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Gateway Casino Expansion Opens

BURNABY, British Columbia – (PRESS RELEASE) -- Gateway Casinos Income Fund (the "Fund") (TSX:GCI.UN) is pleased to announce that the Burnaby Casino expansion is now complete and the expanded facility opened on December 16, 2004. The opening of the expanded facility brings an additional 400 slot machines to the Burnaby Casino, which now operates a total of 700 slot machines and 32 table games.

The new slot machines are a mix of interactive, video-based machines and traditional stepper-reel machines. All of the new machines operate using integrated voucher system ("IVS") technology, also known as ticket-in-ticket-out or TITO, allowing for cashless play.

"This is a big day for the Fund and for our unitholders." said Dave Gadhia, President of Gateway Casinos G.P. Ltd.

"The expansion was completed on time, came in below budget and had only a minimal impact on the day-to-day operations of the existing casino. This is a tribute to the hard work, skill and dedication of both our development team and the management and staff of the Burnaby Casino. The casino is now almost double its original size, which will help to mitigate some of the short term competitive pressures that we may experience while we build the new Burnaby Casino."

The opening of the expanded facility marks the completion of the first phase of the redevelopment of the Burnaby Casino. The second phase, which is subject to rezoning and receipt of regulatory approvals, will see construction of a new 100,000 square foot casino across the street from the existing casino. The second phase will also include upgrades to the existing 200-room hotel tower on the site, as well as development of a new conference centre, brand restaurant and sports pub. The casino, which when completed will replace the existing casino, will include 1,000 slot machines, 60 table games, a 24-table poker room, and food and beverage and other entertainment facilities.

Rezoning is anticipated to be received in the spring of 2005, with a targeted completion date of the end of 2006. Company Profile The Fund is an unincorporated open-ended limited purpose trust established under the laws of British Columbia, which indirectly 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. The units of the Fund will be included in the S&P/TSX Capped Income Trust Index effective the close of business on December 17, 2004.

To find out more about Gateway Casinos Income Fund (GCI.UN), visit our website at http://www.gatewaycasinosincomefund.com.

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