Five Nova Scotia-based Mi’kmaw communities recently entered the retail casino space after purchasing four Alberta casino properties from Alberta Gaming, Liquor & Cannabis and the Canada Competition Bureau.
The communities involved in the cross-country venture – Millbrook, Paqtnkek, We’koqoma’q, Glooscap and Annapolis Valley – completed the acquisition of PURE Canadian Gaming and its Edmonton (incl. Yellowhead), Calgary, and Lethbridge facilities on Dec. 10.
Operating collectively as the Indigenous Gaming Partners (IGP), the quintet hopes the transaction will inspire greater financial independence for each community.
Michael Peters, Chairman of the IGP and CEO of Glooscap Ventures detailed the group’s excitement in a press release.
“We’re excited to take this significant step forward in diversifying and building lasting economic opportunities for our Nations. This acquisition allows us to enter the gaming industry at scale, creating new opportunities for growth and meaningful benefits for our communities. We appreciate the trust of our partners and look forward to building on their expertise as we expand into this exciting sector.”
Diversification at the core of IGP’s move to Alberta
Peters told CBC Indigenous Wednesday that diversification, both industrial and geographical, were key factors in IGP’s decision to enter Alberta’s retail casino sector.
While the retail gambling business isn’t foreign to IGP members, the Alberta move represents a much larger scale opportunity. Before the PURE acquisition, the five communities’ involvement remained limited to smaller ventures, for example, video lottery terminals.
This step forward allows IGP affiliates to “diversify own source revenues into other areas,” per Peters. Own source revenue, or income generated independently of federal funding, is essential for Indigenous communities operating under self-governance agreements.
Adding Alberta casino operations to their portfolios will create a wider OSR umbrella for IGP members. As a result, the five communities will have more funds to reinvest in integral services like housing and health care.
Deal includes multiple moving parts, but IGP finds trusted partner
While IGP secured PURE’s operating assets in the deal, the cooperative does not own its real estate assets. Those still belong to VICI Properties Inc., which has held PURE’s real estate rates since January 2023.
The New York based real estate investment trust, which has been active in Alberta recently, will transfer the master lease it holds with PURE to IGP.
Sonco Gaming Inc. is also involved as a direct partner of IGP. An established figure in Indigenous-owned casino development and management, Sonco will assist in the day-to-day operations of IGP’s new properties. Sonco Gaming CEO Anthony Novac commented on the latest deal in the release.
“Sonco is proud to have partnered with five experienced First Nations on this landmark acquisition. This transaction represents an important step toward economic reconciliation and demonstrates the potential for meaningful partnerships in Indigenous gaming.”
Sinco’s past projects include The Great Blue Heron Casino on Mississaugas of Scugog Island First Nation in Ontario, and The Grey Eagle Resort & Casino on the lands of Tsuut’ina First Nation outside of Calgary.
