Indigenous Gaming Partners (IGP) has recently acquired PURE Canadian Gaming from ONCAP, marking a significant move in the gaming industry. PURE Canadian Gaming, which was previously owned by ONCAP, operates four casinos in Canada: Pure Casino Yellowhead (Edmonton), Pure Casino Edmonton, Pure Casino Calgary, and Pure Casino Lethbridge.
IGP is a newly established gaming company formed by five Nova Scotia-based First Nations in collaboration with Sonco Gaming, Inc. The First Nations involved in the creation of IGP are Glooscap First Nation, Millbrook First Nation, Annapolis Valley First Nation, We’koqma’q L’nue’kati, and Paqtnkek Mi’kmaw Nation. This acquisition is seen as a significant milestone towards economic reconciliation and provides opportunities for growth and benefits for the Indigenous communities.
Michael Peters, Chairman of IGP and CEO of Glooscap Ventures, expressed his excitement about the acquisition, stating that it allows them to enter the gaming industry on a larger scale and create new opportunities for their communities. Sonco Gaming, a partner in IGP, has a strong presence in the Canadian gaming market with ownership or involvement in various casinos across the country.
The transaction also involved a rework of the master lease agreement that PURE had with real estate investment trust VICI Properties. VICI had purchased the real estate assets of PURE’s four casinos in January 2023 for CA$271.9m (US$192.0m) and had entered into a 25-year leaseback agreement with PURE. The lease agreement will mostly remain unchanged under the ownership of IGP, with the addition of a five-year right of first offer for VICI on any future sale-leaseback deals.
This acquisition is seen as a positive step towards economic reconciliation and highlights the potential for meaningful partnerships in Indigenous gaming. It opens up new opportunities for growth and development in the gaming sector, allowing Indigenous communities to benefit from the industry’s success.
Overall, the acquisition of PURE Canadian Gaming by Indigenous Gaming Partners signifies a significant milestone in the gaming industry, showcasing the potential for collaboration and growth in Indigenous gaming. It represents a step towards economic reconciliation and provides new opportunities for the Indigenous communities involved in the venture.