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Cision Canada
2 days ago
- Business
- Cision Canada
Tsleil-Waututh Nation Announces Historic Memorandum of Understanding to Purchase Casino Business at Hastings Racecourse & Casino
səlilwətaɬ (TSLEIL-WAUTUTH NATION), BC, June 6, 2025 /CNW/ - Today, səlilwətaɬ (Tsleil-Waututh Nation) (" TWN") announced that it has entered into a non-binding Memorandum of Understanding for an agreement in principle to acquire the casino business and related real property interests at Hastings Racecourse & Casino (" Hastings") in the City of Vancouver from Great Canadian Gaming Corporation (" Great Canadian Entertainment"). "We are thrilled to take another important step towards economic self-determination for our Nation in our traditional territory, and we are eager to work with the senior management team at Great Canadian Entertainment to finalize due diligence and execute a definitive agreement, as well as working with the City of Vancouver to ensure the best long-term use of this important asset within the City," stated Jen Thomas, Chief of the Tsleil-Waututh Nation. "We believe that this opportunity is historic for us in many ways, and we look forward to entering the gaming industry in due course," she concluded. "We are excited about working with TWN on their potential acquisition of the casino operations and related real property interests at Hastings Racecourse & Casino," stated Matt Anfinson, Chief Executive Officer of Great Canadian Entertainment. "Recognizing that Hastings is part of the TWN's traditional territory, we can think of no better entity to inherit this asset, and we look forward to supporting them in the transition after the anticipated close of the sale," he concluded. The agreement is subject to further due diligence, finalization of financial terms and the execution of a definitive purchase and sale agreement. Once a definitive agreement has been executed by the parties, it is anticipated that the transaction will be subject to customary closing conditions as well as customary approvals by gaming regulatory and other authorities, including certain approvals by the City of Vancouver given its ownership of the real property. It is expected that Great Canadian Entertainment will provide transition services to TWN for a period of time following the anticipated closing. KPMG Corporate Finance Inc. is acting as financial advisor and McCarthy Tétrault LLP is acting as legal counsel to TWN. McMillan LLP is acting as legal counsel to Great Canadian Entertainment. About səlilwətaɬ (Tsleil-Waututh Nation) səlilwətaɬ (Tsleil-Waututh Nation) are known as People of the Inlet. səlilwətaɬ is a Coast Salish Nation whose territory centres around Burrard Inlet in the Greater Vancouver region. Tsleil-Waututh people carry a Sacred Trust, a responsibility, to care for and restore traditional territory to its former state. Today, Tsleil-Waututh is more than 600 people strong and growing. The community draws on knowledge from ancestors to remedy past wrongs, reclaim territory and traditions, and advance into a bright future. For more information on Tsleil-Waututh Nation, visit About Great Canadian Entertainment Founded in 1982, Great Canadian Entertainment is Canada's premier gaming and hospitality company with gaming, entertainment, hospitality and resort facilities in Ontario, British Columbia, New Brunswick, and Nova Scotia. Committed to investing in and offering opportunity to those in the communities in which it operates, Great Canadian Entertainment supports hundreds of charitable and non-profit organizations across Canada under its PROUD program; "PROUD of our people, our business, our community". A significant portion of gross gaming revenue from Great Canadian Entertainment's gaming facilities is retained by Crown partners on behalf of their provincial governments for the purpose of supporting programs that benefit healthcare, education, and social services in Canada. To learn more, please visit or follow us on Twitter, Instagram, Facebook and LinkedIn.
CBC
2 days ago
- Business
- CBC
Tsleil-Waututh reach tenative deal to acquire Hastings Racecourse casino in Vancouver
Social Sharing The Tsleil-Waututh Nation says it has reached a preliminary deal to purchase the casino business and related real estate at Hastings Racecourse and Casino in Vancouver from Great Canadian Entertainment, the country's largest gaming and hospitality company. The First Nation announced Friday that it has signed a non-binding memorandum of understanding with the company and is now working toward a formal agreement. "We are thrilled to take another important step towards economic self-determination for our Nation in our traditional territory," said Tsleil-Waututh Chief Jen Thomas in a statement. "We believe that this opportunity is historic for us in many ways, and we look forward to entering the gaming industry in due course." The Hastings site is located in the First Nation's traditional territory around Burrard Inlet. The deal is still subject to due diligence and final approval from regulators, including the City of Vancouver, which owns the land. In the same statement, Great Canadian CEO Matt Anfinson said the company supports the sale. "Recognizing that Hastings is part of the TWN's traditional territory, we can think of no better entity to inherit this asset," he said. The company says it will continue to provide transition services to the First Nation following the anticipated closing of the deal. No timeline for the final agreement or anticipated closing date has been announced. Earlier this year, Vancouver Island's Snuneymuxw First Nation completed a similar move in January, acquiring Casino Nanaimo and Elements Casino Victoria from Great Canadian Entertainment after receiving final regulatory approval. At the time, the First Nation said the transition would generate sustainable wealth and bolster Snuneymuxw's influence locally, nationally and globally.
