Tsleil-Waututh reach tenative deal to acquire Hastings Racecourse casino in Vancouver
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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.
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