The Semiahmoo First Nation’s development arm has reached a deal to purchase Elements Casino Surrey in Surrey, B.C., from Great Canadian Entertainment.

Great Canadian and the Se-mi-ah-mu Development Corporation announced that they have entered into a definitive agreement for the First Nation’s economic development arm to acquire the gaming facility located in the Cloverdale area.

The transaction was unanimously approved by Great Canadian’s board of directors. Finanacial terms were not disclosed.

The deal remains subject to financial commitments, customary closing conditions and approvals from regulatory authorities and the City of Surrey, which owns the property and leases it out. Under the agreement, Great Canadian will provide transition services to the Semiahmoo for up to one year following closing.

The proposed deal marks the agreed sale of eight B.C.-based Great Canadian casinos.

“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, CEO of Great Canadian. “Our next step will be to continue to work with the Semiahmoo team to timely close this transaction and then work with Semiahmoo and the Elements Casino Surrey team members for long-term success.”

Semiahmoo Chief Harley Chappell said the acquisition will help expand economic opportunities for the First Nation within its traditional territory.

“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,” he said.

McMillan is serving as legal counsel to Great Canadian and Munnings Law is serving as legal counsel to the Semiahmoo.

The casino is located on the site of the former Fraser Downs standardbred harness racing track, which Great Canadian shut down last summer. Although the track closed, the casino has remained open. Plans call for the track to be redeveloped as a major multi-residential project.

Great Canadian has also shuttered its Hastings Racecourse thoroughbred horseracing business, which operated at Vancouver’s Pacific National Exhibition site since 1889. In the process, Great Canadian agreed to sell its casino business located in the racetrack’s grandstand to the Tsleil-Waututh Nation.

The City of Vancouver, which owns the property, and Vancouver Whitecaps have signed a memorandum of understanding to develop a new stadium for the Major League Soccer club on the site. Plans call for a new casino to be built as part of a new entertainment centre adjacent to the stadium.

But the proposed project faces several logistical and feasibility hurdles, among other challenges.

Pictured: Elements Casino Surrey

Photo: Casinos Avenue