Indigenous Gaming Partners (IGP) has acquired Alberta-based casino operator Pure Canadian Gaming following regulatory approvals from Alberta Gaming, Liquor & Cannabis (AGLC) and the Canada Competition Bureau.

Pure Canadian Gaming is based in Edmonton and operates four premier casinos across Alberta: two in Edmonton, one in Calgary and another in Lethbridge. While IGP has bought its operating assets, Pure’s real estate assets have been owned by VICI Properties Inc. since January 2023. VICI will now assign the master lease agreement it holds with Pure Canadian Gaming to IGP.

IGP is a new gaming company established by five Nova Scotia-based Mi’kmaw First Nations communities in partnership with Sonco Gaming Inc., a leader in Indigenous-owned casino development and management. It has acquired Pure from ONCAP, a private equity platform of Onex, for an undisclosed amount.

IGP says deal brings lasting opportunities for First Nations

IGP is focused on developing a portfolio of casinos through strategic acquisitions, with a mission to create meaningful economic opportunities for Indigenous communities.

“We’re excited to take this significant step forward in diversifying and building lasting economic opportunities for our Nations,” said Michael Peters, chairman of IGP and CEO of Glooscap Ventures, the business arm of one of the First Nations that comprises IGP.

“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.”

This is the latest notable First Nations gaming deal to be struck in Canada in 2024. Over on Vancouver Island, B.C.’s Snuneymuxw First Nation acquired both Casino Nanaimo and Elements Casino Victoria from Great Canadian Entertainment earlier this year.

More strings to Sonco Gaming’s bow

Sonco Gaming will work with ICP on the day-to-day operations of Pure’s four casinos.

The company has developed and/or managed numerous Canadian Indigenous gaming projects, including Great Blue Heron Casino on Mississaugas of Scugog Island First Nation in Ontario, Grey Eagle Resort & Casino on the lands of Tsuut’ina First Nation outside Calgary, and Casino New Brunswick.

“Sonco is proud to have partnered with five experienced First Nations on this landmark acquisition,” said the company’s CEO Anthony Novac. “This transaction represents an important step toward economic reconciliation and demonstrates the potential for meaningful partnerships in Indigenous gaming.”

VICI holds right of first refusal

The deal has been supported by VICI, which owns a large North American casino portfolio including the real estate assets of Caesars Palace, the Venetian and nearly all MGM casino hotels in Las Vegas. VICI’s tenants include Hard Rock International and PENN Entertainment.

As part of the IGP agreement, VICI gained rights of first refusal on future IGP sales of gaming real estate.

“This transaction demonstrates VICI’s ability to collaboratively work with existing partners while building new relationships with highly experienced operators and First Nations in international jurisdictions,” said VICI VP of Business Development and Acquisitions Danny Valoy said. “We are pleased to welcome IGP as a new partner, and we look forward to expanding our relationship with IGP and Sonco as they pursue additional growth opportunities in the future.”