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Leisure Acquisition, which is run by several veteran U. In a regulatory filing in June, Leisure Acquisition said it planned to search for another business to acquire if its deal with Gateway failed to close by July The rules that govern SPACs stipulate that if Leisure Acquisition fails to take over a business by a predetermined date, the company must return its cash to shareholders.
As part of the process that extended deadlines on the Gateway takeover, Leisure Acquisition allowed its investors to withdraw their money each time they gave the SPAC more time to close a deal.
For Catalyst, the failed deal with Leisure Acquisition marks the latest in a series of unsuccessful attempts to cash in on its decade-long investment in the casino industry.
The Toronto-based private equity fund first tried to sell Gateway through an initial public offering, or IPO, in , then pulled the deal.
Catalyst filed for a second Gateway IPO in , then shifted gears a year later, announcing plans to combine forces with Nasdaq-listed Leisure Acquisition.
In recent weeks, potential buyers in other sectors abandoned a number of takeovers announced prior to the pandemic. The list of spurned companies features businesses similar to casinos in that they require large numbers of people to be in small spaces, with failed bids for theatre chain Cineplex Inc.
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By Gateway Casinos T October 6th, Newsroom. Share This Story, Choose Your Platform! Facebook Twitter LinkedIn Email. They have Fallen VERY short to assure the health of any body visiting this Casino!!
The washrooms Men's hand blow dryers were out of order All THREE of them? I'm sure it must have been something to do with how safe they are at this time Hmmmm?
What really made me upset was that the paper towel's were empty. I went in an hour later still NO paper towels.
But they did put a role on the counter REALLY!!!! They are falling very short to keep the public as safe as they possibly can..
Date of experience: March Helpful Share. Valleyboy wrote a review Sep Trenton, Canada contributions 78 helpful votes. Just OK. They are preparing.
It is a question of when is the right time. In London, Gateway has operated a casino with slot machines and table games at Western Fair that is now closed due to COVID Construction work has stopped on that site, as the company is too focused on reopening what it has to think about what it is building, said Rob Mitchell, Gateway spokesperson, in an email.