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Casino Rama Ownership Complexities Muddy Waters for Gateway
Gateway Casinos has certainly had a busy year this year, with the company overseeing many developments and renovating lots of venues across the country. To say it has been a successful year for the company would be underselling it considerably. With casino strikes behind them, and new venues set to open across Canada, it is a good time to be a Gateway rep.
Casino Rama is bound to be one of the venues that Gateway has, or at least, had, great ideas for. Whether it still intends to use this as a flagship venue remains to be seen. It still appears that it is a very important asset for Gateway, but they may need to look at possible restructuring moving forward.
If they feel like there are too many people getting in the way of things getting done at Rama, then we would expect there to be a shakeup pretty soon. Gateway has actually filed papers with the US Securities and Exchange Commission to try to get to the bottom of this and untangle the mess that has been made. In a statement, the company claimed, “Delays or impediments to effecting operational or development decisions with respect to the Casino Rama Resort property, or an inability to enforce our rights against one or more interested parties, would have an adverse effect on our business, financial condition and results of operations.” Casino Rama employs more than 1,400 people, and is Gateway’s largest. So the last thing they want is to be plagued by anymore strike action.