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Canadian Casino Rezoning Proposal Approved10 August 2004BURNABY, British Columbia – (PRESS RELEASE) -- Gateway Casinos Income Fund (the "Fund") (TSX:GCI.UN) is pleased to announce that the Gateway Casinos Limited Partnership (the "Partnership") has received approval from the Burnaby City Council for its rezoning application for the first phase of the Burnaby redevelopment, subject to meeting certain technical conditions. Once these requirements are met the rezoning application will receive final approval by the City Council, which clears the way for the expansion to begin. The first phase of the redevelopment of the Burnaby Casino is a 13,000 square foot temporary expansion of the existing facility, which will allow for the installation of up to an additional 400 slot machines and seven gaming tables in 11,000 square feet of new gaming floor. The expansion is expected to be completed by the end of November 2004. The Partnership also received first reading approval on its application to provide liquor within the Burnaby Casino, which allows the rezoning application to proceed to a public hearing on August 24, 2004. The Partnership has also submitted a rezoning application to the City of Burnaby for the second phase of the redevelopment. This phase will see the development of a new 100,000 square foot facility for the Burnaby Casino to be built on a portion of the site of the Villa Hotel in Burnaby, which was recently purchased by the Partnership. Once completed, the new facility will have up to 1,000 slot machines, 50 table games, a poker room, a high-limit gaming area and an entertainment lounge / bar. The second phase will also include a new hotel lobby, ballroom and meeting space, a full-service restaurant and other upgrades to the existing 200-room hotel tower. Rezoning approval for the second phase is expected in the third quarter of 2004, with opening expected in summer of 2006. Company Profile The Fund is an unincorporated open-ended limited purpose trust established under the laws of British Columbia, which operates the Burnaby Casino 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. |