British Columbia-based Tsleil-Waututh Nation has entered a non-binding memorandum of understanding (MoU) to acquire Hastings Racecourse & Casino in Vancouver.
Financial terms of the deal were not disclosed. However, the tribe confirmed the purchase agreement covers the casino business and related real property interests.
The venue is currently operated by Great Canadian Gaming Corporation. The company acquired the lease for the site in 2004, but this is due to expire in May next year.
While the Tsleil-Waututh Nation has struck a tentative agreement with Great Canadian, a full deal is not yet in place. The tribe said the purchase remains subject to further due diligence, finalization of financial terms and the execution of a definitive purchase and sale agreement.
Should it reach an agreement, this would require approval by gaming regulatory and other authorities. This will include the city of Vancouver, given its ownership of the real property.
It is expected Great Canadian will provide transition services to Tsleil-Waututh Nation for a period following the anticipated closing. The tribe did not state when the deal is likely to be completed.
‘Historic’ Deal for Tsleil-Waututh Nation
Jen Thomas, chief of the Tsleil-Waututh Nation, talked up the importance of the deal. She said should the acquisition be finalized, it would be a “historic” moment for the tribe.
“We’re thrilled to take another important step towards economic self-determination for our Nation in our traditional territory,” Thomas said. “We’re eager to work with the senior management team at Great Canadian Entertainment to finalize due diligence and execute a definitive agreement, as well as work with the City of Vancouver to ensure the best long-term use of this important asset within the City.
“We believe this opportunity is historic for us in many ways. We look forward to entering the gaming industry in due course.”
Great Canadian CEO Matt Anfinson said: “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.”
Hastings Racecourse & Casino first opened its doors in 1889. Initially known as East Park, it is Vancouver’s longest continuously used professional sports facility.
