Gateway Casinos & Entertainment, Leisure To Merge In $1.1 Bln Deal

(RTTNews) - GTWY Holdings Limited, the holding company for Gateway Casinos & Entertainment Limited, and Leisure Acquisition Corp. (LACQ, LACQU, LACQW) said that Gateway and Leisure have entered into a definitive agreement for a business combination whereby Leisure will merge into a wholly-owned subsidiary of GTWY in a transaction with a pro forma enterprise valuation of about US$1.115 billion or C$1.463 billion.

Gateway also announced that Marc Falcone, currently a Director of Leisure, will become President and Chief Executive Officer of Gateway. Falcone's appointment becoming effective, Tony Santo, Gateway's current CEO, will retire from the company. Santo will continue as an advisor to the Board of Directors and Falcone for three months following his retirement in order to assist with an orderly transition.

GTWY will be the publicly traded company with its shares expected to be listed on the NYSE under the ticker "GTWY."