Gateway Casinos is one of the biggest casino companies in Canada, controlling 31 properties across Ontario, Alberta, and British Columbia. It is now seeking $1.3bn in private debt as it attempts to refinance loans and pay a dividend to the owners.

shopping around lenders to get the best deal possible

Morgan Stanley is looking after this process by shopping around lenders to get the best deal possible. According to the Bloomberg report, the size of the debt might change and all negotiations are still in the preliminary stage.

Catalyst Capital Group Inc., which has owned the company since 2009, began exploring strategic options last year after hiring advisors, with a potential sale one of the possibilities on the table.

Great Canadian Gaming Corporation is Gateway’s biggest rival in Canada, controlling 25 casinos across the country. The Apollo Global Management subsidiary announced on Wednesday that it is refinancing debt through a $665m term loan from the US leveraged loan market.