Great Canadian Entertainment to offload another casino with Elements Casino Surrey heading to Semiahmoo First Nation
Surrey marks eighth casino sold by Great Canadian since June 2024
Great Canadian Entertainment is offloading another casino with the SE-MI-AH-MU Development Corporation, the economic development arm of Semiahmoo First Nation, set to buy Great Canadian of Elements Casino Surrey.
In the last 18 months, Great Canadian has already sold venues in Vancouver, Chilliwack, River Rock, Nanaimo, Hastings, Victoria, and Maple Ridge.
Great Canadian hasn’t gone public with the strategy behind the sales, but analysts S&P have hinted that, as a private equity company, the focus is simply on a return on investment. New York-based private equity company Apollo Global Management bought Great Canadian for $3.3bn in 2021. The proceeds will see Great Canadian pay off $675m of debt that was taken on when it was bought.
Great Canadian’s Board of Directors unanimously approved the latest 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.
Great Canadian of Elements Casino Surrey operates 500 slots, ten table games and 16 electronic table games.
“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.”
