The Tsleil-Waututh Nation (TWN) announced on Friday, June 6 that it has entered into a non-binding Memorandum of Understanding for an agreement in principle to acquire the casino business and related real property interests at Hastings Racecourse & Casino in the City of Vancouver from Great Canadian Gaming Corporation.
“We are thrilled to take another important step towards economic self-determination for our Nation in our traditional territory, and we are eager to work with the senior management team at Great Canadian Entertainment to finalize due diligence and execute a definitive agreement, as well as working with the City of Vancouver to ensure the best long-term use of this important asset within the City,” stated Jen Thomas, Chief of the Tsleil-Waututh Nation. “We believe that this opportunity is historic for us in many ways, and we look forward to entering the gaming industry in due course.”
“We are excited about working with TWN on their potential acquisition of the casino operations and related real property interests at Hastings Racecourse & Casino,” stated Matt Anfinson, Chief Executive Officer of Great Canadian Entertainment. “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.”
The agreement is subject to further due diligence, finalization of financial terms and the execution of a definitive purchase and sale agreement. Once a definitive agreement has been executed by the parties, it is anticipated that the transaction will be subject to customary closing conditions as well as customary approvals by gaming regulatory and other authorities, including certain approvals by the City of Vancouver given its ownership of the real property. It is expected that Great Canadian Entertainment will provide transition services to TWN for a period of time following the anticipated closing.
KPMG Corporate Finance Inc. is acting as financial advisor and McCarthy Tétrault LLP is acting as legal counsel to TWN. McMillan LLP is acting as legal counsel to Great Canadian Entertainment.
(Tsleil-Waututh Nation)