UNITHOLDERS OF GATEWAY CASINOS INCOME FUND APPROVE $106 MILLION ACQUISITION OF CASCADES CASINO
May 18, 2006 – Clairvest today announced a majority of the non-interested unitholders of investee company Gateway Casinos Income Fund (the “Fund”) (TSX: GCI.UN) approved the acquisition of the Cascades Langley Casino and Hotel (“Cascades”) in the Vancouver suburb of Langley, B.C. from a subsidiary of Gateway Casinos Inc. (“GCI”), another Clairvest investee company.
The transaction is valued at approximately $106.3 million and is expected to close on May 19, 2006. Following the transaction, Clairvest’s interest in the Fund rises to approximately 9.1% from 5.7%. Clairvest will continue to hold 28.4% of GCI.