The Se-mi-ah-mu Development Corporation, representing the economic interests of the Semiahmoo First Nation, has reached an agreement to acquire Elements Casino Surrey in British Columbia from Great Canadian Entertainment.
This deal has received unanimous approval from Great Canadian’s Board of Directors and is contingent upon securing financing, meeting standard closing conditions, and obtaining regulatory approvals, including consent from the City of Surrey, which owns the land on which the casino operates.
Great Canadian's CEO, Matt Anfinson, expressed enthusiasm about the agreement, noting that this marks the eighth transaction with B.C.-based First Nations regarding the sale of their operations in the province. He stated, “We are excited that the Semiahmoo First Nation is keen to enter the casino industry in British Columbia. Our next step involves collaborating with the Se-mi-ah-mu team to ensure a smooth and timely closing of this transaction, followed by working together for the long-term success of Elements Casino Surrey.”
As part of the agreement, Great Canadian will offer transitional support to Se-mi-ah-mu for up to one year after the deal is finalized.
Chief Harley Chappell of the Semiahmoo First Nation commented, “This acquisition is a significant milestone in enhancing economic opportunities for our community and reinforces our presence in our traditional territory as a robust and capable business entity. We are eager to create meaningful benefits for our people, foster employment opportunities in the area, and contribute to the long-term prosperity and well-being of our community.”
Munnings Law is providing legal representation for Se-mi-ah-mu Development Corporation, while McMillan LLP is advising Great Canadian Entertainment on this transaction.