SECURITIES AND EXCHANGE COMMISSION

FORM 425 Filing under Securities Act Rule 425 of certain prospectuses and communications in connection with business combination transactions

Filing Date: 2020-01-08 SEC Accession No. 0001193125-20-003301

(HTML Version on secdatabase.com)

SUBJECT COMPANY Leisure Acquisition Corp. Mailing Address Business Address 250 WEST 57TH ST. 250 WEST 57TH ST. CIK:1716947| IRS No.: 822755287 | State of Incorp.:DE | Fiscal Year End: 1231 SUITE 2223 SUITE 2223 Type: 425 | Act: 34 | File No.: 001-38306 | Film No.: 20514438 NEW YORK NY 10107 NEW YORK NY 10107 SIC: 6770 Blank checks (646) 565-6940 FILED BY GTWY Holdings Ltd Mailing Address Business Address 4331 DOMINION STREET 4331 DOMINION STREET CIK:1797889| IRS No.: 000000000 | State of Incorp.:Z4 | Fiscal Year End: 1231 BURNABY A1 V5G 1C7 BURNABY A1 V5G 1C7 Type: 425 (604) 412-0166

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Filed by GTWY Holdings Limited pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934 Subject Company: Leisure Acquisition Corp. Commission File No.: 001-38306 Filed by GTWY Holdings Limited pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934 Subject Company: Leisure Acquisition Corp. Commission File No.: 001-38306

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0formainformationpersonspurchaseandregistrationproposed 221 are 46performance notwho 0oftransaction 86 necessarily statement,securitiesabout may 49 Disclaimer bethe of deemedwhen andproposedGatewaythe indicative proxyhas it 249becomesparticipants been ortransaction. statement/prospectus 209of any prepared 59 190 146other 196 in21 available. future205the 1entitysolely 0 proposed 21151 performance1contained for GENERAL InterestedY and ouinformational transaction mayall inother obtain investorsofthis 35 Gateway relevant34Presentation maypurposes.free This and becopies orpresentationdocuments obtainedsecurity such 34 areof The entities.these intended holdersby informationfiled does readingdocuments 92or ofonlynot that214 LACQ theconstitute to containedwill173 asproxyillustrate willdescribed0be ADDITIONAL filed statement/prospectusanbe in pastofable thiswithfer in performance tothepresentationor the obtain invitation preceding SEC INFORMA free by of regarding (theLACQforcopies paragraph. such the TION“Presentation”) entitiessaleandof the theAND theor INDUSTR proposedregistration purchase andCompany WHERE are has notYtransaction ofbeen ANDthroughstatement, TnecessarilysecuritiesO preparedFIND MARKET the when ITtheand websiteindicative toThis proxy ithas assist DAbecomes presentationbeen maintained Tstatement/prospectus Ainterested of 196prepared 59 146 0196 Thisavailable. relatesbyparties futuresolely thePresentation SECto in performancefor Ya making andouproposed atinformational may wwwall has othertheir obtain .sec.govbeen transactionof ownrelevantGateway preparedfreepurposes. .evaluation 0 copies In documentsbetween oraddition, by such34 of Gateway with Thethese entities.Gateway copies filedinformationrespect documents and or 92of and thatincludesto 214the theLACQ. willcontaineddocuments 173as proposed described bemarket 0 ThisADDITIONALfiled in filed transactionpresentationdata withthis in the with andpresentationthe preceding otherSEC the INFORMA(the does SEC bystatistical “T LACQnot(the paragraph.ransaction”)by constitute LACQ“Presentation”)TION andinformation theANDand/orINDUSTR betweenan Company ofWHERE the ferfrom has CompanyLeisureYto been third-partyANDthroughsell TO orprepared AcquisitionFINDMARKET ,exchange, when the sources, ITwebsite available,to This assist DA orCorp. includingpresentationthemaintainedTA interested solicitation(“LACQ”)can196 be0 provincialThis obtained by relatesparties theandPresentationof an SECGTWY toinfreegaming of amakingfer at proposedof wwwto charHoldings hasauthorities. buy their ge.sec.govbeen or transactionon ownexchange, LimitedpreparedLACQ’ . Although evaluation0 In sbetween(togetheraddition, websitebyany GatewayLACQ securities, with Gateway atcopieswith respectwwwand and Gateway northeof.leisureacq.com includesand tothe Companyshall the LACQ.documents Casinos proposedthere market believes Thisbe &or 125filed data transactionEntertainment presentationby 245 thesedirectingandwith any other the214 (thesale SECdoes a40statistical Limited,written “Tof third-party by notransaction”)securities LACQ constituterequest “Gateway”information sourcesand/orin to betweenany an Leisure oforthejurisdiction fromarefer the Company reliableLeisure to 126third-partyCompany sell th orin asAcquisitionAcquisition, whenwhich exchange,of ), sources,their and available, such forrespective Corp.,Corp.or includingnoof thefer other can (“LACQ”),250solicitation sale dates, bepurpose. Wprovincial or obtainedest exchangenone 57 and of ThisStreet, of an GTWYgamingfree LACQ, of Presentationwould fer ofSuite chartoHoldingsauthorities. the be buy2223,ge unlawfulCompany onor is New exchange,LACQ’Limitedsubject Although priorY, ork,or sto (together websiteany to anyupdating,New LACQregistration of securities, Ytheir at orkwith andwww completion, respective10107 Gateway theor .leisureacq.comnor qualificationCompany or shall by af Casinosrevision, filiatesemailingthere believes beunder &orhas verification 125 GeorEntertainmentby independently thesethe [email protected]; securities any 214 and salea40 writtenfurtherLimited, third-partyverifiedlawsof securities ofamendment.request “Gateway” anythe sources accuracysuch into anyLeisureand/or jurisdiction. Noneorare jurisdiction orthe reliableon completeness126of Company the LACQ, th Company’Gateway as Acquisitionin of which Gateway ),their andof intends s thissuch respectivewebsitefor Corp.,, information.or noof to theirferother file250at, dates,salewww respectivea purpose.W registration orest .gatewaycasinos.comSomenone exchange 57 Street, This ofafdatafiliates LACQ, 174 Presentation arewould Suite 196 alsohas the 2223,bestatement authorizedbased Company unlawfulor is Newby 0subject directing86 on Y ,anyoneonprior ork,orForm totheany Newupdating,to aCompany’F-4 toofwri

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0provewhichtonon-IFRSincludingprojectwillcontainedfinancialthe 221 certain performance prove 46toare , shouldbe 1460 financialthe ininherentlymeasures to 86correct this beinformationintegrity 49 , correct. ofPresentationcouldDisclaimer andwhat including subject of ,othersuch 59would are thereported 196 expectedtoforward-looking(cont’d)underlyingmeasures representsrelevant risks, ,92 believe under214 variability 249to definitionscommonlyAdditionally information, beour IFRS.predict209 comparable expectations statements 190 146and , andusedforecast21 ,W contingencies, andany1 e reconciliations, 0 byissuers.use included21 theestimatesas financial,1 non-IFRS pursueof abilityFOR the These Win date andmany ,toARD-LOOKING analysts thispotential isolateseemeasuresissuers projectionsof Presentationof thethis whichin specific “FinancialareandPresentation evaluating including in capable arecontained the shouldvariables INFORMAbeyond same Overview” theAdjustedand or not hereinindustry financialthe Gateway’ similarwhich be TIONdate undulyEBITDAhavesection , may expressionsindicated, provide performance35s beencontrol. Thisimpactrelied of , thisprepared“Adjustedsimilar Presentation regardless upon. These onearePresentation. of intended servicesissuercompanies Statements byassumptions Corporate theof containsand the managementandto 196 not timeidentifyand containingoperate EBITDA”, 0another andforward-looking byAsof judgmentsthedelivery offorward in of. September Company’ There similar forward-lookingthe Adjusted ofCompanylooking are may the0 information 0riskss30, Presentation regulatoryEBITDAmanagementor statements. 2019,may andassociated information notinvolve Starlight withinMar environments prove and inForward-lookinggin with significantevaluating isthe , Casinoto aresubjectAdjusted making meaningbe not correct and Edmontonhistorical toitselements investment Property changeeach of153 andstatements applicable shouldoperations, therefacts andofafter EBITDA subjective233 Grandcan but besuchinvolve securities1 consideredbe17instead including date. V,nodecisions Adjustedilla judgmentknown assurance HoweverrepresentCasinolaws ancompanies and based inPropertyappropriate and EdmontonCanada that ,unknownmanagement's we analysis,on any disclaim incomparablesEBITDA and theprojected basis arerisks, thegamingwhich consideredany forUnited expectations,Maruncertainties resultsintention comparisonmayincluding ginindustry States. or, EBITDAdiscontinuedare may or that attainablewhetherestimates and Forward-looking obligation tonot aretheother ,be Free notCompany data correct. operations andorfactors presentedCashor willpresented projectionsundertaking This be.Flow that statementsThe realized.in inPresentationmay Gateway’information,provides accordanceFree regarding causeto mayLACQ,146update saactual Cashconsolidatedrelate completeincludes regardingwithfuture orGateway Flowresults205 tointernational eventsGateway’ certaincomparisonrevise Conversionthe ,or financialany comparableseventsor any estimates, third-partycircumstances.s, financial forward-lookingLACQ’ betweentostatements. , anddif tar fer s,wasPro sourcereporting getsor issuers.materially Forma obtainedtheForward-looking These and 125 combined information Interestedstandards projections Adjusted 245properties from providing 34thosepublic (“IFRS”). EBITDA“parties whether company‘s thatinformationare anticipated sources, informationreferredreflect are as These andcautioned a ourGateway resulthascontainedto thesein futureinmeasures notandsuch this of measuresthatbeen eachmanagement’ new financial121214 in past are verifiedthis ofinformation,040 forward-looking their notperformance shouldpresentationPresentation outlook recognized byrespectives assumptions notLACQ, futureand be isasand anticipatedconsidered measures notrepresentatives thestatements.“Non-Coreevents other indicative Companyconcerning orforward-looking under aseventsotherwise, InProperties.” an ,of addition,or disclaimsIFRSalternativeanticipated future orany results exceptandof performance this theirWhereinformation anydo toandfuture Presentationasnot netrespectiveand requiredmayindicated haveincome allperformance include andliabilityare a 192 byaf thebased (loss),mayinfiliates law thisinformationstandardized0 for contain47 .0of earnings151 presentation,any 1 performanceandGateway13 Allloss onifforward-looking suchof regardingour per meaningor theas damage opinions,share information financial providedofforward-looking the prescribedorour (whether Companyany estimatesfinancial informationstatementsto contains otherLACQ byforeseeable mayperformance information position, andIFRS on attributeda of bemisrepresentation,assumptionsDecember Gateway andmaterially business or are contained tomeasuresnot) therefore third19,excludes sufin difstrategy 2019. lightpartyf

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0 221 46 0 86 49 249 209 190 211 0 211 35 34 34 121 0 153 59 0 113 59 196 92 214 173 0 125 245 174 196 Gateway Casinos & Entertainment 211 0 205 A Leading Operator of Integrated Gaming and 151 0 Entertainment Destinations Across Canada 126 153 192 146 146 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 0 47 76 138 CONFIDENTIAL 0 221 46 0 86 49 249 209 190 211 0 211 35 34 34 121 0 153 59 0 113 59 196 92 214 173 0 125 245 174 196 Gateway Casinos & Entertainment 211 0 205 A Leading Operator of Integrated Gaming and 151 0 Entertainment Destinations Across Canada 126 153 192 146 146 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 0 47 76 138 CONFIDENTIAL

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0overseeingChartered209navigateLondon 221 190 46 School 212050 Professional 186Director 0◆ 4921 ofSince 1Presenters 14635 with 34acquiring (concentrationsfrom 34ability 249121the toLondon209Gateway0 153navigate 190 in59 School21Finance in0 1205Gabriel will 0 21 ◆of serve 1and 146 Since 35de America 34asAlba(concentrations acquiringan34 Lorneadvisor121 International 0 W153Gateway toeil VPin59 Daniel Finance ,0 Finance GabrielProductsin willSilvers and fromserve de and America TAlbaony Jul.asServices anSanto Lorneof advisor Internationalsuccessful MarcforWeil Accountant to DanielFalcone VP growth ,Products Finance Silvers Queenie of(CP Scientific andA-CA);from Tony WServices Jul.ong Santo Economics complex of113 successfulforMarc Executive Accountant and Falcone and uncertain growth MBA Chairman Queenie (CP from of ◆A-CA); Scientific Currentlyof ◆W Executive ongPreviously Economics 1 complex13 serves Executive Chairman served asand and President MBA uncertainasChairman of CFO Leisure from 151of ◆ Accounting)of◆ 2010, CEOCurrently ExecutivePreviously Catalystof Leisure serves fromChairman served Capital Current Theas asPresident Wharton of andCFO LeisurePresident Mr of .151 MerchanttheAccounting) CEO 2010,BoardTo Becomeof CatalystBankingofLeisure Directorsfrom President Current CapitalTheGroup andWharton and and,and President2016 CEO MrHarrah’ Merchantto. the Feb.Chief T oBoards BecomeEntertainment2018 Accounting Banking ofand Directors President Games Group Of andficer andand and and,Bachelor Inspired592016 CEO Harrah’ 196 to Chief ofGateway Feb.environments sCommerce Entertainment Accounting 2018 Casinos and Columbia andGames OfIncomingand CFOficer Bachelor and Business of59 Inspired SightlineV196ice of Gateway ChairmanSchool Commerce environments de Alba Fertitta Casinos Incoming haveColumbia Entertainment and Incomingbeen V CFOice 0Business Mr Chairman of V. iceFalconeSightline (Oct. ChairmanSchool Schooland for de FertittaCEO 3 Alba Incomingmonthsat theCurrent have Entertainment University as been V DirectorDirectorice 0Chairman Mr of, (Oct..ofFinanceprior Falcone Leisure Schooltoand that,Entertainment forCEO 92 at3worked 214 monthstheCurrent ◆ University inManaging as PaymentsDirectorBankers Director of DirectorSeniorofprior LLC, FinanceLeisure to since VP that,and 92Entertainmentof Feb. Partner worked W214estern instrumental ◆ ◆ inManaging and RenownedBankers Payments from in DirectorUnivSeniorthe leader LLCCompany’. of VP Britishandsincein ofgaming Partner W sFeb. ◆whereestern Executive instrumental◆ ◆ andheLong-time Renowned was from leadera member Univin gaming leaderthe and/or. ofCompany’ ofBritish insector thereafterthe gaming 2010 where◆s ◆ President ◆– to ExecutiveMay he Long-timeensure was 2016) and aa memberleaderfrom CEO Pennsylvania,gaming Aug. and/orof of ◆sector 201the T thereaftero 20101 becomeMBA ◆to Jul.President – fromMay 2019 toPresident ensure 2016)The andand T asa rust’CEOPennsylvania,and from a member sCEO ofMerchant Aug. ◆ ◆ T 201of oAppointed MBA becomegrowth 1Banking to Jul.from strategies,President Chief 2019Mid-South The and 173Trust’ and acquisitions, as0 RegionsatsaCEO Merchant memberCatalyst ◆ for Appointed ◆ of Capital, BankingColumbia Ledgrowth prior the Chief Mid-Southstrategies, 196 SPmajorityACs 1730 Board through0 acquisitions, Regionssectorat Catalystof Overseers operatordirector for Capital, Columbia◆ ofandLed for multiple investor10theprior 196 Whartonmajority SP SP0 ACsGatewayBoardAC Schoolsector through126 of smoothCasinosOverseers operator at directorthe transition ◆since and forPrior of shortly investor10multiple experience Wharton2016 following Gateway LACQ’SP ACSchool also 126s completion BoardCasinosincludes atsmooth the of ◆since GroupDirectors transition Priorof Accountingshortly Caesarsexperience renovations 2016 following 214 LACQ’Of also 40ficer and yearscompletion includess in Board rebranding owner University ofGroup of ofDirectors Gateway Accountingsuccessful Caesarsof Pennsylvania renovations Casinos 214 acquisitions Of 40ficer Oct.years and andin 2013 owner Goldman Universityandrebranding thesuccessor of transactionGateway Sachs ofsuccessful Pennsylvania entities & CasinosCo., Jan. 153 acquisitions◆ 2020; HoldsOct.◆ and PresidentServed 2013Goldman a doubleand the as successorand 125transaction SachsB.S. CEO 245 in & ◆Financeentitiesof Co., Jan.sinceConsiderable ◆ 2020;153 0Dec. Holds ◆ ◆ BachelorServed1, President a 2017transactional double as ◆ of 125 PreviouslyB.S. andScience 245 CEO inand Finance◆ 86◆ of Considerablea has InvestmentsinceSenior 0completed ◆Dec. initiatives Bachelor 1, bankingtransactional 2017 a director integrationof ◆ andScience Previously ’direct sand Magnetar 86192◆ ◆ hasInvestment a◆Currently Senior completed Capital,Led prior initia

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0 221 46 0 86 49 Section 1 249 209 190 211 0 211 35 34 34 121 0 153 59 Transaction 0 113 Overview 59 196 92 214 173 0 125 245 174 196 211 0 205 151 0 126 153 192 146 146 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 0 47 76 138 0 221 46 0 86 49 Section 1 249 209 190 211 0 211 35 34 34 121 0 153 59 Transaction 0 113 Overview 59 196 92 214 173 0 125 245 174 196 211 0 205 151 0 126 153 192 146 146 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 0 47 76 138

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0warrantspresentationNYSEGateway’ 221113 (2)46 146 held0s• shareholders7.5x86146 exclude by49 •2020 LACQMarc(1) T theProjectedransaction Falcone 3.insidersNon-Core Includes expectedAdjusted andSummary Propertiesexisting HG toEBITDAVora 249become investment unless(and 209 59 HGPresident190 otherwise 196 in0 21 V GTWY•1ora US$30MM 0 and 21privatenoted1 CEO Holdings• Leisure 0 warrants0 ofequity Notes: Gateway loanAcquisition commitment from1. 0 Figures47 shortly equity 4. US$1Corp. converted followingfromcommitment)1.2MM (“LACQ”) HG fromVcompletion redeemedora to USDCapital bemer amended togeon of CADManagement with1the1/26/2019; transaction atato wholly-owned an be exchange equal LACQLLC • tranchesLorne (“HG trustratio subsidiary WV account ofora”);struckeil, 1.3122 Daniel includingofat includes US$1 GTWYas Silvers, of 1.50,12/26/19 existingUS$10MM Holdings Marc US$12.50 2.investedFalcone, BasedLimited of andproceeds capital,onL Considerationyle(“GTWY”), 2020P Hall, from HG (pre-IFRS Olga 92HG the214 US$15.00VIlich ora35 (3) 16) parentand76 V ora’Adjusted138 Dr 126 holdings. 3 Michaeltotal •CONFIDENTIAL 1.281 Corporatecapital company Percymillion commitment areEBITDA andoptions expected sole issuedof shareholderto C$195MMtothe join toCompany certain Gateway’ of as Gateway membersprovidedis ins Board excess Casinos, ofby Management managementofGateway US$100MM with LACQmanagement, and in the173 andshareholders same 0 Gabriel (4) excluding proportionFunding de / warrantAlba theSources and willimpact holders equivalent continue • Up of totheto receive US$189MM totermNon-Core serve and 34 as conditionsGTWY Gateway’Properties. LACQ common Tsas rust ExecutiveThe 153 rollover 7.5x sharesthe earn-outtransaction Chairman /proceeds warrants payment Independent multiple 125upon 245 and the is• themer Gatewayshown Board warrantsger Tbefore 196 ransactionshareholders being0 any• Two issuedLACQ Structure additional rollover to and/or existing 34 174 independent •shared GTWY 196 shareholders 21fees common1 0directorsand • Existing expenses.of shares Gateway will Gateway expectedbe To appointed192 the shareholders•233 LACQto be1 at17 listed or andextent following eligibleGTWYon Gateway’ the NYSE toshareholderthe receive completions shareholdersupon an consummation approval, earn-out of the pay transactionofgaming LACQ’ 1.898 of the regulatory smillion fees transaction,such and thatand expenses,approvals Gateway’2.846 with million GTWY sharesands 214 contractual shares issuedqualifying40 Board that to approvalsthe vestwill as existing a beupon foreign comprised from GTWY Gateway private Crown stockof shareholdersissuerup agencies tradingto 9121 members Required0at • shallgreater US$1.1Bn 0 increase 86 Approvals than • The (C$1.5Bn) $12.50 on two a 146 pro Edmontonand • ratapro Registration$15.00 formabasis properties per by enterprise sharethe statement amount (Starlightover valuation aand of 2 andLACQ’ approvalCasino 1533 year s 59 Edmontonfees for period,Valuation listingpaid respectivelyby and on 0Gateway’ 1NYSEGrand13 (2) V146205•s illa7.5xshareholders 146• Casino 18.975 2020 • Marc ProjectedEdmonton) million 3.Falcone Includes newly-issued Adjusted expectedare existing considered EBITDA to warrantsinvestment become discontinued 59 (equalPresident196 in •GTWY US$30MMtranches 255 and 255Holdings CEO struck operations equity of atGatewayloan US$1commitment 0and 471.50, shortlyare4. US$1 US$12.50contemplated from following1.2MM HG and V redeemedora completionas US$15.00 beingCapital carved-outon Managementper of11/26/2019; the share) transaction from issued LLCLACQ the to transaction•(“HG Lorne151 trust ContingentV accountora”);W eil,(the includingDaniel “Non-Coreincludes existing Silvers, existingUS$10MM Gateway Properties”) Marc invested Falcone,shareholders, of proceedsOther capital, L yle199 fromtoHGHall, 76 align •92 HG AllOlga 214 incentives. Vnumbers ora Ilich(3) 76 V andora’ 138 presented Existing Drs 3total. CONFIDENTIALMichael capital privatein this Percy commitment presentationwarrants are 0expected 221held to exclude46 bythe 0 toLACQ 86Company join the49 Gateway’ (1)Non-Coreinsiders Tisransaction in andexcesss BoardProperties HG Summaryof VManagement US$100MMora unless (and 249 HG otherwise 209and 0173 V 190andora 0 (4) noted private21Gabriel 1Funding 0 021 warrants0 de1 Notes: • Alba SourcesLeisure 1.fromwill Figures •Acquisition continue Upequity to convertedUS$189MM commitment) to Corp. serve from (“LACQ”)as LACQGateway’ toUSD be Tamendedto torust sCAD merExecutive rolloverge at to withan be exchange proceeds Chairman equala wholly-owned tranches 125ratio Independent 245 of struck 1.3122•subsidiary Gateway at Board US$1as of ofshareholders 12/26/191.50,196 GTWY 0 US$12.50 • T woHoldings2. rolloverBased additional and onLimited 174Consideration 2020P ind

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0ManagementCore30.2%shares 221 Properties Note:pro146 rata Implied Flag and from 0 forBoard47 EBITDA membersDan10. (9)Leverage S 46$195 Projections of0 whetherLACQ $149 stats 7.5xinclude Management 146we FY2020Pbreak Other C$82MM out Current 9. EBITDA86 Adjusted 49letters Gateway Transaction HG of Corporate credit; V S/Hora Summary 6.463 --based 4.772EBITDA -- on 6.4634.772 (cont’d)2020P projections 14.7%10.9% and “other 2021P (9)Multiple as 196current provided Adjusted 0 146$215 gway LACQ by$164 Corporate 249Gateway 6.8x Public209 FY2021PSH” EBITDAmanagement Shareholders 190 21 EBITDAof1 C$195MM0 (pre-IFRS 2117.8761 35Total 34-- and 16)Ownership17.876(1) C$215MM,excluding(2) (1)40.7% (2)Shares Adjusted(3)C$ respectively Sources US$26.876 (8)Property 17.055and2.538 76 Uses 138 (1.000)EBITDA 43.931 4Pro CONFIDENTIAL Forma 1.538100.0% from 3.5%Capitalization the 214 Non-Core LACQ 40 0(10) 221 Management 5.2x 34 PropertiesNote: ($MM) Total Flag Debt($MM,0 andfor 47 Dan/10.Board 2020P except LeverageS 46(9) EBITDA 0 share$195 whether stats price)$149 0 include 86we 7.5xC$ (10) break US$ FY2020PC$82MM Total out 121 Debt86 0 49EBITDASourcesletters / T2021Pransaction of of HG credit;EBITDA Funds V Summaryora based C$ 6.463 4.8x US$ on Notes: -- (cont’d) 2020P153 6.463 (3) 1. and 14.7% “other59Assumes 2021P248 (9)current 189 noAdjusted196 Sellers' SP gway0AC $215 CorporateredemptionsRollover 249 $164 209 6.8x EquitySH” EBITDA beyondFY2021P 190 237 21 of US$11811 C$195MM0EBITDA 21SP1.2MM1AC 35 T 34Trust otalandredeemed (1) Proceeds OwnershipC$215MM,(2) (1) on (2) 01 1/26/2019;1 (3)Shares 13respectively SourcesHG 26.876Vora excludes and Equity76 17.055 Uses 138 sharedCommitment 4Pro 43.931 CONFIDENTIAL Forma expenses 100.0% Capitalization 39 255 30 214 (÷)255 40 Issue 2.(10) 34 Figures Price($MM)5.2x Tofconvertedotal ($MM,LACQ Debt Shares exceptfrom/ 2020P USD $13.12share EBITDA to price) CAD$10.00 0 C$ exchange86 59 US$ (10) 196 121T Totalratiootal 0 DebtSources ofSources 1.3122 / 2021P of 287 asFunds EBITDA219of 12/26/19 C$Estimated US$ 4.8x 3.153 Notes:AssumesSellers (3) 59 1.Rollover 248Assumesfull 189roll Shares Sellers'of no HG SP (MM)VAC Rolloverora redemptions US$10MM 18.055 Equity 18.055 beyondPublic237 92181 Float214 US$1 SP (+)AC 1991.2MM LACQT rust76 4. Proceedsredeemed PublicRepresents Shareholders 0 on 1 13gross 11/26/2019; HG cash V ora17.876 proceeds Equity excludes 17.876 Commitment to sharedexisting 173 0 expensesUses Gateway 39 of 30 Funds 255(÷) shareholders Issue255 C$ 2. US$Price Figures (+) priorof LACQLACQ converted to the ManagementShares payment from $13.12 USDof anyand $10.00to transaction BoardCAD 59 exchangeShares 196 fees T otal1.538 orratio Sourcesmanagement 1.538 of 1.3122 287(4) 56 219 asincentive 42 of Estimated Gross 12/26/19 payments; Cash Sellers 3. to Assumes Gateway to Rollover the extentfull Shareholders Sharesroll Gateway’ of HG(MM) V125sora 18.055shareholders 245 US$10MM (+) 18.055 HG pay V Public92ora LACQ’214 6.463 Float (+)s 6.463 LACQfees, 199 76shares174 Public 4. 196 Represents issued ShareholdersOpCo to Debt Gateway gross Paydown 17.876cash shareholders proceeds 17.876 14 11 21173to will 1existing 00 (5)Usesbe 0201 0Gatewayof increased 154 Funds Cash shareholdersC$ on to US$ aPaydown pro (+) rata LACQprior HoldCobasis to Management bythe Tthe paymenterm amount Loan andof Fullyof any Board LACQ’ transactionDiluted Sharess fees Shares 1.538paidfees Outstandingorby 1.538 managementGateway’ (4) 56 (MM)s 42shareholders incentive Gross 43.931 Cash payments; 43.931 5. to Balance Gateway (6) to 16 asthe 12 Shareholdersof extent Illustrative12/31/2019 Gateway’ 125T asransaction projected245s shareholders (+) HGFees by VGateway (x)ora pay Issue6.463 LACQ’ Management Price 6.463s fees,of 174 LACQ shares 196 6. TOpCoShares ransactionissued Debt $13.12 to Gateway feesPaydown $10.00 shown shareholders 14205 net 1 1T of otal21 illustrative1 Uses0 will(5) 201287be 0accrued 154219 0 increased Cash151 interest Implied to Paydownon availablea Tprootal rata HoldCoEquity in basis LACQ V T byalueerm theT $576rustLoan amount 7. $439Fully Pro of Forma0 Diluted LACQ’(+) Rollover Ownership Sharess fees Debtpaid Outstanding represents by939 Gateway’ 716 (MM)(7)ownership 126s shareholders 43.931 Pro at Forma close43.931 5. Ownershipbefore Balance(6) 16 the 12 asexercise (-)Illustrative of Cash 12/31/2019 of (53) warrants T (40)ransaction as 153 projected and (MM) vestingFees byImplied(x) ofGateway Issue earn-outs Enterprise Price Management ofand LACQ Voptionsalue Shares$1,4636. 233 Transaction 1 $13.1217$1,1 8.15 Catalyst $10.00 192fees Commonshown and205 other Tnetotal Equity of currentUses illustrative 12/31/2019 287 Gateway 219 accrued 151 Adj.shareholders Implied interestPF % TCatalyst otalavailable to Equitybe allocatedShares in V L

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0to 221 change 46 0 0 86 47 49 76 Anticipated 138 5 CONFIDENTIAL Transaction Timeline 249 209 190 211 0 211 35 34 34 December 2019 • Transaction Agreement Executed and Announced 121 0 153 59 0 113 59 196 92 214 173 0 • Preliminary Proxy Materials Filed with the SEC 125 245 174 196 211 0 First Quarter 2020 • Set Record Date for Shareholder Vote 205 151 0 • Expected Mailing of Final Proxy Materials to Shareholders 126 153 192 146 146 146 • Expected Receipt of Regulatory Approval and Contractual Approval from Crown Agencies 196 0 Second Quarter 214 40 2020 0 86 • Hold Shareholder Vote and Anticipated Close of Transaction 255 255 199 76 0 0 233 117 Note: Estimated timeline based on current information and is subject to change 0 47 76 138 5 CONFIDENTIAL 0 221 46 0 86 49 Anticipated Transaction Timeline 249 209 190 211 0 211 35 34 34 December 2019 • Transaction Agreement Executed and Announced 121 0 153 59 0 113 59 196 92 214 173 0 • Preliminary Proxy Materials Filed with the SEC 125 245 174 196 211 0 First Quarter 2020 • Set Record Date for Shareholder Vote 205 151 0 • Expected Mailing of Final Proxy Materials to Shareholders 126 153 192 146 146 146 • Expected Receipt of Regulatory Approval and Contractual Approval from Crown Agencies 196 0 Second Quarter 214 40 2020 0 86 • Hold Shareholder Vote and Anticipated Close of Transaction 255 255 199 76 0 0 233 117 Note: Estimated timeline based on current information and is subject

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0Enterprise 221 46 0 V86alue 49 (EV)Illustrative / EBITDA Trading Multiples Comparables 121 0 14.1x 249 209 153 190 59 021 1113 0 12.3x211 35 12.1x Gateway 59 196 Of fers92 214 a Compelling 173 0 Average: Value 10.2x Proposition 125 245 when 9.3x Compared174 196 8.7x with 8.7x Gaming 8.4x 8.3xPeers 21 341 034 7.5x 2020P 205 Enterprise 151 0 126 V153alue 192 (EV) 146 / EBITDA146 146 (4) Multiples (5) (1) (2)121 (3) 0 14.1x196 0 153214 5940 00 18613 2021P12.3x 12.1xEV / 255 59 196255 926.8x 214 8.6x 173 12.4x 0 Average: 10.2x 110.2x1.0x 8.5x125 2457.7x 9.3x 8.5x 174 7.9x 196 EBITDA 8.7x 8.7x 199 8.4x 76 Multiples: 8.3x 211 0 Source: 7.5x 205 Capital 151 0 IQ126 and 153 W 192all Street 146 146 research 146 (4) as (5)of 12/26/2019(1) (2) (3) 196 0 0 0Notes: 214 40 1. 0 Gateway 86 2021P EV EV / EBITDA/ 255 255 multiple 6.8x 8.6x based 12.4x on 10.2x enterprise 11.0x value8.5x 7.7ximplied 8.5x by 7.9x US$10.00 EBITDA per 199 share 76 Multiples:cost basis; Source:2020 (pre-IFRS Capital IQ16) and Adjusted Wall Street Corporate research EBITDA as of 12/26/2019 of C$195MM 0 0 basedNotes: on 1. Gateway Gateway management EV / EBITDA projections multiple basedexcluding on enterprise Non-Core value Properties implied 2. byPro US$10.00 Forma for per Great share Canadian’ cost basis;s acquisition 2020 (pre-IFRS of Clairvest’ 16) Adjusteds interest Corporate in the W EBITDAest GTA andof C$195MM GTA Bundles. based Includes on Gateway an estimated management C$510MM projections and C$706MM excluding adjustmentNon-Core Properties for future 2.estimated Pro Forma attributable for Great capex Canadian’ spends atacquisition the West GTof Clairvest’A and GTsA interest Bundles in inthe 2020 West and GT 2021,A and respectively GTA Bundles. 233 Includes 117 3. Pro an estimatedforma for C$510MMthe expiration and of C$706MM the Native adjustmentAmerican Management for future estimated Fee 4. Includesattributable $250MM capex spendof syner at giesthe W0 47est 5.GT IncludesA and GT $500MMA Bundles of synerin 2020gies and 76 2021,138 6 respectivelyCONFIDENTIAL 233 117 3. Pro forma for the expiration of the Native American Management Fee 4. Includes $250MM of synergies 0 47 5. Includes $500MM of synergies 76 138 6 CONFIDENTIAL 0 221 46 0 86 49 Illustrative Trading Comparables 249 209 190 211 0 211 35 Gateway Offers a Compelling Value Proposition when Compared with Gaming Peers 34 34 2020P

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0Loancredittransaction, 221 and46markets 0property 86 HG 49and V Backedora merchantoperating will by own Marqueeandteams, ~15% investment diversified ofand the Proven Company banking growth Gaming in Chairman initiatives, both 249 the 209 U.S.and and Investors Director and industry-leading Canada 190 of Gateway 21• Deep1 0 operating21 expertise 1261 35 153 34 205 HG192in consumermodel V Selectora Catalyst which, Investments and overrealCapital estatethe Select 34last sectors Highlights sixInvestments years, including Highlightsled 146to gaming, doubling 146 • 146Founded lodging, of196 locations 0 in 214leisure, 2002, 40 and 0 The59 86adjusted 196 255Catalyst retail, 255 EBITDA, 199Capital travel 76 and0•Group As0 233specialty part is1 17ofa T theNote:oronto finance SP 0AC based47 Partnership transaction, 1. Assumesprivate withequity certain no GatewaySP •AC US$5Bn+affiliated redemptions 92 214 funds event • Catalyst of beyonddriven HG V currentlyandtheora US$1valueto provide beneficially 1.2MMoriented US$30MM redeemed investment owns increasing oron managesfirm 11/26/2019 founded slot ~74% machines and in of 2009full the roll by121outstanding 3x,of 0 HG investmentincreasing Vora common US$10MM tablemanagement shares games Public 173 by firm 02x Float Partnership withand 76 addingC$6Bn 138 with 756 in CONFIDENTIAL newassets Leisure F&B under / Gateway151 management equity of commitment the Company153 59 • outletsThe • Since Catalyst across acquiring teamBritish collectivelyGateway’ Columbias equity possessesand Ontario in 2010, more 0 •Catalyst thanGabriel 110 hasde years Alba,been of committed Managingrelevant experience Directorto long-term and in • Partner• Invests Post-transaction,, opportunisticallycurrently serves HG V oraas across the will Executive thehave capital invested (1) structure • Proin excess forma 0 113 of for restructuring,US$100MM the transaction, incredit Gateway HG markets Vora, 125 will and 245 own merchant sustainable ~15% andof the growthinvestment Company and hasbanking Chairman been ininstrumental bothand Directorthe U.S. in theofand Gateway Company’ Canada 126• sDeep acquisition, 153 expertise 192 Select renovation in consumerInvestments including and Select real existing estateInvestments sectorsinvested 146including capital 146 146 174 gaming, 196 196 0 and 214lodging, rebranding 40 0 leisure,86 255 initiatives 59255 196 199 retail, 21761 0 0 0travel • 233In October 1and17 specialtyNote: 2019, 0 47 HGfinance 1. VAssumesora Partnership invested no SP in ACwith the redemptions CompanyGateway 92through beyond 214 • aCatalyst theUS$150MM US$1 currently1.2MM HoldCo beneficiallyredeemed Term on• Asowns 11/26/2019 majority or manages owner and full ~74%, Catalyst roll of of the HGhas outstanding Vsupportedora US$10MM implementationcommon Public shares Float of173 Gateway’76 0 138Partnership 7 sCONFIDENTIAL strong with corporate Leisure Loan 0/ Gateway221 and 46 property0 of86 the 49 CompanyBacked operating by • teams, MarqueeSince acquiringdiversified and Proven Gateway’ growth Gaming initiatives,s equity 249 209in and 2010, Investors industry-leading Catalyst 190 has211 been 0 operating 21 1committed 35 34 205 HG model to V oralong-term Catalystwhich, •over Post-transaction,Capital the last34 Highlightssix years, HG Vled Highlightsora to will doubling have • Founded invested of locations in in 2002, excess and The adjusted of CatalystUS$100MM EBITDA, Capital in • Gateway GroupAs part is ,of a125 Ttheoronto 245 SPAC sustainable based transaction, private growth equitycertain and • afUS$5Bn+hasfiliated been fundsinstrumental event of driven HG Vin oraand the tovalue Company’ provide oriented US$30MMs acquisition, investment increasing renovation firm founded slot including machines in 2009 existing by 121 3x, 0 increasinginvestmentinvested capital table management games174 196 by firmand 2x andrebrandingwith adding C$6Bn initiatives56 in new assets F&B 21under1 151 0 •management equityIn October commitment 2019, 153 59 HG •outlets The Vora Catalyst investedacross Britishteam in the collectively Columbia Company and possessesthrough Ontario a moreUS$150MM 0 • Gabrielthan 110 deHoldCo years Alba, of TManaging ermrelevant • As experience majorityDirector ownerand in •Partner Invests, Catalyst, currentlyopportunistically has supported serves as implementationacross the Executive the capital (1)of structure Gateway’• Pro forma 0s 1 strong13 for restructuring, the corporate

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0RockwillFalcone117 221 Additionalbe Resorts46 comprised 151 0 86 • from49Previously Directors Experienced of Oct. up 2015to Tthe 9ransaction members Chiefto Board May Financial 2492017such 0 47 209 thatand76 Of 190138 Gatewaytheficer 218Chief 1CONFIDENTIALand 0 21 BoardFinancialTreasurer1 35 of• Currently Directors Ofof ficerRed 0 221 Rock of serveswill Station46 beResorts0 as86 comprised Gateway’Casinos 49 fromExperienced LLC Oct.ofs Executive up 2015(Jun. to Board 9 to201members ChairmanMay 1249 – May2017 209 0 47 and2017) 190and 76 will 21 the138 01 126 Chiefcontinue0 8 21 CONFIDENTIAL •1 Previously Financial35 in• Currently this roleOf Presidentficer post-T serves of Stationandransaction as Gateway’Managing Casinos Gabriels DirectorExecutive LLC de (Jun. Alba of Chairman HL201 34T 1• AdvisoryJoined– May and Catalyst2017) will Inc. continue 0(Aug. 126in Oct. •2005 Previouslyin 2002 this – May roleand President2017)haspost-T served andransaction and Nationalas ManagingDirector Gabriel Director or Director Seniorde Alba153 Of 12of 34ficer HLof • JoinedKPMGT of Advisory various Catalyst Canada’ CatalystInc. ins (Aug. Hospitality Oct. portfolio 20022005 ,and– Leisure 34May hasExecutive 2017) served & T ourismand asChairman NationalDirector practice companies, orDirector priorSenior to 153 Of hisincludingficer 12time of of atKPMG various FronteraHLT AdvisoryCanada’ Catalyst Energys Inc. Hospitality portfolioCorporation, 192 L 34yle, LeisureExecutive Hall Geneba • Intimately& Properties TChairmanourism involved practice and companies, Cabovisão inprior the includingtoevolution his121 time • Long-time Frontera ofat land-basedHLT AdvisoryEner gaminggy casino Corporation, sector Inc. gaming 192 operator Lyle inGeneba CanadaHall and •investor PropertiesIntimately having with advised and involved extensive Cabovisão senior in experiencethe management 121 evolution • Long-time as anof and land-basedexecutive the gaming boards leader casinosector of most / operatorgamingdirector provincial inofand Canada0 investormultiple gaming having withcorporationsSPAC advisedextensive successor senior146 experience entities146 management 146 153 •as Has an59 executive servedDanieland the asSilvers boards Presidentleader 0 of /• directormostCurrently of Suncor provincial of serves0 Developments multiple gaming as Founder SP ACcorporations Ltd. successorand since Managing Jul.146 entities 1997146 Member 146153 and •59 was Has of Daniel Matthewan served elected Silvers as Lane Presidentmember 0 •Capital Currently of of the PartnersSuncor Legislativeserves DevelopmentsLLC, as Founder ChiefAssembly Strategy and Ltd. of Managing sinceBritish 113 Jul.V Columbiaice Member 1997 Chairman and fromof was Matthew Of 2005 anficer elected toof Lane 2009, Inspired member Capital serving Entertainment ofPartners asthe the Legislative MinisterLLC, and Chief Independent ofAssembly T Strategyourism, of Director1Sport 13British V iceand ofColumbia Chairman theAvid Olga Technology from IlichOfficer 2005Arts, of, Inc. andtoInspired 2009, 59 the 196 Minister servingEntertainment • Led aspriorof theLabour SP MinisterandACs andIndependent through Citizens’of Tourism, successful DirectorServices Sport acquisitions of •and ExtensiveAvid the T Olgaechnology andBoard Ilich integration experience,Arts,, Inc. and59 92 196 the 214having •Minister Led • Renowned servedprior of SPLabour mostACs leader recently throughand in Citizens’the as successfulgaming the ChairServices sector acquisitions of the•with Extensive Board extensive and of Board integrationDestination experience experience, 92 Canada in214 leading having • Renowned196 prior0 served 214 SP 40leader ACsmost 0 86 throughrecentlyin • Currentlythe gaming successful as the serves sectorChair 173 as withof an 0 the acquisitionsIndependent extensive Board of experience Destination andDirector integration ofin Canada K-Broleading Lorne Linen196 prior W 0eil Inc.214SP 125ACs and40 245 0 throughpreviously 86 • Currently• Currently successful served serves serves as173 asthe as0Founder Chiefacquisitionsan Independent of and Staf Principal andf to DirectorintegrationAlberta of Hydra Premierof K-BroLorne Management, Jim WLineneil Prentice 125 Inc. 245Executive and from • previouslyCurrently Sep. Chairman 2014 servesserved to May of as asInspired Founder2015 the Chief Dr Entertainment .and Michael of PrincipalStaff Percy to AlbertaV ofice 255 Hydra Chairman 255 Premier Management, • Experienced andJim Non-ExecutivePrentice Executive Board from member Sep. ChairmanChairman 2014, having to ofof May Inspired Tservedecnoglass 2015 asEntertainment Dra 174director. Michael 196 21for Percy1V A ice0TB • WChairman255 Financial,ill 255serve • andExperiencedas Epcor CEO Non-Executive Utilities and PresidentBoard Inc., Chairmanmember Matrikon of Gateway, having of and T ecnogl

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0 221 46 0 86 49 Section 2 249 209 190 211 0 211 35 34 34 121 0 153 59 Company 0 113 Overview and 59 196 92 214 Investment 173 0 Highlights 125 245 174 196 211 0 205 151 0 126 153 192 146 146 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 0 47 76 138 0 221 46 0 86 49 Section 2 249 209 190 211 0 211 35 34 34 121 0 153 59 Company 0 113 Overview and 59 196 92 214 Investment 173 0 Highlights 125 245 174 196 211 0 205 151 0 126 153 192 146 146 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 0 47 76 138

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0basetherespectively 221 Southwest, 196 46 0C$174 86, for 49 174 the0 Leading C$163 196 Sale North, Leaseback 214Operator 40 and • Proven Centralof transaction Integrated and Bundles proprietary (“SLB Gaming (as Tconductedransaction”) andF&B 249 and 209and gaming in managedEntertainment which of feringsGateway by Ontario Destinationsbranded 0 47 21 sold 1to 0 market 72the 190 3real 7,40021 0 1estate 86 0 Lottery 21size,1 of 35 marketGrand 34and (1) GamingV growth (1)illa GatewayCasino Corporation)potential Burnaby at a and Glance ,Hotelslocal Starlight Company community & F&BCasino SnapshotEmployees demographicNew W 34estminster 205 • One C$1Outlets of16 andthe 255 • CascadeslarDemonstrated 255gest •and C$195MM Casino most track diversifiedLangley 2020Precord to Adjustedof gaminga successfullythird-party andCorporate entertainment on operating, March EBITDA 12, developing 121 2018 199 companies 76 1380 and 0 201710 Convention in CONFIDENTIAL Canada 2018 2019P 0151 153 Centers2020P 59 25 2021P12,815 acquiring 2022P 365 gaming 0 1Notes:13 • properties Owns 233 1 and17 and1. operates Gateway contributing 25 Management leading to the gaming communities Projections; and entertainment in excludes which 0 venuestheGateway Non-Core across operates BritishProperties. 126 Columbia 153 Projections (1) (2) and • ConsistentlyOntario rounded Slots to thedelivering Core nearest Properties onmillion its orT ables2.ganic Financials 59 growth 196 Across excludeinitiatives 2 Adjusted 92 and 214 is Provinces well-Property Robust ̶ EBITDABritish Financial Columbia: for Non-CoreGrowth Operates Profile Properties over 192 40%positioned and ofare all shown slotfor themachines pre-IFRS future withand 16. 1732017a strong 0 andtable growth 2018 games figures pipeline 125 245include of ̶ Ontario:new a AdjustedC$35MM Contractually Corporate and C$6.9MM exclusive EBITDA adjustment, service (C$MM) provider respectively development, in the, Southwest,for renovation, the Sale 174Leaseback and 196 rebranding North, transaction and ef Centralforts (“SLB C$250 Bundles Transaction”) 146 (as146 conducted • Defensible in which and Gatewaybarriers managed to 0 byentry47 Ontariosold due the to 21real rigorous1 0estate 72 3 regulatory of7,400 Grand Lottery Vrequirements,illa and Casino Gaming Burnaby 146 Corporation) proven, Starlight branding Hotels Casino strategy & New F&B andW Employeesestminster deep industry and205 Cascades Outletsand operational • DemonstratedCasino expertiseLangley track toC$215 a recordthird-party C$195 of successfully •on High-quality March 12,operating, 2018locals-focused 76 developing 138 10 and CONFIDENTIAL andresilient Convention customer 0151 221 base Centers 46 196 0 86 C$174 acquiring 49 Leading 0 C$163 gaming Operator 214 properties 40 of• Proven Integrated and and contributing Gamingproprietary and to F&Bthe 249 communities 209and Entertainmentgaming inof whichferings Destinations 0 branded Gateway to 190operates market 211 0 0126 21861 153size, 35 34(1) market (1)(2) (1)• growthConsistently Gateway potential at deliveringa Glance and local Company on communityits organic Snapshot growthdemographic 34 initiatives• One ofC$1 the and16 lar 255 isgest well- 255 and •Robust C$195MMmost diversified Financial 2020P Growth gaming Adjusted Profileand Corporate entertainment 192 positioned EBITDA 121 for companies 199 the 76 future 0 0 in2017 with Canada 2018 a strong 0 2019P 153 growth 59 2020P 25 12,815pipeline 2021P 365 of 2022P new0 113 AdjustedNotes: • Owns 233 Corporateand 117 operates 1. Gateway EBITDA 25 leading Management (C$MM) gaming development, Projections;and entertainment renovation, excludes venues the and Non-Core across rebranding British Properties. ef Columbiaforts C$250 Projections and 146 Ontario 146 rounded • SlotsDefensible to Core the nearestProperties barriers million to T entryables 2. dueFinancials59 196 to rigorous Across exclude 2regulatory 92 Adjusted 214 Provinces requirements, Property ̶ British EBITDA 146 Columbia: proven for Non-Core branding Operates Propertiesstrategy over 40% and and of deep allare slot industryshown machines pre-IFRS and operational and 16.173 2017 0 tableexpertise and games 2018 C$215 figures125 245C$195 include ̶ Ontario: • High-quality a C$35MM Contractually locals-focusedand C$6.9MM exclusive and serviceadjustment, resilient provider customer in

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0 221 46 0 86 49 Attractive and Diverse Property Portfolio 249 209 190 211 0 211 35 Recently Refreshed Properties with No Deferred Capex Spend 34 34 121 0 153 59 0 113 59 196 92 214 173 0 125 245 Point Edward, ON Burnaby, BC Rama, ON 174 196 211 0 205 151 0 126 153 192 146 146 New Westminster, BC Kamloops, BC Hanover, ON 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 Burnaby, BC Burnaby, BC Penticton, BC 0 47 76 138 11 CONFIDENTIAL 0 221 46 0 86 49 Attractive and Diverse Property Portfolio 249 209 190 211 0 211 35 Recently Refreshed Properties with No Deferred Capex Spend 34 34 121 0 153 59 0 113 59 196 92 214 173 0 125 245 Point Edward, ON Burnaby, BC Rama, ON 174 196 211 0 205 151 0 126 153 192 146 146 New Westminster, BC Kamloops, BC Hanover, ON 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 Burnaby, BC Burnaby, BC Penticton, BC 0 47 76 138 11 CONFIDENTIAL

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0Proven 221 46 T rack0 86 Resilient49 Investment Markets Highlights Market Record249 209 146 190 146 211 146 0 21 1961 35 0 Gateway:214 40 0 86Platform 255 255 Positioned 199 76 0 for0 233 Strong 117 0EBITDA 47 76 138 Growth 12 CONFIDENTIAL and FCF Generation 34 34 121 0 153 59 0 113 59 196 92 214 173 0 125 245 174 196 211 0 205 1 2 3 4 5 6 151 0 Geographically Unique and Operates in Differentiated Proven Branding Highly Broad and Attractive Highly Populated Business Model Strategy Focused Experienced 126 Economically Regulatory Markets that are Expected to Drive on Proprietary Management 153 Diversified Environment in Relatively Strong Free Cash Offerings Team with a 192 Footprint Historically Underpenetrated Flow Conversion Tailored to Local Proven Track Resilient Markets Market Record 146 146 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 0 47 76 138 12 CONFIDENTIAL 0 221 46 0 86 49 Investment Highlights 249 209 190 211 0 211 35 Gateway: Platform Positioned for Strong EBITDA Growth and FCF Generation 34 34 121 0 153 59 0 113 59 196 92 214 173 0 125 245 174 196 211 0 205 1 2 3 4 5 6 151 0 Geographically Unique and Operates in Differentiated Proven Branding Highly Broad and Attractive Highly Populated Business Model Strategy Focused Experienced 126 Economically Regulatory Markets that are Expected to Drive on Proprietary Management 153 Diversified Environment in Relatively Strong Free Cash Offerings Team with a 192 Footprint Historically Underpenetrated Flow Conversion Tailored to Local

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0Non-Coreon 221 Gateway 46 0 Properties 86 management 49 Geographically 76 138 projections; 13 CONFIDENTIAL Broad excludes and Economically the 0Non-Core 221 46 1 0(1) Properties86 249 49 Geographically209 76Diversified 138 13 CONFIDENTIAL BroadFootprint and 190Economically 211 0 211 351 (1) 34 249 Gaming 209 Diversified Share Adult Footprint Population 190 Existing 211 0 21 Properties1 35 34 Gaming Planned Share Properties Adult 34Population MM (2) BritishExisting Columbia Properties 43% Planned 4.1 14 Properties 1 121 0 153 34 MMOntario (2) (SWBritish, N. Columbia and Cen. 43%(3) 59 4.1 100% 14 1 1 1211.6 101 153 3 0 Ontario113 Bundles) (SW, N.59 and196 Cen.92 214 (3) BRITISH 59 100% SASKA11.6 11 TCHEW3 0 113 Bundles)AN 173 059 COLUMBIA 196 92 214 BRITISHQUEBEC SASKA MANITTCHEWOBA ExistingAN 173 Property 0 COLUMBIA ALBER TQUEBECA North BundleMANIT SouthwestOBA Existing Bundle Property 125 245 ALBER MARITIMETA North ONT BundleARIO Southwest Central Bundle Bundle 174 125 196 245 Planned MARITIME Property ONT PROVINCESARIO Central 21 Bundle1 0 205 174 151 196 Existing Planned Property Property 0 British PROVINCES Columbia 21 Ontario1 0 205 Planned151 Existing Property Property 126 ü 0 Managed British Columbia competition Ontario limits Planned new ü ExclusiveProperty 126 service ü Managed provider competition 153 supply limits within new three ü Exclusivebundles 192 service ü Operates provider 5 out 153 of supply the 7 casinoswithin three in ü In-placebundles growth192 ü Operates initiatives 5 outthe ofThompson-Okanagan the 7 casinos in ü In-place region growth146 ü Contributes initiatives the51% Thompson-Okanagan of 2019P (4) ü Contributes region 14649% ü of Contributes 2019P Adjusted 51% of Property 2019P (4)EBITDA ü Contributes 146 (4) 49%Adjusted of 2019P Property Adjusted EBITDA Property 146 196EBITDA 0 214 14640 0 (4) 86 Adjusted 255 255 199Property 76 0 EBITDA0 Notes: 1. 146 Excludes 196 0 214 Non-Core 40 0 86 Properties 255 255 199 233 76 1 170 0 2. Notes: Based 1. on Excludes number ofNon-Core gaming Propertiespositions in 233 markets 117 2. served. Based Britishon number Columbia of gaming gaming positions share basedin markets on the served. markets British (Lower Columbia Mainland, gaming Thompson-Okanagan share based on the and markets Vancouver (Lower Island) Mainland, in which Thompson-Okanagan Gateway operates 3.and Represents Vancouver gaming Island) share in which within Gateway the applicable operates bundle; 3. Represents Gateway gaming currently share operates within 3the out applicable of the 8 total bundle; bundles Gateway as conducted currently and operates managed 3 out by of the the OLG 8 total 0 47 bundles 4. Based as conductedon Gateway and management managed by projections; the OLG 0 excludes47 4. Based the

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0between 221 46 High0 86 49Barriers Unique Operator and Attractive exclusivity Regulatory within gaming 2 249 209 properties; Environment. 205 to . Entry.. 190 each211 0bundle 211 35 controlled 34 British implementation Columbia Ontario 151 34Limited 121 0 of153 new 59 gamingPublic / positionsPrivate 0 01 13ü Competition Long-Dated 126Up to153 20 192 Years Modernization ü Partnership process (1) Operating BCLC paysAgreements for all slots / No and license designed expiring to maximize prior to ~20 146 Y Crownears 59 Agency 196 Licenses Support 2038 maintenance 92 214 173 capex 0 125 property 245 174 potential 196 Policies and drive to manage 146 total 211 revenue 0 competition 146 Long-T betweenerm High 196 0Barriers 214 40 OperatorStability andexclusivity ü 0 86 %within of F&B, gaming Entertainment properties; and205 100% to Entry Visibility each bundle Other controlled Revenue Retained implementation by Gateway 151 Limited does not of pay new a gaming taxpositions for F&B, 0 ü EntertainmentCompetition 126 255 153 255 192 Gateway Modernization and Other process Revenue BCLC generated pays for at itsall propertiesslots and designed 199 76 0 to 0 maximize233 117 Note: 146 Crown0 47 1. AgencyCentral BundleSupport operating maintenance agreement capex propertyterm of approximatelypotential and drive 23 years 146 76total 138 revenue 14 CONFIDENTIAL 146 Long-Term 196 0 214 40 Stability and ü 0 86 % of F&B, Entertainment and 100% Visibility Other Revenue Retained by Gateway does not pay a gaming tax for F&B, Entertainment 255 255 Gateway and Other Revenue generated at its properties 199 76 0 0 233 117 Note: 0 47 1. Central Bundle operating agreement term of approximately 23 years 76 138 14 CONFIDENTIAL 0 221 46 0 86 49 Unique and Attractive Regulatory 2 249 209 Environment. . . 190 211 0 211 35 34 British Columbia Ontario 34 121 0 153 59 Public / Private 0 113 Long-Dated Up to 20 Years ü Partnership (1) Operating Agreements / No license expiring prior to ~20 Years 59 196 Licenses 2038 92 214 173 0 125 245 174 196 Policies to manage 211 0 competition

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 059 221 196 46 ü 092 86 214 49 (0.2%)…in Historically 173 0 (1.8%) Resilient 125 245 Markets (2.5%) 2 174 249 196 209 21 1901 0 21 2051 0 151 211 0 35 Underpenetrated (1)(2) 34 Outperformance ü 126 Markets During 153 Financial192 (11.5%) Crisis: 146 Peak-to-T 146 146 Diversifiedrough Decline Across 34 Canada 196 0 Geographies U.S. 121 0 153 and 59 214 Total 40 (18.7%)Core 5 Lar ü 0gest 86 Product0 113 Las Of Vferingsegas British 255 255 Columbia 199 76 0Ontario 0 Notes: Gateway 1. Peak Locals-Driven to trough decline Strip is (3)calculated Locals-Focused as the percentage Markets changeMarkets between 59 196 üfiscal 92 214 year (0.2%) 2010 and173 fiscal0 (1.8%) year 125 2008 245 for (2.5%) the Canadian 174 196 markets 211 0 205 and 151 the 0 percent Underpenetrated change between ü 126 calendarMarkets 153year 192 2009 (1 1.5%)and calendar 146 146 year 146 2007 Diversified for the U.S.Across markets. 196 0 233Geographies 117 Canadian and 214 fiscal 40 year(18.7%) end üis 0 March 86 Product 31 2. OfFromferings 2008 255 to 2010,255 199 all 76Ontario 0 0 Notes: properties 1. Peak were to troughstill operated decline by is thecalculated OLG 0 as47 the3. Five percentage largest changelocals driven between markets fiscal includeyear 2010 Nevada and fiscal (excluding year 2008 contribution for the Canadian from Las markets Vegas strip), and the Pennsylvania, percent change Louisiana, between Illinois calendar and year New 2009 Jersey and. Illinoiscalendar data year includes 2007 for V ideothe U.S. Gaming markets. Terminals 233 1 1776 Canadian138 15 CONFIDENTIAL fiscal year end is March 31 2. From 2008 to 2010, all Ontario properties were still operated by the OLG 0 47 3. Five largest locals driven markets include Nevada (excluding contribution from Las Vegas strip), Pennsylvania, Louisiana, Illinois and New Jersey. Illinois data includes Video Gaming Terminals 76 138 15 CONFIDENTIAL 0 221 46 0 86 49 …in Historically Resilient Markets 2 249 209 190 211 0 211 35 (1)(2) 34 Outperformance During Financial Crisis: Peak-to-Trough Decline 34 Canada U.S. 121 0 153 59 Total Core 5 Largest 0 113 Las Vegas British Columbia Ontario Gateway Locals-Driven Strip (3) Locals-Focused Markets Markets

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0representinglast 221 twelve 46 0 86months the 49 average Operates as of Marchexchange in Highly 31, rate2019. Populated from U.S. April gaming Markets 1, 2018 spend 3 249to Marchassumes 209 that 31, an are 2019 exchange Relatively 76 138 rate 16Underpenetrated of CONFIDENTIAL $1.31 per US$1, 190 0representing21 2211 0 4621 10 3586 the 3449 average 34Operates (1)(2) exchange (1)(2)(3)in Highly rate (1)(2)(4) Populated from AprilAdult Markets 1, Population 2018 3 249to March 209(MM) that 31, Adults are 2019 Relatively Per 76 Gaming138 16Underpenetrated CONFIDENTIAL Position Gaming 190 Spend 211 0 per211 Adult35 34 (C$)34 (1)(2) 121 0(1)(2)(3) Average (1)(2)(4) of 153 59 Adult Top Population5 U.S. 6.6 134 (MM) 705 Adults 0 113 PerLocals Gaming Driven Position Markets Gaming 59 196 Spend 92 214 per 173 Adult 0 125 (C$) 245 121 British 0 Average 4.1 248 of 462 153 174 59 T196op 5Columbia U.S. 6.6 134211 0705 205 0 151113 Locals0 11.5 1Driven1.6 416 Markets 333 Ontario 59 196 126 92 153 214 192 173 146 0 125 146 245 146 British ü Enormous 4.1 248 Population 462 174 196 Gateway Columbia ü Underbuilt 211 0 205 Casino 151 0 ü11.5 Underpenetrated 11.6 416 333 OntarioCatchment 126 Markets:153 192 146Supply 146 Player 146 ü DemandEnormous 196 Population 0 214 40 Gateway0 86 With ü theUnderbuilt Recent Modernization Casino ü Underpenetrated Process, We Catchment Believe Ontario Markets: Represents Supply Playerthe Greatest Demand Growth 196 0 255 214 255 40 0Opportunity 86 With the 199 Recent 76 0 Modernization0 Notes: 1. Adult Process, population We Believe includes Ontario individuals Represents ages 18 the years Greatest and older;Growth population 255 255 Opportunitystatistics as of199 July 76 1,0 02018 Notes: for 1.Canada, Adult populationDecember 2018includes for Unitedindividuals States ages 233 18 1 17years 2. Tandop 5older; U.S. populationlocals driven statistics markets as include of July Nevada1, 2018 (excludingfor Canada, contribution December 2018from forLas United Vegas Statesstrip), 233Pennsylvania, 117 2. Top Louisiana, 5 U.S. locals Illinois driven and markets New Jersey; include Illinois Nevada data (excluding includes VGTcontributions (video from gaming Las terminals) Vegas strip), and Pennsylvania, Alberta data includes Louisiana, VL IllinoisTs (video and lottery New Jersey;terminals) Illinois 3. Gaming data includes positions VGT as sof (video 3/31/2019 gaming for terminals) Top 5 U.S. and Locals Alberta Driven data Markets, includes OntarioVLTs (video and British lottery Columbia; terminals) table3. Gaming games positions includes aspoker of 3/31/2019 tables and for assumes Top 5 U.S.six gaming Locals positionsDriven Markets, per table Ontario 0 47 4. andGaming British spend Columbia; is presented table forgames the includeslast twelve poker months tables as andof March assumes 31, six 2019. gaming U.S. positionsgaming spend per table assumes 0 47 4.an Gaming exchange spend rate ofis presented$1.31 per forUS$1, the

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0calculatedCompany 221 46 0 Filings as86 Adjusted 49 Dif255ferentiated 255 Corporate Notes: Business EBITDA199 76 1.Model lessFree maintenance ExpectedCash Flow to Conversion capex4 249 209and cashDrivedefined taxes Strong as EBITDAAdjusted Free Cash 4.Free Gateway Flow Cash Conversion Flow Management divided 190 by projections21 Adjusted1 0 211 (1) roundedEBITDA Low Capital to (excl. the nearest Expenditures Adjusted million EV and /233 0 0Existing 1Property17 5. Great NOL EBITDA CanadianBalance for Drive Non-Coreexcluded Strong fromProperties) Free peer Cash set 2. Flowdue Gateway to Conversion lack Management of maintenance ; 35 34 estimate Free capex Cash of publication equipmentFlow Used 6. and to Assumes Fund maintenance Growth $500MM Strategiessavings in syner based andgies onDe-Lever 0 a 47 six 7. year Cash 34 refreshCharacteristics taxes cyclefor MCRI 2020P Driving uses 7.5x L HighTM 12.1x 6/30/18 Free 8.3x Cash 14.1xas proxyFlow 8.7x Conversionfor 8.4x 2019P 12.3x 76 121 3. 138 Adjusted 0 17153 CONFIDENTIAL 59 free• ~C$20-30MM cash flow calculated0 221per year46 0 assaved86 Adjusted 49 onDif slotferentiated Corporate machines Business EBITDA 0 113 LowerModel less maintenance MaintenanceExpected to capex 4Capex 249 and209 • Lower cashDrive taxes maintenance Strong EBITDA Free Cashdue 4. Gatewayprimarily Flow Conversion Management to BCLC 190purchase projections211 0 and211 ü (1) rounded(2) Low 59 196 Capital to themaintenance nearest Expenditures million of slots and 233 92 Existing 1 21417 5. 173 Great NOL 0 125 CanadianBalance 245 Lar Drive excludedge Existing Strong from NOLFree peer CashBalance set Flowdue • toCurrent Conversion lack of NOL maintenance ; balance35 34 Free ofcapex C$375MMCash publication Flow asUsed of 6. 9/30/19to Assumes Fund üGrowth 174 $500MM 196 Strategies 21 in1 0syner 205 and gies(3) De-Lever (4) 0 47 (3) 7. (4) Cash 34 (5) Characteristics taxes2019P for Adjusted MCRI Driving uses Free L CashHighTM 6/30/18 FlowFree Cash2019P as proxyFlow Free Conversionfor Cash 2019P Flow 76 121Conversion 138 0 17153 CONFIDENTIAL 59 vs. • ~C$20-30MM Peers 151 0 C$MM per year 126 saved 90% on86% slot 86% machines FCF 153 0 1 86%13 Lower Conversion Maintenance 192 (21) Capex C$174 • Lower 78% 75% maintenance 75% (3) dueC$150 primarily 65% 146 to BCLC146 146 purchase 196 0 214 and 40 ü 0(2) 86 59 2019P 196 maintenance Adj. Corporate of slotsLess: 92 Maintenance 214 173 0 125 Less: 245 Cash Lar geTaxes Existing Adj. FreeNOL Cash Balance Flow • CurrentEBITDA NOL Capex balance (7) (6) of GTWY C$375MM RRR as GDEN of 9/30/19 CHDN ü 174 BYD 196 PF 21 ERI1 0 MCRI205 (3) Source: (4) (3) (4)Broker (5) 2019P Reports, Adjusted Company Free Filings Cash Flow255 255 2019P Notes: Free 199 Cash 76 Flow1. Free Conversion Cash Flow vs. Conversion Peers 151 defined0 C$MM as 126Adjusted 90% 86%Free 86%Cash FCF Flow 153 divided 86% Conversionby Adjusted 192 EBITDA (21) C$174 (excl. 78%Adjusted 75% EV75% / 0(3) 0 PropertyC$150 65% EBITDA 146 146 for 146 Non-Core 196 0 214 Properties) 40 0 86 2019P2. Gateway Adj. CorporateManagement Less: estimate Maintenance of equipment Less: Cash and maintenance Taxes Adj. Free savings Cash based Flow on EBITDA a six year Capex refresh (7) cycle(6) GTWY 2020P RRR 7.5x GDEN12.1x 8.3x CHDN 14.1x BYD 8.7x PF 8.4x ERI 12.3x MCRI 3. Source:Adjusted Broker free cash Reports, flow

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0214 221 173 46 00 Urban86 49 marketProven focusBranding Urban Strategy market Focused focus Community on 5 249 209 focused Proprietary Community Tailored focused Offerings 125 190245 21Premium1 0 211 Contemporary35 34 Integration Casual of Proprietary Neighborly F&B 174 Of196ferings 211 0 within Stylish Existing High ener Casinosgy Approachable Has Driven Relaxed Consistent THE 34 RIGHT Increases FIT in FORAnnual THE Revenue, RIGHT Including MARKET Strong 205 151 Growth 0 Assigning in Gaming Brands Revenue to Markets 121 0 Market153 59 GAMINGsize and growth BRANDS 126 153 0 1 13Brand 59 196 proximity 92 214 192173 FOOD0 Urban & market BEVERAGE focus Urban BRANDS market Local focus character Community 146 146focused 146 CompetitiveCommunity focusedAdvantages 125 T245ailored Premium customer Contemporary experience Casual Modern Neighborly steakhouse 174 Creative 196 21 pub1 0 Stylishfood Authentic High ener Asiangy Approachable Variety Modern Relaxed supper THE club RIGHT 196 0 flavors FIT FOR Speed THE to RIGHT market MARKET214 Elevated 205 Lively 151 0 sports Assigning bar Great Brands Value to Markets Showcase Market theatre size 40 and Loyalty growth builder 126 153 0 Exciting Brand proximity 86 Memorable 192 FOOD Welcoming & BEVERAGE Casual Vintage BRANDS cabaret Local Interactive character 255 146 255 146 199 146 76 Competitive 0 0 233 117 Advantages0 47 76 138 T18ailored CONFIDENTIAL customer experience Modern steakhouse Creative pub food Authentic Asian Variety Modern supper club 196 0 flavors Speed to market 214 Elevated Lively sports bar Great Value Showcase theatre 40 Loyalty builder 0 Exciting 86 Memorable Welcoming Casual Vintage cabaret Interactive 255 255 199 76 0 0 233 117 0 47 76 138 18 CONFIDENTIAL 0 221 46 0 86 49 Proven Branding Strategy Focused on 5 249 209 Proprietary Tailored Offerings 190 211 0 211 35 34 Integration of Proprietary F&B Offerings within Existing Casinos Has Driven Consistent 34 Increases in Annual Revenue, Including Strong Growth in Gaming Revenue 121 0 153 59 GAMING BRANDS 0 113 59 196 92

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0YCompany21Experience ears2211 0 Robertat46 Gateway 0 for 86• PriorW 249 ard,years Highly | experience14+ Chief assisting Y Experiencedears Operations of alsowith Experience includes the OfManagement developmentficer Goldman(PwC) 6+ Years 126T ofeam Sachs at Gateway’• CurrentlyGatewaywith & Co.,6 249s bids | whereserves20+ 209 under Y a earsheas Proven Presidentfocused 2+ of YExperience earsTrack on andat 0 RecordGateway 86 Chief (Pointsrestructuring 190Financial | 22+ W21est1 Y 0 earsHospitality transactionsOf21ficer1 of 35 Experience 34of ,SightlineMarc Sequoia in the Falcone (Miragehospitality •Payments Will to replaceResorts, Lead and 153 Gateway gaming retiringLLC, Wynn a sectors, CEO,Resorts,digitalas President T commerce onyMagnetar 233 Santo, and117 CEOthe Capital,platform as OntarioChief to Supported Deutsche forExecutive modernization the gaming Bankby Of anficer andExistingindustry process andBear President ,Management Stearns and2. Mr as. a McInally Michael ofmember 205 Team Enterprises, Snider previouslyof with 192, IndustrySVPLACQ’ Kegwas, Legal saRestaurants) 34 Boardconsultant AfFurtherfairs of Directors 255Accelerate ofGateway the255 Company 3+since Casinos itsYears GrowthDec. forat 151 1,Gateway 2 2017 Strategyyears 0 • Highly Jagtar assisting | 13+ Expertise, Nijjarrespected Years with, EVP ofDeep the Experienceexecutive, developmentDevelopment Relationships with (Westport extensiveof and and Gateway’ Construction 125+Fuel experience Systems, Ys earsbids of23+under LawsonExperiencein Ythe earsAmerican gaming at199 Gateway T 76olek Gamingand Lundell Strukof leisure | 25+ Systems, LLP) f,YQueenie earsChief 0 0 ofCaesars LegalNotes: ExperienceWong, and JamieEntertainment) Chief Administrative • Papp, PreviouslyAccounting SVP 0 ,47 CasinoservedOf Of theficerficer Ontario asOperations 121 sectors CFO 0 modernizationProfessional and in 1.bothT reasurerMs. corporate Kormos Experience processof Red andpreviously Rock76 financial 3+ 138 YResortsears 19 was advisoryCONFIDENTIAL at a andGateway consultant Station roles | 10+ 8+of146 the Y Y 0Casinosearsears 221Company at of46 Gateway Experience (Jun.0 86 for 49201 2 |Highly years14+1 –(Lawson May Y assistingears Experienced 2017). of Lundell Experience with Oversaw LLPManagementthe development, UrtheCast,(PwC)a ~600% 126 T eamincrease 153 •of Currently withGateway’ 59 inW 6 estportthe249 serves sequity 209bids Fuel as aunder valueProven President Systems) 2+ 146 T Yrack ears Scott and0 1 Record13 atChief Phillips, GatewayCarrie Financial 190 Kormos,SVP 21| 22+1, Human 0Of Y21 Chiefficerears1 35 Resourcesofof Marketing34 ExperienceSightline Marc Falconeof andPayments Red (Mirage Communications Rock to Lead 153Resorts, Resorts GatewayLLC, Wduring a ynnOf digital asficer Resorts, Presidenthis (1)commerce tenure 3+ 233 Y andatears 1the 17platformCEO at Companythe Gateway toOntario Supported for the($2.8Bn | modernization18+ gaming byY earsin an Mayindustry Existingof Experience 2017process, andManagement vs 2.146as (CaesarsMra 6+member. McInally Years T eamW ofindsorat 192withpreviouslyGateway ,LACQ’ FallsviewIndustry | 20+wass Board 34 YCasinoa ears Furtherconsultant of of Directors59 Experience Accelerate 196 of Resort the since Company (JDits & Dec. Growth CasinoSweid 1, for 2017 Foods,NiagaraStrategy 2 years Jagtar Sodexo –assistingExpertise, consultantNijjar estimated, EVPwith Deep advisor, theDevelopment $400MMRelationships development, Magna in Entertainment)andJun. andof Construction 201Gateway’ 125+1) Canada, Years s92 bids 23+ of214 Abitibi-Consolidated, Experienceunder Y173ears 0American atMarc Gateway Tolek Falcone Gaming Strukof | 25+ T TimberWerry Y f,Systems,ears Chief McInally est)of ExperienceLegal •Caesars Served, Chief and Entertainment) as AdministrativeCompliance • thePreviously Chief Financial and served 0 Of 47 Riskficer the as OfOf 121OntarioCFOficerficer 0 andProfessional of& modernization FertittaChief Treasurer Information Entertainment Experience of Redprocess RockOf ficer 3+76from Resorts Y138 earsChief Oct. 19 at and2010CONFIDENTIALExecutive Gateway Station though |(2) 10+146 May 125 CasinosYears 2016245 of 2+ 196 (Jun.Experience Y ears0 201Har at1go Gateway – (Lawson Roopra,May 2017). | 20+ SVPLundell Oversaw,Y Operationsears LLP of ,Experiencea UrtheCast, ~600% and Marketing increase (Richter153 59 inAnalytics W Advisorytheestport equity 214Fuel, PwC,value 40 Systems) 1 AGCO)1461+ Y Scottears 0 Of1 13atPhillips,ficer Gateway Carrie and SVP Kormos,174 | 1, 1+ 196Human Y earsPresidentChief Resources of Marketing Experience 211 0of Robert andRed • Prior CommunicationsRock W ard,experience Resorts Chief duringOperations also Of ficerincludes his tenure(1) Of ficer3+ Goldman atY ears6+the Y Companyatears Sachs Gateway at Gateway& ($2.8BnCo., | 18+ where | Y 20+inears M

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0 221 46 0 86 49 Section 3 249 209 190 211 0 211 35 34 34 121 0 153 59 Proven Growth 0 113 Platform 59 196 92 214 173 0 125 245 174 196 211 0 205 151 0 126 153 192 146 146 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 0 47 76 138 0 221 46 0 86 49 Section 3 249 209 190 211 0 211 35 34 34 121 0 153 59 Proven Growth 0 113 Platform 59 196 92 214 173 0 125 245 174 196 211 0 205 151 0 126 153 192 146 146 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 0 47 76 138

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0calculationHistorical 221 46 0 Implied 86and 49 (ii) Strong 1969/30/19 L TMTrack – Projected 2022 Record for theImpliedof Successful projected 0 (3) implied 214Capital 40 (4)ROIC249 ROIC 209 calculation Allocation : ROIC :3. Growth 190Historical 21 10 0(5) 21ROIC 861 35 19 isSeries 198 defined 146 of Expansions,146as Incremental 148 200 Acquisitions,80 Adjusted13 CapEx Corporate Relocations(C$MM) EBITDA21% and 17% New from 255 Builds growth255 199Have capital 76 Generated Notes: expenditures 0 0Attractive 1. Adjusted generated 34 34Corporate Historical between EBITDA 9/30/19 Implied isL ROICs TMshown and 121pre-IFRS 2016 0 (1) divided 15316 and Capex by excludes cumulative is Driving Adjusted growth Strong Property capital EBITDA expenditures EBITDA Growth… for spent Non-Core…and between Attractive Properties. 2017 Returns - 9/30/19 Adjusted 59 0L TM 1Corporate13 233Adjusted 117 EBITDA 4. Corporate Projected includes EBITDA;ROIC a C$35MM,is defined 2016 – asC$35MM2022 projected (C$MM) and Incremental C$6.9MM 59 196 92 Adjusted pro214 forma Historical Corporate adjustment Projected EBITDA for 173the fromSLB0 125 growthT 245ransaction C$250 capital in174 expenditures2016, 196 2017Growth and generated Capex 2018, Growthrespectively between Capex 2022. Projections 21 and1 0 9/30/19 (2017-(Q4’19- rounded LTM todivided C$215the nearest by 9/30/19): cumulative million 2022P): 2. growth Accounts C$195 capital for C$459MM illustrativeexpenditures C$326MM compounded spent between 205 annualIncremental Q4’19 organic - 2022 C$174 Adjusted 5. 2019151 C$173Corporate YTD (throughIncremental EBITDA 9/30) Projected growth growth of capexC$163 3% from is 0 C$1Growth (i)15MM 2016 Growth – 0 9/30/19 47 76EBITDA: 138 for 21the CONFIDENTIAL EBITDA:historical (2)implied C$98MM ROIC0 221 (2) 46calculation 1260 86 C$55MM 49 Strongand (ii) C$1 T 9/30/19rack16 Record153 – 1922022 of 146 Successfulfor C$62 the projected 146 Capital 146 impliedGrand 249 209 V ROICilla Allocation Edmonton calculation 190 2016 213. 1 Historical2017 0 21 12018 35 ROICSeries 9/30/19 isof defined 2019PExpansions, 2020Pas Incremental Acquisitions, 2021P 2022P Adjusted Relocations Cascades Corporate North and EBITDA New Bay BuildsHistorical from Have growth Implied Generated capital 196 L AttractiveexpendituresTM Projected 34 generated34 Implied Historical 0between (3) Implied 214 9/30/1940 ROICs (4) ROIC L TM121 : and0ROIC (1) 2016 153 : Growth dividedCapex 0is by (5) Driving cumulative 86 19 Strong198 growth146 EBITDA 146 capital 148 Growth… 200 expenditures 80 13 …and CapEx spent Attractive (C$MM) between Returns 21% 2017 17% 59- 9/30/19 2550 113 255 AdjustedL TM199 23376 Notes:Corporate 117 4. 0 Projected 0 EBITDA;1. Adjusted ROIC 2016 Corporate is defined– 2022 EBITDA (C$MM)as projected is59 shown 196Incremental 92 pre-IFRS 214 Historical Adjusted 16 and Projected Corporateexcludes Adjusted173 EBITDA 0 125 Property from245 C$250 growth EBITDA 174 capital 196 for expendituresGrowth Non-Core Capex Properties. generated Growth AdjustedCapexbetween 21 2022Corporate1 0 (2017-(Q4’19- and 9/30/19 EBITDA L C$215TM includes divided 9/30/19): a C$35MM, by cumulative 2022P): C$35MM C$195 growth C$459MMand capital C$6.9MM expenditures C$326MM pro forma spent 205 adjustment Incremental between Q4’19for C$174 the -SLB 2022 151 T 5.ransactionC$173 2019 IncrementalYTD in 2016,(through 2017Projected 9/30) and growth 2018,C$163 respectively capex 0 Growth is C$1 Growth. Projections15MM EBITDA: 0 47 rounded 76 138 EBITDA: 21to theCONFIDENTIAL nearest (2) C$98MM million (2) 2. Accounts126 C$55MM for illustrative C$116 153 compounded 192 146 C$62 annual 146 or146ganic Grand Adjusted Villa Edmonton Corporate 2016EBITDA 2017 growth 2018 9/30/19 of 3% from2019P (i) 2020P 2016 –2021P 9/30/19 2022P for the Cascades historical North implied Bay ROIC

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 034 221 ü Expansion 46 0 86 49 of Completed gaming space Investments 121 0 ü Openedin British Atlas Columbia Steak +249 Fish 209 and Position 153 59 Gateway Chow Lucky to Capture Noodle Immediate Bar 0 113 Returns ü Added 190 an 21incremental1 0 211 35 130 (1) C$4334 2018 machines and 2019 in Sep.Completed 2019 to Projects bring the Projected C$41 59 Adjusted 196 total Property to 1,330 EBITDA at the site (C$MM) C$36 92 34 214 ü ExpansionBurnaby ü ofAdded gaming a Pulse space gaming 121 0 arenaü Opened with Atlas 173 0 Steak Completed: + Fish and35 units 153 59September Chow Lucky 2019 Noodle125 245 Bar ü Delta 0 113 Hotel ü Added renovation an incremental Project Cost: 130 C$43 174 196 machines C$22MM in Sep. ü Refresh 2019 to and bring relocation the C$41 of 59the 196 211 total 0 poker to 1,330 room, at hotelthe site lobby C$36 and 92 high 214 2019PBurnaby 2020P ü Added 2021P a Pulselimit roomgaming 205 arena 151 with0 126 173 153 0 üCompleted: ~12k sq. ft. 35 added units 192 September ü Increased 2019 slots 125 by 245 75 ü (50 Delta were Hotel 146 renovation C$26 installed Project in 2018)Cost: 174and 196tables C$22MM by 3 C$25 ü Refresh 146 C$24 and 146 relocation Langley of ü theExpanded 211 0 poker Match room, Eatery hotel & Public lobby Houseand high by 2019P adding 2020P a patio 2021P in 2018, limit Completed: room 205 and151 added0 126 153Atlas ü Steak~12k sq.+ Fish ft. added in July 192 2019 ü Increased 196 0 2019 slots Project by 75 Cost: (50 were 214 40146 C$19MM C$26 installed 0 86 ü in Refresh 2018) andof Coast tables Hotel, by 3 C$25convention 146 C$24 center 146 and Langley ballroom ü Expanded 2019P 2020P Match 2021P Eatery 255 & 255 Public 199 House 76 0 0 by 233 adding 117 Note: a patio 1. inAdjusted 2018, Completed: Property EBITDA and added figures Atlas shown Steak pre-IFRS+ Fish in July16 0 201947 76 196 138 0 22 2019 CONFIDENTIAL Project Cost: 214 40 C$19MM 0 86 ü Refresh of Coast Hotel, convention center and ballroom 2019P 2020P 2021P 255 255 199 76 0 0 233 117 Note: 1. Adjusted Property EBITDA figures shown pre-IFRS 16 0 47 76 138 22 CONFIDENTIAL 0 221 46 0 86 49 Completed Investments in British Columbia 249 209 Position Gateway to Capture Immediate Returns 190 211 0 211 35 (1) 34 2018 and 2019 Completed Projects Projected Adjusted Property EBITDA (C$MM)

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0Operators’ 221 46 0 86bundles 49 Growth-Oriented Relocate facilities Ontario in 21 1Modernization 0 operators to 249bring 209 potential Process… and 190drive 21 provide1 0 211 each35 In with March rural 2012, areas the to OLG denser announced (1) world-class its modernization operating total process revenue with exclusivity the aim of andattracting population private centers 34 34 205 partners strategies to invest to casinos in and exclusiveoperate facilities right to across151 across the province the province 121 0develop 153 59 new 0 113 sites 59 for196 0 92 a fixed214 173 period 0 125 of time245 174126 196153 W192orking 146 withAdd tablestrong games Maximize to Modernize property gamingOperators’ Operators bundles keep Relocate 100% facilities 146 enhance in 21 appeal1 0 operators to technology to bring in-line potential with and of driveall F&B provide and othereach with146 (1) rural younger areas topatrons denser current (1) world-class industry non-gamingoperating total revenue, revenue standards exclusivity driving and investmentspopulation centers in 196 2050 new strategies venues towithin casinos 214 exclusive 40 facility right 0 86 to 255 151 255 across 199 the 76 province0 0 233 1 develop17 Note: new 0 47 sites 1. Subject for 0 a fixedto contractual period of approvals time 126 from153 192 Crown 146 agenciesAdd table and games other to required Modernize approvals gaming 76 Operators 138 23 CONFIDENTIAL keep 100% 146 enhance appeal to technology in-line with of all F&B and other 146 (1) younger patrons current industry non-gaming revenue, standards driving investments in 196 0 new venues within 214 40 facility 0 86 255 255 199 76 0 0 233 117 Note: 0 47 1. Subject to contractual approvals from Crown agencies and other required approvals 76 138 23 CONFIDENTIAL 0 221 46 0 86 49 Growth-Oriented Ontario Modernization 249 209 Process… 190 211 0 211 35 In March 2012, the OLG announced its modernization process with the aim of attracting private 34 34 partners to invest in and operate facilities across the province 121 0 153 59 0 113 59 196 92 214 173 0 125 245 174 196 Working with strong Maximize property

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0 221– 0.1 46 Current 0 …has Gateway Created Property a Unique 196 Growth 0 populations Opportunity of 75,000 86 49 249to 165,000 in Ontario 0.1 –209 0.25 190 Anticipated 211 0 211 Future35 34 34 Gateway OTTAW 214A 121 0.25 0 –SAUL 0.5 40T PropertySTE MARIE 0.5 – 153 1 Non-Gateway 59 0 113 59 196Property 92 214 0 Innisfil173 0 ONT (andARIO surrounding 125 245 area) 174 196in Central 211 0 20586 1 151 – 2.5 KENORA Bundle has 0 T populationORONTO of126 ~200,000 153 THUNDER 2.5 – 5 North BAY Bundle192 NIAGARA 255 255 5WESTERN – 10 London ONT in SouthwestARIO 146 Bundle146 LONDON is a city Greaterof WINDSOR/ Southern 199 Ontario 76 10 has – 25 a totalCentral 146 Bundle population ~400,000 of 12.7 DETROIT million ˄ (US) Population 25 – 50 Density 0 0 Southwest (km 2) ThreeBundle lar 50gest – 100 North Limited Bundle competition cities have between 0 – 0.1 Current bundles Gateway 233 117 Property0 47 76 138 196 24 0 populationsCONFIDENTIAL of 75,000 to 165,000 0.1 – 0.25 Anticipated Future Gateway 214 0.25 – 0.5 40 Property 0.5 – 1 Non-Gateway Property 0 Innisfil (and surrounding area) in Central 86 1 – 2.5 Bundle has population of ~200,000 2.5 – 5 North Bundle 255 255 5 – 10 London in Southwest Bundle is a city of WINDSOR/ 199 76 10 – 25 Central Bundle ~400,000 DETROIT (US) 25 – 50 0 0 Southwest Bundle 50 – 100 Limited competition between bundles 233 117 0 47 76 138 24 CONFIDENTIAL 0 221 46 0 …has Created a Unique Growth Opportunity 86 49 249 in Ontario 209 190 211 0 211 35 34 34 OTTAWA 121 0 SAULT STE MARIE 153 59 0 113 59 196 92 214 173 0 ONTARIO 125 245 174 196 211 0 205 151 KENORA 0 TORONTO 126 153 THUNDER BAY 192 NIAGARA WESTERN ONTARIO 146 146 LONDON Greater Southern Ontario has a total 146 population of 12.7 million ˄ Population Density (km 2) Three largest North Bundle cities have

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0continued 221 46 0 to 86 implement 49 Ability a to number Generate of 34Additional 34 operational Growth initiatives Through to249 increase 209 Infrastructure revenue and andreduce Operational costs 121 Expertise 0 153 59 1900 113 21 591 0 196 211 9235 214Since 173 acquiring 0 125 245 the 174 Ontario 196 Modified Bundles, reinvestmentmanagement tohas 21 continued1 0 Refreshed to implement and reconfigured a number reflect of 34 local34 operational market conditions initiatives Incorporated to increase revenueATM machines and reduce Overhauled costs 121 marketing 0 153 59 0slot 113 floors 59 196 to increase92 214 173 including 0 125 245eliminating 174 196 cash- Modified into existingreinvestment contracts to 21 and1 0 programsRefreshed by and introducing reconfigured revenue reflect by local introducing market conditions back, introducing Incorporated “must A beTM increase machines fee Overhauledper ATM proven marketing BC programs slot floors and to dataincrease 205 includingmore current eliminating product /cash- titles into present existing to win” contracts for draws and andprograms transaction by introducing analytics whilerevenue eliminating by introducing 151 and back, better introducing product mix “must deploying be increase weekly fee peroffer A TMinef fectiveproven legacyBC programs programs and 0 dataprogram 205 moreto drive current visitation product 126 / 153titles 192 present Restructured to win” for pension draws Leveraged and transaction existing analytics F&B program while eliminating to provide 151 a similar and better Right-size product staf mixf and deploying optimized weekly supply of contractsfer ineffective to increase legacy 146 programs level of 0 benefitprogram as to provided drive visitation by the use 126 of 153 part 192 time Restructured labor buying pension power Leveragedand reduce existing food 146 F&B the OLGprogram at a to lower provide cost a and similar beverage Right-size costs staf146f 196 and 0optimized 214 40 0 supply86 255 contracts255 199 76to 0increase 0 233 1 14617 0 level 47 76 of 138 benefit 25 CONFIDENTIAL as provided by the use of part time labor buying power and reduce food 146 the OLG at a lower cost and beverage costs 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 0 47 76 138 25 CONFIDENTIAL 0 221 46 0 86 49 Ability to Generate Additional Growth Through 249 209 Infrastructure and Operational Expertise 190 211 0 211 35 Since acquiring the Ontario Bundles, management has

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0 221 46 0 86 49 Section 4 249 209 190 211 0 211 35 34 34 121 0 153 59 Executing on 0 113 Multiple Growth 59 196 92 214 Initiatives 173 0 125 245 174 196 211 0 205 151 0 126 153 192 146 146 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 0 47 76 138 0 221 46 0 86 49 Section 4 249 209 190 211 0 211 35 34 34 121 0 153 59 Executing on 0 113 Multiple Growth 59 196 92 214 Initiatives 173 0 125 245 174 196 211 0 205 151 0 126 153 192 146 146 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 0 47 76 138

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0in 221 BC 46196 0 086 (1) 49 (1) Near Renovations-Term Identifiable New Builds Growth / Relocations Strategies 214 249 40 209 0 86190 Slots 211 0+716 211 SlotsFuture +1,450 Planned 255 Capex 255 199 Expected 76 Tables to be +1 Funded11 Tables from +38 Cash 0 0 F&B-Brandedon Hand and Free Outlets Cash +12 35 F&B34 Flow Branded Generated Outlets 34 +9Growth 233 1 Capital17 Note: for 0 47Renovation, 1. Gaming Rebranding expansion figuresQ4’19 –as 2022 of November Planned Future 9, 2019 and 76 Redevelopment 138 27 CONFIDENTIAL from 2016 – Q3’19: Growth Capex: 121 0 C$479MM C$326MM 153 59 0 113 59 196 92 214 173 0 125 245 174 196 211 0 205 151 0 126 153 192 2 1 146 146 Ongoing Deployment of Proven Drive Multi-Year Growth 146 Strategies at Ontario Properties Pipeline in New Ontario Markets and Relocations in BC 196 0 (1) (1) Renovations New Builds / Relocations 214 40 0 86 Slots +716 Slots +1,450 255 255 199 76 Tables +111 Tables +38 0 0 F&B-Branded Outlets +12 F&B Branded Outlets +9 233 117 Note: 0 47 1. Gaming expansion figures as of November 9, 2019 76 138 27 CONFIDENTIAL 0 221 46 0 86 49 Near-Term Identifiable Growth Strategies 249 209 190 211 0 211 Future Planned Capex Expected to be Funded from Cash on Hand and Free Cash 35 34 Flow Generated 34 Growth Capital for Renovation, Rebranding Q4’19 – 2022 Planned Future and Redevelopment from 2016 – Q3’19: Growth Capex: 121 0 C$479MM C$326MM 153 59 0 113 59 196 92 214 173 0 125 245 174 196 211 0 205 151 0 126 153 192 2 1 146 146 Ongoing Deployment of Proven Drive Multi-Year Growth 146 Strategies at Ontario Properties Pipeline in New Ontario Markets and Relocations

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0toCompleted:located 221 London 46 near 0 14686 ◆to 49 downtown◆Added Ongoing Constructing 3,600 0Deployment 86gaming Sudbury~102,967 sq. of ft.+6 sq.Proven andSudbury ft. 123 facility Strategies slot ◆ withConstructingmachines 1~55,961 249 92 209 214 ~64,153sq. at ft.InnisfilOntario gaming sq. Februaryft.Properties floorfacility London 2019 with190 173 21~21,598 (incl.1 00 ◆21 back 1Addedsq. 35 offt. 34 housegaming liveAggregate gaming area), floor including34 withQ1’22 (1) the◆ 255 additionRenovation133 255 slot (North) machinesof 26 of tables existing(excl. and (previouslyback 38gaming tables of house facility (8none) Q3’21 area) and(Central) including(SW) rebranding added C$5MM 173 asin slot 2019)a Spent Starlight machines, C$3MM+410 Casino 125 21 Spent tables245 Expansion 174C$72MM C$4MM 196 ◆◆ SpentFuture AddedRelocated 199 ◆48 Adding76slot existing (previously machines 4 gamingF&B Point none)outlets facility Edward and (Atlas to2 F&Badjacent 121Steak outlets0 Completed:+ building Fish, (MA MATCH and TCH◆ rebranded AddedEatery Eatery a& MA& Publicas Public TCH+306 House Eatery21F&B1 0 C$56MM BRANDED Playtime& Public Future◆ House 196Added 0 +6and Spend 8,225and The The House, Bufgaming Buffet fet)TheCompleted sq. 0 Buf ft.,0 Spend includingfet and(SW) 233 CHOW November 111171 slotNotes: Noodle machines 2018 1. Bar)Gaming 153 andOUTLETS 59 8expansion (2) tables Future 214Hanover figures C$28MM40 ◆ Completed: Newas of Spent, NovemberStarlight-branded 0 (previously113 SLOT9, 2019 59 none)facility 0 19647 (SW)2. MACHINES expected Future 205 expansion April to beGateway 2019located is ◆ subject Completed: nearAdded to to downtowna contractual MA ◆TCH Added 0Eatery approval86 3,600 Sudbury & gamingPublic from +6 Crown House Sudburysq. ft. agenciesand ◆ The123 Constructing slotBufand fet machinesother 151 required~64,153 C$22MM 92 214 approvalssq. InnisfilSpent ft. facility 0 76FebruaryADDITIONAL 138 with 28 ~21,598 2019 CONFIDENTIAL 173 ◆ sq. 0Relocated ft.◆ gaming Added from livefloor Dresdengaming Q1’22 with255(population 255the addition(North) of ~2.8k) (excl.of 26 to backtables Chatham of (previously house (population area) none) including of (Central) TABLES 173 C$5MMslot 126 machines, ~40k) Spent Chatham 21+410 tables 125 153 C$4MM 245 ◆ Branded174 Spent 196 as◆ 199 aRelocated Cascades 76 (previously existingCasino none) Completed:gaming and facility 2 F&B (SW) to outlets 192adjacent +52 (MA ◆buildingTCH Constructed Eatery and rebranded & ~45,284 Public House assq. +306 ft. newC$56MM 21 1facility 0 Playtime Future with ~28,642◆+6 Addedand The sq. 8,225 Bufft. gamingfet) gaming 0 0 floorSpend sq. ft.,(incl. 233 including August117 Notes: 1201911 slot1. back Gaming machines of house expansion and area) 8 tables includingfigures Hanover as 176of November Completed:slot machines, 9, (previously 2019 10 tables0 47 2. none)(previously Future (SW) expansion 205none), April C$36MMis subject 2019 ◆ toSpent Added contractual a MAa MATCH approvalTCH Eatery Eatery from & &Public Crown Public House agenciesHouse and and andThe The otherBuf Buffet requiredfet 146 151 +59 C$22MM approvals 146 ◆ New Spent76 138, Starlight-branded 0 28ADDITIONAL CONFIDENTIAL facility ◆ Relocated 0 relocated 221 46 from 0 to 86 LondonDresden 49 Ongoing 146 (population ◆ Deployment Constructing of ~2.8k) of Proven~102,967 to Chatham Strategies sq. ft.(population facility 1 249 with209 of atT~55,961ABLES Ontario sq. 126Properties ft. ~40k) gaming Chatham190 floor 211 London 0153 21 1◆ 35 (incl. Branded 34 Aggregateback as of a houseCascades 34 (1) area), ◆ Casino Renovationincluding Completed: 133 of existingslot (SW) machines gaming192 +52 and facility ◆38 Constructedtables and (8rebranding Q3’21 ~45,284 (SW) as sq.a addedStarlight ft. new in 2019)Casinofacility C$3MM Expansionwith ~28,642 Spent ◆ C$72MMsq.Added ft. gaming 48 Futureslot floormachines ◆ (incl. Adding Point August 4 F&BEdward 2019 outlets back121 (Atlas0 of Completed: house Steak area) + ◆ Fish, including Added MA TCHa 176MA EateryslotTCH machines, Eatery & Public & 10Public F&B tables BRANDEDHouse (previously and The 196 none), Buf 0 Spendfet C$36MM Completed House, Spent The (SW) Bufa MA NovemberfetTCH and CHOWEatery 2018 & 153Noodle Public 59 (2)Bar) House Future OUTLETS and C$28MM The Buf214 fet Spent40 146 ◆ 0 New+59 113 ,146 SLOTStarlight-branded ◆ New59 196, Starlight-branded MACHINES facility expected Gateway facility to berelocated

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0HouseCascadesSpend 221 46C$9MMPublic 0◆ 86 T House49o Futurebe Multi-Y branded and Spend Theear as Growth Buf 0a 86Playtimefet (1) 146 Pipeline Aggregate ◆ ◆ T T oino engage beNew Expansion branded 2 a 249 third-party as 209255 a Playtime Ontario255 to SLOT ◆ Markets ◆125 MACHINEST kmo be andfrom branded Relocations the T proposedABLESa Cascades in NEW BC146 ◆ 190build F&BRelocate 21 and 1- BRANDED0 operate21to 1a Expectednew a ~32,000hotel OUTLETS New at Sudbury sq. Developments 205199 Casino76facility +1,450 Casino146and +38 theRelocations Casino +9property 0 0 CasinoNotes: 35(in 34process) 1.ft. New Gamingfacility Markets Q3’20 withexpansion Q3’21 Relocations~16,900 Q1’22figures sq. 34 ft.Q4’21 as 151121 of November gaming0Q3’21 153 59 196 floor 0 9, 1013 2019(incl.C$7MM 59 196 233back Spent921 17of 214 ◆2. C$2MM BasedNew173 0 ~38,524 on125 Spent preliminary 245 sq.C$2MM North ft. facility Bayproject Spent, Ontario ◆ plan;C$6MM New actualW ~24,830asaga Spent gaming Beach, C$1MMsq. ft.square Ontario facility Spent footage ,Kenora, with 214 may◆(3) Ontario New40 dif C$26MMfer 23,300 Delta,3. Projected sq. FutureBritish ft. facility budget SpendColumbia with includesC$27MM ◆Mission, ~40,000 C$15MM Future British gaming Spend in Columbia cost sq. C$19MM savings ft. (2) 174 0 through Futurehouse196 21 area) Spend1value 0 ◆ with engineeringC$81MMTo be~27,103 branded Future andsq. as ft.provided Spenda gaming Cascades C$9MM BCLC ~16,303 ◆ Tand Futureo sq.be municipal brandedft. Spend gaming as0authorities 86floora Playtime (1) ~6,200 Aggregate consent ◆ sq. T oft. toExpansionbe gamingany branded changes floor 255 as a to255including Playtime the SLOT design, 500-600◆ MACHINES Ttoo thebe slots brandedextent and T ABLESsuch 30a Cascades floorconsents NEW (incl. ◆ areF&B backRelocate necessary - ofBRANDED house to. aAn newarea) additional OUTLETS ~32,000 (2) (2) (incl.C$5MMsq. 199 205 back 76 Casino in +1,450 of savings house Casino +38 isarea) tar+9 Casinogeted 0(excl. 0 Notes: whichCasino back 1. ofcould ft.Gaming house facility 0 47 area), expansion furtherwith table ~16,900 lower gamesfigures thesq. ◆ astotalft. Planned of151 remainingNovember gaming increase floor spend9, 2019 of (incl. to100 233a projectedslotsback 117 126of 2. ◆ Based includingC$76MM New on ~38,524 preliminary 30076 138 slot sq. 29 machinesft. CONFIDENTIAL projectfacility (2)plan; ◆ includingNew actual ~24,830 gaming 200 slotsq. square ft.machines facility footage ,◆ with Expectedmay ◆ difNewfer to 23,3003. have Projected 200 sq. ft.to budget250facility ◆ includes Addingwith ◆ 3C$15MM~40,000 F&B outlets, gaming in cost ◆ sq.savings Adding ft. (2) through MA0 houseTCH value area) Eatery engineeringwith & (2)~27,103 153 and and sq. provided 8ft. table gaming games BCLC ~16,303 slots and ◆municipalsq. Adding ft. gaming authoritiesa MA floorTCH ~6,200 consentEatery sq. & to ft. including any gaming changes afloor MA to TCH includingthe design, Eatery 500-600 to & the Public extent slots House and such 30 and consents floor The (incl. Buf arefet backnecessary 192 of ◆ house Adding. An area)additional 2 F&B(2) (2) outlets,C$5MM (incl. backPublic in savings of House house is Publicarea)targeted (excl. House, which back The could of Buf house 0fet 47 and area),further ◆ tableAdding lower games the a MA total ◆TCH Planned remaining Eatery increase &spend including of to 100a projected aslots MA TCH126 C$76MM including Eatery & 76 300 Atlas 138 slot 29Steak machines CONFIDENTIAL + Fish (2) Public including House 0 221 200 Public 46 slot 0 86 Housemachines 49 Multi-Y and ◆ The earExpected Buf Growthfet 146to Pipeline have ◆ T 200o engagein to New 250 a2 ◆third-party 249 Adding 209 Ontario 3to F&B ◆ 125 Marketsoutlets, km from ◆and Adding theRelocations proposed MATCH in 146 BC Eatery build 190 21&and 1(2) 0operate 211531 Expectedand a hotel 8 table at New Sudburygames Developments slots facility ◆ Adding 146 and the Relocations a propertyMATCH (in Eatery35 process) 34 New& including Q3’20Markets Q3’21 a RelocationsMA TCHQ1’22 Eatery Q4’21 34 121 & Q3’21 Public0 153 196 59House 0 0 1 C$7MM13 and 59 The 196 Spent Buf 92 fet214 C$2MM 192 173 ◆ 0 Spent125Adding 245 C$2MM 2North F&B BaySpentoutlets,, Ontario C$6MM Public W HouseasagaSpent Beach, C$1MMPublic OntarioHouse, Spent The Kenora,214 Buf(3) fet 40Ontario andC$26MM ◆ Delta, Adding Future British a MASpend ColumbiaTCH C$27MM Eatery Mission, & Future including British Spend a Columbia MA C$19MMTCH 174Eatery Future 196 & 21 SpendAtlas1 0 ◆ SteakC$81MM To be+ Fishbranded Future Public as a

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0 221 46 0 86 49 Section 5 249 209 190 211 0 211 35 34 34 121 0 153 59 Appendix 0 113 59 196 92 214 173 0 125 245 174 196 211 0 205 151 0 126 153 192 146 146 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 0 47 76 138 0 221 46 0 86 49 Section 5 249 209 190 211 0 211 35 34 34 121 0 153 59 Appendix 0 113 59 196 92 214 173 0 125 245 174 196 211 0 205 151 0 126 153 192 146 146 146 196 0 214 40 0 86 255 255 199 76 0 0 233 117 0 47 76 138

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0190 221 21 461 0 0 21 861 4935 Gateway’(1) (1) 34s TFinancialotal Revenue Summary Adjusted (2017A Corporate – 2022P) EBITDA 249 209 34 190 200.0% 211 0(C$MM) 211 35 (1) (C$MM) (1) 34 T121otal 0 Revenue 325 180.0% Adjusted 153 59 Corporate 0 113 C$1,037 EBITDA 160.0% 34 200.0% 59 196 (C$MM) 92 214 275 (C$MM) C$929 121 173 0 0 325 140.0% 180.0% C$250 153 C$86559 0 113 Day C$1,037 366 Saving 160.0% Initiatives 59 196 12592 214 245 275 120.0% C$929 174 173 196 0 140.0%C$788 Began C$250 21 C$8651 0 225 Day C$215 366 SavingOperating Initiatives Central 125 100.0% 245 120.0%C$657 205174 Bundle196 C$788 C$195 Began (July 21 2018)1 0 225 151 C$215 Began Operating 0 80.0% OperatingCentral 100.0% C$174 C$657 175 Southwest 205 Bundle C$163 C$195 126 (July and 2018)North 151153 BeganC$448 0Bundles 80.0% Operating60.0% (May C$174 2017) 175 192 Southwest 40.0% 146 C$163 125 C$1126 16and 146 North 146 15320.0% C$448 25.9% Bundles 24.8% 60.0% 24.1% (May 23.2% 2017) 22.5% 192 22.1% 40.0% 196 146 0 12575 -- C$1 21416 40 146 2017 146 2018 20.0% 2019P 25.9% 2020P 24.8% 2021P 24.1% 2022P 23.2% 2017 22.5% 2018 22.1% 2019P 196 2020P 0 75 2021P -- 214 2022P 40 2017 0 86 2018 Mar 2019Pgin 92% 2020P 95% 2021P 86% 91% 2022P 90% 2017 92% 2018 255 2019P 255 199 2020P 76 (2) 2021P Projected 2022P Free 0 86 Cash Mar Flowgin 92% Conversion 95% 86% % 91% 0 0 Source:90% 92% Gateway 255 255 Management 199 76 (2) Projected Projections Free Notes: Cash 233 Flow 117 Conversion 1. Adjusted % Corporate 0 0 Source: EBITDA Gateway figures Management are shown Projections pre-IFRS Notes: 16; financials 233 117 exclude 1. Adjusted revenue Corporate and Adjusted EBITDA Property figures EBITDA are shown for pre-IFRS Non-Core 16; Properties. financials 2017exclude and revenue 2018 figures and Adjusted include aProperty C$35MM EBITDA and C$6.9MM for Non-Core pro forma Properties. adjustment 2017 forand the 2018 SLB figures Transaction, include respectivelya C$35MM. andProjections C$6.9MM rounded pro forma to the adjustment nearest million for the 0 SLB47 2. TFreeransaction, Cash Flow respectively Conversion. Projections calculated rounded as Adjusted to the Corporate nearest million EBITDA 0 47 less 2. Free maintenance Cash Flow capex Conversion and cash calculated taxes all divided as Adjusted by Adjusted Corporate Corporate EBITDA EBITDA less maintenance 76 138 31 capex CONFIDENTIAL and cash taxes all divided by Adjusted Corporate EBITDA 76 138 31 CONFIDENTIAL 0 221 46 0 86 49 Gateway’s Financial Summary (2017A – 2022P) 249 209

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0Expected 221 46 0to 86 be 49 Funded - Don’ 173t show 0 V theernon coupon Mortgage on hold 4 -- co 4 fromnote PrudentCash on Capital Hand and Structure 125 245 249 Term 209 Loan- Add 579 Bonds (14) are 565 callable 174 196 March Free Cash190 21 Flow1 0 21 2111 - 0 Add (3) Generatedproforma cap 338 including -- 338 Sr .leverage Sec Notes stats 205 35 151 34 HoldCo34 (1) (2) T erm12/31/2019P Loan 201 Pro (201) Forma -- 0 TCapitalizationotal Debt 1,155 (C$MM) (216) 939 121 126 0 153 Future 59 Long-T Free Casherm FlowDebt 12/31/2019to 153 (4) 192 Adj. 53 Pro -- 53 Forma Excess 0 1 Cash13 59 be 196 Used Growth to De-Lever Strategies the Revolver 146 Business 34 -- Net34 92 Debt 214 1,102 Expected (216) to 886 be Funded146 146 173 196 0 0 V 214ernon 40 Mortgage0 86 255 2554 -- 1994 from 76 0Cash 0 Notes: on Hand 1. 12/31/19 and 125 figures245 Term shown Loan are 579 as (14)projected 565 174 by management196 Free Cash and Flow are 21unaudited1 0 (3) Generated 2. Pro forma 338 capitalization -- 338 Sr. Sec assumes Notes 205 no redemptions151 HoldCo beyondTerm Loan $11.6MM 201 (201) redeemed -- 0 Total on Debt11/26/2019 1,155 (216)233 1 17939 3. 126 Senior Future Secured Free CashNotes Flow are callable to 153 (4)in March192 53 2020 -- 53 4.Excess Excludes Cash cage be Used cash toof De-LeverC$62MM the0 47 146 76 Business138 32 CONFIDENTIAL Net Debt 1,102 (216) 886 146 146 196 0 214 40 0 86 255 255 199 76 0 0 Notes: 1. 12/31/19 figures shown are as projected by management and are unaudited 2. Pro forma capitalization assumes no redemptions beyond $11.6MM redeemed on 11/26/2019 233 117 3. Senior Secured Notes are callable in March 2020 4. Excludes cage cash of C$62MM 0 47 76 138 32 CONFIDENTIAL 0 221 46 0 86 49 - Don’t show the coupon on hold co note Prudent Capital Structure 249 209 - Add Bonds are callable March 190 211 0 211 - Add proforma cap including leverage stats 35 34 34 (1) (2) 12/31/2019P Pro Forma Capitalization (C$MM) 121 0 153 59 Long-Term Debt 12/31/2019 Adj. Pro Forma 0 113 59 196 Growth Strategies Revolver 34 -- 34 92 214

Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 0EBITDA 221 46 0Reconciliation 86 49 Adjusted 249 EBITDA 209 190 Reconciliation 211 0 211 C$MM 249 20935 2018 190 21LTM1 0 9/30/19211 C$MM 34 Net 35 Income2018 LTM 119.1 9/30/19 (125.9) 34 34 Net Amortization Income 119.1 of (125.9)Intangible 34 AmortizationAssets 26.1 16.0 of Intangible 121 Depreciation Assets 26.1 of Property 16.0 121 and Depreciation Equipment of4 6.4Property 99.6 0 and 153 Equipment 59 Interest 4 Expense 6.4 99.6 50 7.2153 1 59 02.8 Interest 0 113 Expense Interest Income5 7.2 1 02.8(0.4) 0 (1 1 13.2) Interest59 196 CurrentIncome (0.4)Income (1 .2)Taxes 59 1961 .9 Current3 .2 92 214 Income Deferred Taxes Income 1 .9 3 .2Tax 92 Expense 214 Deferred (Recovery) Income (2 T .4)ax (2.5)Expense 173 (Recovery)0 Corporate (2 EBITDA .4) (2.5) 247.9173 0 9Corporate 2.0 125 245 EBITDA Share-Based 247.9 9Compensation 2.0 125 245 Share-Based 9 .0 1 1.9 174 Compensation 196 211 0 Change 9 .0 1 in1.9 Fair 174 V 196alue 21 of1 Embedded 0 Change inDerivatives Fair Value 5 of .3 Embedded 5.6 (Gain) Derivatives/ Loss on Sale 5 .3 of 5.6 Property (Gain) and/ Loss Equipment on Sale of(1 Property92.5) 0.3 and 205 Equipment Business Acquisition, (1 92.5) 0.3 T205ransaction, Business Site Acquisition, Pre-Opening, Transaction, Restructuring Site Pre-Opening, and Other 37.1 Restructuring 29.9 151 0 Wandrite-Down Other 37.1 of 29.9Non-Financial 151 0 Write-Down Assets 4.5 of 6 Non-Financial 8.1 Change in AssetsFair Value 4.5 6of 8.1 Cross Change Currency in Fair Interest Value Rateof Cross Swaps Currency (5 8.5) Interest(14.3) 126 Rate Loss Swaps on Debt(5 8.5) Extinguishment (14.3) 126 Loss 15.1 on -Debt 153 Extinguishment192 Loss on Debt 15.1 Modification - 153 192 Loss6.3 - onForeign Debt ModificationExchange Loss 6.3 74.4 - Foreign 2 0.9 146 Exchange Non-Cash Loss Deferred 74.4 2 0.9 Rent 146 9.1 Non-Cash 2 .8 146 Deferred146 (1) (6.9) Rent - 9.1Sale 2 Lease.8 146 Back 146 (1)Adjustment (6.9) - Sale Adj. Lease Corporate Back Adjustment EBITDA 1 Adj.50.8 Corporate2 17.2 196 EBITDA 0 (+) Non-Core 1 50.8 2Properties 17.2 196 10 1.9(+) 9.3Non-Core 214 40 Properties0 86 Adj. Corporate1 1.9 9.3 214 EBITDA 40 0 86 (excl. Adj. Edmonton)Corporate EBITDA 1 62.7 2 26.5(excl. 255 Edmonton) 255 IFRS 1 1662.7 Rent 2 26.5 199 25576 Rent 255 IFRSExpense 16 Rent- (5 3.8) 199 0 76 0 CoreRent Adj.Expense Corporate - (5 3.8) EBITDA 0 0 Core (pre-IFRS Adj. Corporate 16 Impact) EBITDA 1 62.7 (pre-IFRS 1 72.7 233 16 1 Impact)17 Note: 1 1.62.7 SLB 1 72.7 Transaction 233 117 adjustment Note: 1. SLB not Tincludedransaction in adjustmentfinancial statements not included 0 47 in 76 financial 138 33 CONFIDENTIALstatements 0 47 76 138 33 CONFIDENTIAL 0 221 46 0 86 49 Adjusted

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