Great Canadian Entertainment (Great Canadian) and the SE-MI-AH-MU Development Corporation, the economic development arm of Semiahmoo First Nation (SE-MI-AH-MU) announced on Monday, March 9 that they have entered into a definitive agreement for the purchase by SE-MI-AH-MU from Great Canadian of Elements Casino Surrey.
Great Canadian’s Board of Directors unanimously approved the transaction, which remains subject to financial commitments, customary closing conditions as well as customary approvals by the regulatory authorities and the City of Surrey, which owns the underlying real property at Elements Casino Surrey. Under the terms of the definitive agreement, Great Canadian will provide transition services to SE-MI-AH-MU for up to one year post-closing.
“Today’s announcement marks the eighth agreement we have executed with B.C.-based First Nations for the sale of our B.C. operations. We are thrilled that the Semiahmoo First Nation is eager to enter the province’s casino sector with the purchase of Elements Casino Surrey,” said Matt Anfinson, Chief Executive Officer of Great Canadian. “Our next step will be to continue to work with the SE-MI-AH-MU team to timely close this transaction and then work with SE-MI-AH-MU and the Elements Casino Surrey team members for long term success.”
“This acquisition represents an important step forward in strengthening economic opportunity for Semiahmoo First Nation and reaffirming our presence within our traditional territory as a strong and capable business entity,” stated Chief Harley Chappell of Semiahmoo First Nation. “Through this new venture, we look forward to creating meaningful benefits for our people, supporting employment opportunities in the region, and contributing to the long-term well-being and prosperity of our community.”
(Great Canadian Entertainment)