Great Canadian Entertainment and the SE-MI-AH-MU Development Corporation have signed a definitive agreement for the sale of Elements Casino Surrey, setting up Semiahmoo First Nation to enter British Columbia’s casino sector through a property located within its traditional territory. The transaction still requires financial commitments, customary closing conditions, regulatory approvals, and consent from the City of Surrey, which owns the underlying real estate.

Casino Sale Continues Shift Toward First Nations Ownership

The announcement adds another property to the growing list of casino assets Great Canadian has agreed to transfer to First Nations in British Columbia. According to the company, this is the eighth agreement it has executed with B.C.-based First Nations for the sale of its provincial operations. The deal continues a pattern that has accelerated over the past two years, with other transactions involving casino properties in Vancouver, Chilliwack, Nanaimo, Hastings, Victoria, Maple Ridge, River Rock, and Coquitlam.

Elements Casino Surrey sits next to Fraser Downs racetrack in Surrey. While the racetrack stopped racing operations in August last year, the casino has continued to operate. Great Canadian said it would provide transition services to SE-MI-AH-MU for up to one year after closing to support the handover of the business.

As reported by The Canadian Press, Matt Anfinson, Chief Executive Officer of Great Canadian, said: “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.

“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.”

Semiahmoo First Nation Expands Economic Footprint

For Semiahmoo First Nation, the proposed acquisition represents a step into a new sector and a move to strengthen its economic position in a part of the province that overlaps with its traditional lands. The nation’s territory extends along Semiahmoo Bay and includes areas in Surrey, White Rock, and parts of northwestern Washington State.

Chief Harley Chappell framed the transaction as both an economic and territorial milestone for the nation.

“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 Chappell. “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.”

The casino currently includes 500 slot machines. Another report says the property also operates ten table games and 16 electronic table games. Its scale makes it a significant gaming venue in the region and a notable first casino-sector entry for Semiahmoo through its development arm.

Ongoing Divestment of B.C. Casino Assets

The Surrey agreement fits into a larger series of sales by Great Canadian Entertainment. In the past 18 months, the operator has steadily signed deals involving a number of B.C. casino assets. The company has not publicly outlined a detailed explanation for the sales strategy, though one report cited analysts at S&P who suggested that the focus may be tied to return on investment following Apollo Global Management’s acquisition of Great Canadian in 2021 for $3.3 billion. According to that report, proceeds from the sales are expected to help pay down $675 million of debt associated with that buyout.

Recent and proposed transactions have involved several First Nations and tribal groups across the province. In December, Great Canadian announced that Snuneymuxw First Nation would purchase Great Canadian Casino Vancouver in Coquitlam. The month before that, it said Elements Casino Chilliwack would be sold to the Ts’elxwéyeqw Tribe, which represents seven First Nation communities in the Chilliwack area. Earlier, Tsleil-Waututh Nation announced its intended acquisition of Hastings Racecourse Casino in Vancouver.

These transactions point to a reshaping of casino ownership in southwestern British Columbia, with First Nations increasingly taking direct control of gaming properties in their regions.

Although the agreement has been signed, the sale is not yet complete. Great Canadian said its board of directors unanimously approved the transaction, but several steps remain before it can close. In addition to financing and customary closing conditions, approval must come from regulators and from the City of Surrey because the municipality owns the underlying real property at Elements Casino Surrey.

To support the transition, Great Canadian has agreed to stay involved for as long as one year after the sale closes. Those services are intended to help SE-MI-AH-MU manage the changeover and maintain continuity at the property.