Tsleil-Waututh Nation Eyes Casino Deal at Hastings

The Tsleil-Waututh Nation (səlilwətaɬ) has taken a major step toward expanding its economic footprint by signing a non-binding Memorandum of Understanding (MOU) to acquire the casino operations and related land interests at Hastings Racecourse & Casino in Vancouver. 

“A Big Milestone for Our Nation”

The deal is being negotiated with the Great Canadian Gaming Corporation, also known as Great Canadian Entertainment.

The 1982-founded gaming and hospitality company has turned into the country’s premier choice in terms of gaming, entertainment, hospitality, and resort facilities, with locations spread across Ontario, British Columbia, New Brunswick, and Nova Scotia.

“This is a big milestone for our Nation,” said Chief Jen Thomas of the Coast Salish Nation with a territory centred around Burrard Inlet in the Greater Vancouver area.

Thomas also took the opportunity to express their thrill for being able to “take another important step towards economic self-determination” in their “traditional territory” while expressing eagerness to work with Great Canadian Entertainment’s senior managers to “finalize due diligence and execute a definitive agreement”.

The People of the Inlet’s Chief described the new agreement as a “historic” one. “We look forward to entering the gaming industry in due course,” he added.

Outlining the Details of a Future Deal

The MOU outlines the framework for a future deal, but several details still need to be finalized. Due diligence is ongoing, and both parties are working toward a full purchase agreement. 

Once that’s in place, the transaction will need to clear several regulatory hurdles, including approvals from gaming regulators and the City of Vancouver, which owns the land where Hastings sits.

Great Canadian Entertainment expressed strong support for the potential handoff.

“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 chief executive officer Matt Anfinson. 

“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.”, Anfinson added.

If the deal closes as expected, Great Canadian will continue to assist with operations during a transitional period to help ensure a smooth handover.

On the legal and financial side, Tsleil-Waututh Nation is being advised by KPMG Corporate Finance Inc. and law firm McCarthy Tétrault LLP. Great Canadian is receiving legal guidance from McMillan LLP.This potential acquisition marks a significant moment not only for TWN’s economic development but also for Indigenous participation in British Columbia’s gaming and hospitality sector.