A series of casino transactions across British Columbia and Alberta over the past couple of years, all involving First Nations groups, is reshaping ownership of the gambling industry in Western Canada.

The most recent transactions involve the $200.6-million sale-leaseback transaction for two Alberta casinos and adjacent hotels from Indigenous Gaming Partners Inc. (IGP), to international gaming and hospitality firm VICI Properties Inc.; and the sale of the Elements Casino Surrey in British Columbia to Semiahmoo First Nation from Great Canadian Entertainment (GCE).

The Surrey sale is the eighth casino to be divested by GCE in the past two years, and all have been acquired by Indigenous-led groups. While the majority of the sales are still to close - pending regulatory and other approvals - the activity signals a significant increase in activity by First Nations groups.

New opportunity for Semiahmoo First Nation

The chief of the Semiahmoo First Nation, Harley Chappell, told RENX in an interview the Elements Casino acquisition is part of cementing its role as a strong business entity in its traditional territory. While the city owns the underlying real estate at Elements Casino Surrey, located on 60 Ave. in Cloverdale, the First Nation now owns the business.

Chappell told RENX the deal represents his nation's first gaming investment. The First Nation is also keen on other potential investment and property acquisitions in the region. 

"We've had an interest in gaming for quite a few years," he said. "Our former leadership... had a few requests to try to get a gaming license for Semiahmoo and unfortunately, we weren't able to do that in the past. When this one arose, we took full advantage."

Chappell said GCE has been looking to divest several of its holdings on the West Coast and "we were approached... and asked if we were interested in going into the gaming industry."

GCE will assist Semiahmoo First Nation with the transition to ownership and operations. The gaming company has been offloading assets in the region, and particularly to regional First Nations. 

“(The Surrey) 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, the CEO of Great Canadian, in a release. "We are thrilled that the Semiahmoo First Nation is eager to enter the province’s casino sector with the purchase of Elements Casino Surrey.”

GCE declined an interview request from RENX for this story. 

Elements Surrey Casino "needs some love"

Acquiring businesses and promoting development on their lands are priorities for many First Nations economic development organizations. The casino industry has become an opportunistic sector in which to invest.

“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,” Chappell said. “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.”

Semiahmoo First Nation is the home of the Semiahmoo people. Its traditional territories are next to Semiahmoo Bay, and include parts of Surrey, White Rock and Washington state. 

Chappell said the Elements Surrey property will "need some love." He expects the lease with the City of Surrey will remain in place and the organization will invest in upgrading the facilities. The casino has 500 slot machines. 

In particular, he said the casino has vacant restaurant spaces that will require new operations.

Fairgrounds part of long-term redevelopment plans

Elements Casino Surrey is located near the Cloverdale Rodeo Grounds and adjacent to the former Fraser Downs horse racing track, which ceased operations last summer.

The city retains the land on which the race track had operated. Part of the fairgrounds, that land will be part of the city’s long-term redevelopment plans, which would eventually include housing, a new hospital and other cultural and recreational uses. 

Earlier this month, Surrey City Council granted the Cloverdale Rodeo Association a new five-year lease agreement to secure the future of the rodeo and country fair at the site until at least 2031. In talking with the city manager, Chappell said he expressed the desire to work together to share ideas about investing in this part of the city. 

"Hopefully the casino is a good fit to stay in that location," he said. 

Started in British Columbia in 1982, GCE is a gaming and entertainment company with properties in 23 cities in Ontario, Nova Scotia, British Columbia and New Brunswick. The properties feature slot machines, live and electronic table games, racetracks, restaurants, concert venues, conference facilities and hotels.

Other recent casino sales

The sales of GCE casinos began in mid-2024, when facilities in Nanaimo and Victoria were sold to the Snuneymuxw First Nation. 

In 2025 the Tsleil-Waututh Nation acquired Hastings Racecourse casino in Vancouver, followed by the fall sales of River Rock Casino in Richmond and Chances Maple Ridge in October. Before the end of the year, Ts’elxwéyeqw Tribe announced a deal to acquire Elements Casino Chilliwack and then Snuneymuxw revealed the pending acquisition of Great Canadian Casino Vancouver in Coquitlam.

In the most recent transaction in Alberta, announced last week, VICI Properties is acquiring the real estate assets of the Deerfoot Inn and Casino, Great Northern Casino, and the two limited-service hotels adjacent to the Great Northern property from IGP.

Indigenous Gaming Partners Inc. was established in 2024 and is comprised of five institutional First Nations - Glooscap First Nation, Millbrook First Nation, Annapolis Valley First Nation, We’koqma’q L’nue’kati, and Paqtnkek Mi’kmaw Nation - along with Sonco Gaming Inc., a Canadian casino management and development company. 

Through its operating entity, PURE Casino Entertainment LP, IGP also owns and operates Pure Casino Edmonton, Pure Casino Yellowhead, Pure Casino Calgary and Pure Casino Lethbridge.

Simultaneous with the closing of the real estate transaction, the portfolio will be added to an existing triple-net master lease agreement between VICI Properties and PURE and it will be extended to a 25-year initial base lease term with four five-year tenant renewal options. 

PURE’s obligations will continue to be guaranteed by Indigenous Gaming Partners, Inc.

“We are very excited to deepen and expand our presence in the Canadian gaming market, a very steady and stable gaming jurisdiction, alongside an existing partner,” said John Payne, president and COO of VICI Properties, in the announcement. “Having worked alongside IGP and PURE, we have seen firsthand their ability to operate and grow a best-in-class gaming platform, and we are proud to continue supporting that growth as their real estate partner and capital provider. 

“This is exactly the kind of transaction that reflects VICI’s value proposition, helping best-in-class operators execute on their growth strategies, and we hope to continue growing our relationship with IGP and PURE for years to come.”

VICI Properties Inc. is an S&P 500-listed trust that owns one of the largest portfolios of gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas. 

- With additional reporting and updates from Don Wilcox