Semiahmoo First Nation to Buy Great Canadian’s Elements Casino Surrey

Great Canadian Entertainment and the Semiahmoo First Nation’s economic development arm, SE-MI-AH-MU Development Corporation, have finalized an agreement for the sale of Elements Casino Surrey. 

“Eight Such Agreement with British Columbia First Nations”

The transaction is currently pending a series of standard regulatory approvals, as well as customary closing conditions, and the official consent of the City of Surrey, as it owns the underlying property. 

Great Canadian has announced it will provide transition support to SE-MI-AH-MU for up to a year after closing.

Matt Anfinson, CEO of Great Canadian, said the deal marks the eighth such agreement with British Columbia First Nations for the sale of the company’s B.C. operations. 

“We’re excited that Semiahmoo First Nation is entering the province’s casino sector,” he said. “Our next steps will focus on closing the transaction smoothly and working with the SE-MI-AH-MU team and Elements Casino Surrey staff to ensure long-term success.”

Chief Harley Chappell of Semiahmoo First Nation went on to further highlight the broader benefits that the decision would bring upon the community, explaining that the acquisition would “strengthen economic opportunities for our people” while further reiterating and strengthening their presence in their “traditional territory.”

“We look forward to creating meaningful employment, supporting regional development, and contributing to the prosperity of our community”, Chief Harley added. 

Legal counsel for the transaction is being provided by McMillan for Great Canadian and Munnings Law for SE-MI-AH-MU.

Important Property Sale Decisions 

Last December, Great Canadian announced it would sell Casino Vancouver to PDG, Snuneymuxw First Nation’s wholly owned corporation. 

The same corporation also bought Casino Nanaimo on Vancouver Island, Elements Casino Victoria, River Rock Casino Resort, and Chances Maple Ridge from Great Canadian.

Similarly, last year, Ts’elxwéyeqw Tribe Management Ltd was purchased by Elements Casino Chilliwack, while Hastings Casino in Vancouver reached the Tsleil-Waututh Nation.

According to unconfirmed media reports, Great Canadian Entertainment drew between $650 million and $675 million from the respective sales and used the money to pay down its debt, amid a New York private equity firm’s purchase of the company for $3.3 billion in 2021. 

Allegedly, the company, this way, created a scenario that allowed investors to look forward to a return on their investment.