Revenue Properties Nevada Subsidiary Agrees To Sell Last Gaming Asset And Morguard Corporation Increases Common Share Ownership To 76%.

Business Editors

TORONTO--(BUSINESS WIRE)--Aug. 1, 2002

Revenue Properties Company Limited (Nasdaq:RPCLF) (TSX:RPC.TO) (TSE: RPC; NASDAQ: RPCLF) ("RPCL") announced today that its wholly owned subsidiary, RPC Gaming, Inc. has entered into a definitive agreement to sell its interest in the one remaining casino property owned by P.T. Gaming LLC to its Nevada partners for approximately Cdn. $3 million. The closing of this transaction is conditional only upon the parties obtaining all necessary regulatory approvals. Upon closing of this transaction, RPCL will have completed its plan to end its involvement in gaming in Nevada.

RPCL also announced that Morguard Corporation, through it wholly-owned subsidiary 3391361 Canada Inc., has completed its previously announced acquisition of 23,025,000 common shares of the Corporation to hold 49,025,000 common shares or 76.4% of the issued and outstanding common shares of the Corporation.

Morguard Corporation also holds $27,741,000 principal amount of the Corporation's 7% Convertible Subordinated Debentures due December 31, 2006.

Revenue Properties Company Limited is a fully integrated real estate company engaged in the acquisition, development and ownership of income-producing properties in Canada. Additional information can be obtained on the Internet at http://www.revprop.com.