Publishing & Broadcasting Ltd., which belongs to the richest man in Australia, James Packer, agreed to buy gambling venues in Canada for $1.2 billion, in a joint venture.
The 50-50 joint venture, New World Gaming, is comprised of Australia's Macquarie Bank and Publishing and Broadcasting Ltd. It decided to buy Gateway Casinos Income Fund, a Canadian casino operator. On Wednesday, Gateway's CEO, Dave Gadhia, advised the gambling operator's investors to accept the takeover bid.
This is Australia's biggest casino owner's first venture into North America.
Gateway shares rose about 25 percent Wednesday on the Toronto Stock Exchange. Gateway, based in Burnaby, British Columbia, has 3,000 emplyees at three casinos in the Vancouver area, four in the Okanagan region and two in Edmonton.
Publishing and Broadcasting Ltd. is one of Australia's largest media and entertainment groups. In addition to casinos in Melbourne and Perth in Australia, the company has stakes in casinos in Macau and Britain.
Email this page
Print this page
Bookmark with del.icio.us
