Gateway Casinos Income Fund
TSX : GCI.UN

Gateway Casinos Income Fund

November 12, 2007 09:00 ET

Gateway Casinos Income Fund : New World Gaming Receives Certain Gaming Regulatory Approvals

BURNABY, BRITISH COLUMBIA and SYDNEY, AUSTRALIA--(Marketwire - Nov. 12, 2007) - Gateway Casinos Income Fund (the "Fund" or "Gateway") (TSX:GCI.UN) and New World Gaming Partners Ltd. ("New World Gaming") today announced that the necessary gaming approvals, consents and registrations required from the Alberta Gaming and Liquor Commission and the British Columbia Gaming Policy and Enforcement Branch have now been obtained in relation to New World Gaming's May 8, 2007 offer (the "Offer") for all of the outstanding units and convertible debentures of Gateway.

New World Gaming continues to pursue regulatory approval from the British Columbia Lottery Corporation (BCLC), the receipt of which is anticipated, but cannot be assured. Following receipt of approval from the BCLC, all gaming regulatory conditions to New World Gaming's Offer will be satisfied.

Subject to satisfaction or waiver of the remaining conditions to the Offer, including the requirement that 66 2/3% of the issued and outstanding Units are tendered to the Offer, the Offer is expected to be completed on November 14, 2007.

Forward-Looking Statements

This press release may contain forward-looking statements which reflect management's expectations regarding the future opportunities, growth, results of operations, performance and business prospects of the Fund and its subsidiaries. Forward-looking statements typically contain words such as "anticipates", "believes", "continue", "could", "expects", "indicates", "plans", "will", "intends", "may", "would" or similar expressions suggesting future outcomes or events, although not all forward-looking statements contain these identifying words. Examples of such statements include, but are not limited to, statements concerning: (i) New World Gaming's intention to acquire the outstanding units and convertible debentures of the Fund; (ii) the expected expiry date of the Offers; and (iii) the satisfaction of all conditions to the Offers in due course.

Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve significant risks and uncertainties, and the Fund cautions readers not to place undue reliance on these statements as a number of important factors could cause the Fund's actual results to differ materially from the beliefs, outlooks, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. The Fund undertakes no obligation to revise these forward-looking statements to reflect subsequent events or circumstances. Readers are directed to the Fund's most recent annual information form filed on SEDAR at www.sedar.com for a discussion of the risks and uncertainties facing the Fund.

To find out more about Gateway Casinos Income Fund (TSX:GCI.UN), visit our website at http://www.gatewaycasinosincomefund.com.

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