SURREY, B.C. – The Se-mi-ah-mu Development Corporation, the economic development arm of Semiahmoo First Nation, has entered into a definitive agreement to purchase Elements Casino Surrey from Great Canadian Entertainment.
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, the company 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,” said Matt Anfinson, CEO of Great Canadian. “We are thrilled that the Semiahmoo First Nation is eager to enter the province’s casino sector with the purchase of Elements Casino Surrey. 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,” said 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.”
Munnings Law is serving as legal counsel to Se-mi-ah-mu and McMillan is serving as legal counsel to Great Canadian.