Gateway Casinos Income Fund

Gateway Casinos Income Fund

July 09, 2007 08:00 ET

Gateway Casinos and UFCW Reach Tentative Settlement at the Palace Casino

Union Recommending Settlement

BURNABY, BRITISH COLUMBIA--(Marketwire - July 9, 2007) - Gateway Casinos Income Fund (the "Fund" or "Gateway") (TSX:GCI.UN) today announced that it had reached a tentative settlement with the United Food and Commercial Workers Union ("UFCW") over the strike at the Palace Casino in Edmonton, Alberta. The settlement is subject to approval of the Board of Trustees of the Fund and ratification by UFCW. If ratified at a vote of UFCW members on Tuesday, July 8, 2007, the contract will be effective from November 1, 2005 for a four year term. The union executive and the bargaining committee are recommending that its members accept the agreement.

"We are pleased to have reached this important stage of our negotiations, and believe that this contract provides for a solid working relationship going forward," said Dave Gadhia, CEO of Gateway. "If ratified, we will begin to bring staff back to work beginning July 9, 2007, with operations returning to their full scale as expeditiously as possible."

About the Fund

The Fund is an unincorporated, open-ended limited purpose trust established under the laws of British Columbia, which operates the Burnaby Casino and Cascades Langley Casino and Hotel in Greater Vancouver, BC, the Palace Casino in Edmonton, Alberta and the Lake City Casinos in Kamloops, Kelowna, Penticton and Vernon, BC. Headquartered in Burnaby, BC, the Fund is one of the largest casino operators in Western Canada.

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 offer to acquire the outstanding units of the Fund; (ii) New World Gaming's intention to offer to acquire the Fund's outstanding convertible debentures; (iii) the intention of Gateway's Board of Trustees to recommend that security holders support the offers; (iv) the intentions of certain of the Fund's unitholders to tender to the bid; (v) the payment of cash distributions to unitholders until close of the transaction; (vi) the mailing of offering documents to unitholders; (vii) the expected closing date of the transaction; and (viii) the acquisition of the assets of Gateway Casinos Inc. and the shares of Star of Fortune Gaming Management (B.C.) Corp.

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 importance 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 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

Contact Information