Indigenous Gaming Partners has purchased PURE Canadian Gaming from ONCAP. [Image: Shutterstock.com]
Casinos below tribal management
Indigenous Gaming Partners (IGP) has introduced the acquisition of PURE Canadian Gaming for an undisclosed sum. PURE was owned by ONCAP, the decrease mid-market personal fairness arm of Onex Corporation, a Canadian funding administration agency.
PURE operates 4 Canadian casinos: Pure Casino Yellowhead (Edmonton), Pure Casino Edmonton, Pure Casino Calgary, and Pure Casino Lethbridge.
gaming firm collectively created by 5 Nova Scotia-based First Nations
IGP is a brand new gaming firm collectively created by 5 Nova Scotia-based First Nations – Glooscap First Nation, Millbrook First Nation, Annapolis Valley First Nation, We’koqma’q L’nue’kati, and Paqtnkek Mi’kmaw Nation – in partnership with Sonco Gaming, Inc.
“Important step toward economic reconciliation”
“This acquisition allows us to enter the gaming industry at scale, creating new opportunities for growth and meaningful benefits for our communities,” mentioned Michael Peters, Chairman of IGP and CEO of Glooscap Ventures, in Tuesday’s announcement. “We appreciate the trust of our partners and look forward to building on their expertise as we expand into this exciting sector.”
Sonco Gaming is concerned with the possession, operations, and/or growth of quite a lot of casinos in Canada, together with Grey Eagle Resort & Casino (Tsuut’ina, AB), Casino New Brunswick (Moncton, NB), Great Blue Heron Casino (Scugog, ON), and River Cree Casino (Enoch, AB).
“This transaction represents an important step toward economic reconciliation and demonstrates the potential for meaningful partnerships in Indigenous gaming,” mentioned Sonco Gaming CEO Anthony Novac.
Leaseback settlement with VICI largely unchanged
With the sale of PURE Canadian Gaming to Indigenous Gaming Partners comes a minor rework of the grasp lease settlement PURE entered into with actual property funding belief VICI Properties when VICI purchased the actual property belongings of PURE’s 4 casinos in January 2023.
VICI paid PURE CA$271.9m (US$192.0 presently) for the actual property after which agreed to a 25-year leaseback time period beginning at CA$21.8m (US$15.4m) per yr with lease escalations beginning in yr three. PURE had 4 five-year renewal choices.
The lease settlement with an affiliate of IGP will stay largely the identical with one modification: VICI has acquired a five-year proper of first provide on any future sale-leaseback offers.
