Gateway Casinos & Entertainment Limited is receiving a $200 million loan under the Large Employer Emergency Financing Facility (LEEFF). The loan is the first from the federal government which is intended to help some of the largest companies in the country during the pandemic. It provides large Canadian employers with access to credit in order to preserve jobs and continue operations during this challenging period.

Other applications for LEEFF financing are currently under consideration. To protect the financial interests of taxpayers, rigorous due diligence is required. The program, announced in May, is open to all large, for-profit Canadian employers.

“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,” said David Mansell, CEO, Canada Enterprise Emergency Funding Corp.

Gateway Casinos operates 26 properties in British Columbia, Ontario, and Alberta with 8,000 employees. Most have been inactive due to the pandemic and its effect on operations. The LEEFF loan will allow Gateway to start bringing employees back on board as properties reopen in accordance with local and provincial guidelines.

“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,” said Anthony Santo, CEO, Gateway Casinos & Entertainment Limited.