Latest news with #TsleilWaututh
CTV News
9 hours ago
- Business
- CTV News
Tsleil-Waututh First Nation looking to acquire Hastings Park casino in Vancouver
The racetrack in Hastings Park and the Pacific Coliseum are seen from the air in May 2019. (Pete Cline / CTV News Vancouver) The Tsleil-Waututh First Nation may soon be the owner of a casino in the City of Vancouver. The nation announced Friday that it had entered a 'non-binding memorandum of understanding' with Great Canadian Gaming Corporation that – if completed – would see the nation acquire the casino business and 'related real property interests' at Hastings Racecourse & Casino. '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,' said 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 agreement is subject to further due diligence and 'finalization of financial terms,' according to the statement. 'We are excited about working with TWN on their potential acquisition of the casino operations and related real property interests at Hastings Racecourse & Casino,' said Matt Anfinson, CEO of Great Canadian Entertainment, in the statement. '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.' Any sales agreement that comes together is expected to be subject to 'customary approvals by gaming regulatory and other authorities,' the party said. One of those authorities would be the City of Vancouver itself, which owns the land on which the casino is located.
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.
