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Gateway Casinos Buys Casino

4 April 2006

VANCOUVER, British Columbia – As reported by the Canadian Press: "Gateway Casinos Income Fund (TSX:GCI.UN) has signed a deal to buy a hotel and casino in suburban Vancouver for $106.3 million in cash and units.

"The Vancouver-based casino fund said Monday it will buy the Cascades Langley Casino and Hotel for $32.6 million in cash and 4.7 million units of the fund.

"Gateway also said it planned to increase its monthly distribution to unitholders by 0.45 cents per unit to 11.95 cents per unit per month after the deal closes.

"…The fund said the cash portion of the deal would be funded by a $35-million offering of 5.35 per cent extendible convertible debentures.

"…The casino, which opened in May 2005, includes 530 slot machines, 24 table games and an eight-table poker room as well as a 420-seat theatre. The hotel and convention centre has 77 rooms and a 25,000-square-foot convention centre…"

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