Gateway Casinos Income Fund Receives Final Rezoning for Redevelopment of the Burnaby Casino

BURNABY, BRITISH COLUMBIA--(CCNMatthews - Nov. 29, 2005) - Gateway Casinos Income Fund (the "Fund") (TSX:GCI.UN) is pleased to announce that it received final rezoning for the Burnaby redevelopment project at a meeting of the Burnaby City Council held last night. This was the final regulatory approval necessary for the project and the Fund expects to receive the project development permit within a week to 10 days.

The project involves building a new facility for the Burnaby Casino on the site of the Radisson Hotel Burnaby purchased by Gateway last summer, including a new 100,000 square foot casino, full-service restaurant, a new lobby for the hotel and a convention center, as well as upgrading the existing 200 rooms in the tower portion of the hotel. The new casino will house up to 1,000 slot machines, 60 table games, an 18-table poker room, a high-limit gaming area, an entertainment lounge and central bar, and the necessary back-of-house amenities. Upon opening the new facility, the existing casino will be converted back into parkade, with an additional level and a half of parking constructed. This structure will be connected to the new casino by a covered overhead walkway.

Earthworks are expected to begin on the site before the end of the year. We are anticipating that the general contract for the construction will be awarded early in 2006, with construction of the casino building to begin within the first quarter of 2006. Target opening date for the new facility is spring 2008.

The Fund is an unincorporated open-ended limited purpose trust established under the laws of British Columbia, which operates the Burnaby Casino in Greater Vancouver, B.C., the Palace Casino in Edmonton, Alberta and the Lake City Casinos in Kamloops, Kelowna, Penticton and Vernon, B.C. Headquartered in Burnaby, B.C., the Fund is one of the largest casino operators in Western Canada.