Gateway Casinos, the Canadian gaming and entertainment provider, has secured CA$200 m of liquidity to protect employment across its 26 gaming properties range.
This has been done by the first loan under the Large Employer Emergency Financing Facility by the Canada Enterprise Emergency Funding Corporation.
CEEFC is a Canada Development Investment Corporation affiliate, both of which have been mandated as part of the country’s COVID-19 economic response strategy to assist the Government of Canada.
The LEEFF is intended to provide bridge support to the largest employers in Canada whose needs are not covered by traditional support during the pandemic. In order to retain employment and maintain operations, it offers large companies access to credit.
David Mansell, CEO, Canada Enterprise Emergency Funding Corp stated: “LEEFF was created to provide bridge financing to Canada’s largest employers whose needs during the pandemic are not being met through conventional financing, and to help protect Canadian jobs during a period of unprecedented challenges and uncertainty.
“With this first loan, we are supporting thousands of Gateway employees and their families by providing the company with the liquidity it needs to begin to resume operations and return to profitability.”
Gateway Casinos runs 26 properties and has an 8,000 strong roster of workers in British Columbia, Ontario and Alberta. The loan would enable the business to start getting workers back on board as properties are reopened in compliance with local and provincial regulations.
Anthony Santo, CEO of Gateway Casinos and Entertainment Limited explained: “COVID-19 closed businesses across Canada, with the hospitality and entertainment sectors severely affected. It hit our employees and their families and communities hard.
“The LEEFF financing will support restarting our operations and returning people to work when it is safe and viable to do so. We are appreciative of the LEEFF program and, through a successful and sustainable restart of operations, we will bring jobs back and begin the work of repaying the LEEFF facility.”