employed by many U.S. casino/resort operators and involves three properties in the Vancouver area, the Grand Villa Casino Burnaby, Starlight Casino New Westminster and Cascades Casino Langley.
Mesirow’s investment arm is now the landlord of the three casinos and some of Gateway’s subsidiaries are now in long-term leases for the properties and will operate them under those leases.
Gateway is Canada’s largest gaming company, with operations in British Columbia, Edmonton and Ontario. It has 6,000 employees and runs 35 properties.
Mesirow Financial is a Chicago-based financial services company. The firm provides investment management, capital markets, and investment banking services.