Great Canadian Entertainment has entered into definitive agreements to sell two more of its land-based casinos in British Columbia.
The Ts’elxwéyeqw Tribe has agreed to acquire Elements Casino Chilliwack in the Fraser Valley region of BC, while Tsleil-Waututh Nation will acquire Hastings Racecourse & Casino in Vancouver follows the signing of a non-binding Memorandum of Understanding between the parties in June.
“This purchase marks an exciting milestone for our Nations and for the entire territory,” said Chief David Jimmie, Chief of Squiala First Nation and President of Ts’elxwéyeqw Tribe Management. “By coming together in partnership, we are not only investing in a strong business opportunity, but also in the future of our people. The revenues generated through this acquisition will help strengthen our communities, create new opportunities, and ensure our Nations continue to play a leading role in the local economy.
“Additionally, we believe that local community-based ownership of Elements Casino Chilliwack will further strengthen the broader Fraser Valley community and economy. It’s a proud moment that reflects how Indigenous leadership and collaboration can build a stronger, more inclusive future for everyone.”
Great Canadian Entertainment CEO Matt Anfinson commented: “We are very excited to have entered into this agreement with the Ts’elxwéyeqw Group. We have had the privilege of being part of the Chilliwack community since we opened Elements Casino Chilliwack in 2012, and we believe that under the Ts’elxwéyeqw Group’s stewardship, the business will begin an exciting new chapter.
“For the team members and guests of Elements Casino Chilliwack, and the local community, we can think of no better owner for the business. We look forward to the closing and then working with the Ts’elxwéyeqw Group team during the transition period.”
The sale of Hastings Racecourse & Casino includes the casino portion of the business and the casino-related real property interests.
“We are excited about this next step towards economic self-determination for our Nation in our traditional territory, which will bring benefits to our community and the next seven generations,” said Justin George, Chief of səlilwətaɬ (Tsleil-Waututh Nation). “I am grateful to our current and previous səlilwətaɬ leadership, as well as our chief administrative officer (CAO), chief financial officer (CFO), and Economic Development Department, for advancing and solidifying this opportunity.”
Anfinson added: “We are proud to announce an agreement for the sale of this landmark casino business to TWN. It has been an honour to steward the casino at Hastings Racecourse & Casino for over 20 years, and we recognize the important role this transaction plays in TWN’s economic self-determination. We will now dedicate our efforts to a successful close of this transaction, as well as supporting the Tsleil-Waututh Nation thereafter.”
Both acquisitions are subject to customary closing conditions and regulatory approvals, with the Hastings Casino transaction subject to additional approval from the City of Vancouver as the owner of the underlying property at Hastings Park.
Great Canadian will continue to provide transitional services to both casinos for a period following closing.
Great Canadian has now agreed deals to sell six of its BC casinos in the past 18 months, having recently agreed to sell its River Rock Casino Resort and Chances Maple Ridge venues to Petroglyph Development Group (PDG), a subsidiary of the Snuneymuxw First Nation.
Those purchases build on PDG’s previous acquisitions of Great Canadian’s Casino Nanaimo and Elements Casino Victoria.
Following the sales, Great Canadian maintains ownership of 17 casinos across Canada.