GTWY Holdings Limited ("GTWY"), the holding company for Gateway Casinos & Entertainment Limited (together with affiliates, "Gateway" or the "Company"), one of the largest and most diversified gaming and entertainment companies in Canada, which is currently majority owned by The Catalyst Capital Group Inc. ("Catalyst"), and Leisure Acquisition Corp. (NASDAQ: LACQ, LACQU, LACQW) ("Leisure"), a special purpose acquisition company, jointly announced today that Gateway and Leisure will host an investor conference call on January 7, 2020 to discuss their previously announced business combination (the "Transaction") whereby Leisure will merge into a wholly-owned subsidiary of GTWY in a transaction with a pro forma enterprise valuation of approximately US$1.115 billion (C$1.463 billion). HG Vora Capital Management, LLC, ("HG Vora") on behalf of certain of its affiliates, is supporting the Transaction through a US$30 million equity commitment. HG Vora has committed more than $100 million in total, including previously invested capital.

Gateway Casinos & Entertainment Limited and Leisure Acquisition Corp. to Combine in Transaction Valued at US$1.1 Billion (C$1.5 Billion)

Leisure Acquisition Corp. (NASDAQ:LACQ) continues its loss-making streak, announcing negative earnings for its latest...

Leisure Acquisition Corp , a special purpose acquisition vehicle, will merge with Gateway and become a new subsidiary of Gateway's holding company GTWY Holdings Ltd, the companies said in a statement. The complex transaction will allow Gateway to go public while sidestepping the traditional initial public offering process. The casino operator had initially filed paperwork for a U.S. initial public offering in November 2018 but pulled its long-delayed IPO plans earlier Friday, according to a regulatory filing https://www.sec.gov/Archives/edgar/data/1755874/000119312519324846/d860371drw.htm.