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Palace Casino (Edmonton, Alberta)
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 2710, 8882 – 170 Street
Edmonton, AB
T5T 4J2
(780) 444-2112
WEBSITE: http://www.palacecasino.com/
SIZE: 64,000-square-feet
GAMING TABLES: Yes
SLOT MACHINES: 700+*
POKER ROOM: Yes
AMENITIES: A high limit table gaming area with a lounge and a 24-hour private poker room with five tables. The casino also houses a full service steak house, as well as a lounge, a deli and a live entertainment stage viewable from around the casino.
* Palace Casino web site, February, 2011.
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DESCRIPTION
The Palace Casino is located in the 5.3 million square-foot West Edmonton Mall, one of the world's largest shopping and entertainment centres. West Edmonton Mall attracts in excess of 22 million local visitors and tourists per year.
HISTORY
The Palace Casino is one of the longest-running casino operations in Edmonton, having started as a 10,000-square-foot facility in April 1990. At that time it was owned by a consortium of 69 charities and managed by former construction industry executive Howard Worrell. In 1998, when the Palace was considering an expensive expansion, the charities in the consortium were asked if they wanted to spend the money or sell. In September 2000, they sold the Palace to Gateway, which at the time owned three British Columbian casinos in Burnaby, New Westminster and Vancouver's Chinatown. The rumoured selling price was $8 million, giving the former owners, the charities, an almost 300-per-cent return on their original investment.
RECENT EVENTS
In August, 2010 Gateway Casinos was restructured and ownership was transferred to a group of former lenders. The majority owner is Catalyst Capital Group, a Toronto-based investment company which is a major creditor of Gateway.
on November 16, 2007, New World Gaming Partners Ltd., a joint venture owned by Macquarie Group Limited and Crown Limited (formerly Publishing and Broadcasting Limited) acquired all of the units of Gateway Casinos Income Fund (listed on the TSX in 2002). The enterprise value ascribed to the acquired businesses and assets was approximately $1.37 billion.
In October, 2006, the River Cree Resort and Casino opened on the Enoch reserve just west of the City of Edmonton. In November, 2006, the Century Casino and Hotel opened in northeast Edmonton.
The casino at West Edmonton Mall operated on a reduced basis since a September 9, 2006 strike by members of the United Food and Commercial Workers.
On July 1, 2005, a ban on smoking in bars, casinos and bingo halls in the City of Edmonton came into effect. Despite the ban, 2005 revenue rose by 4.7% compared to 2004. It was expected by management that the ban would lead to an immediate decline in revenue of up to 15%, but the overall impact was much less, with a return to pre-ban revenue levels anticipated early in 2006.
In August 2001, the casino underwent a $12-million, 36,000 square foot expansion and renovation and now encompasses a total of 66,000 square feet on two levels. It features an art deco theme and includes six hand painted murals.
OWNERSHIP & MANAGEMENT
Palace Casino is owned by Gateway Casinos & Entertainment Limited. Gateway is headquartered in Burnaby, British Columbia is one of the largest casino and entertainment companies in Western Canada, operating nine facilities across British Columbia and Alberta.
CASINO & RACINO COMPETITION
The Palace Casino operates in competition with four existing traditional Edmonton casinos, one Edmonton racino, and a First Nation casino on the Enoch reserve just west of the city limits. A seventh competitor is located in St. Albert, a city adjacent to Edmonton.
In late 2006, two new Edmonton-area casinos opened. Only one of these, the River Cree Resort and Casino, is expected to pose a competitive threat, as it is located less than 10km from the Palace Casino. Additionally, smoking will be permitted in approximately 30% of the facility. Gateway management recognizes this may permanently draw some regular customers to the River Cree, but remains onfident that their location, market position and reputation will mitigate any impact.
FOR FURTHER INFORMATION:
Gateway Casinos & Entertainment Limited web site
Catalyst Capital Group web site
New ownership for Gateway Casinos. Monique Tamminga. Langley Times. Aug 26, 2010. p. 31.
The ACES Who Hold The Cards; Edmonton-area casino owners are a diverse lot -- they include charities, sports groups, a restaurateur, Vancouver investors and a part-time elk rancher; WINNING NUMBERS:[FINAL Edition] DUNCAN THORNE, Journal Staff Writer. Edmonton Journal Edmonton, Alta.:Nov 9, 1996. p. H1.
Last Updated: 02/28/11 by Rhys Stevens
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