Indigenous Gaming Partners (IGP) has completed its acquisition of PURE Canadian Gaming, marking a significant step in reshaping ownership dynamics within Canada’s gaming sector.
The deal between IGP and PURE, finalized in December 2024, includes PURE’s four prominent casinos in Alberta: Pure Casino Yellowhead and Pure Casino Edmonton in Edmonton, Pure Casino Calgary, and Pure Casino Lethbridge.
This acquisition follows regulatory approvals from Alberta Gaming, Liquor & Cannabis (AGLC) and the Canada Competition Bureau.
The transaction reflects a broader movement toward fostering economic opportunities for Indigenous communities through strategic investments in the gaming and entertainment industries.
VICI Properties and the Real Estate Agreement
While IGP has taken ownership of PURE’s operating assets, the real estate remains under VICI Properties, a leading real estate investment trust in North America. VICI had previously acquired PURE’s real estate in January 2023 for CA$271.9 million (US$192 million).
As part of the latest transaction, VICI has assigned its master lease agreement with PURE to IGP, maintaining key terms such as a 25-year base lease with annual escalations and renewal options.
VICI has also gained a five-year right of first offer (ROFO) for any future sale-leaseback transactions involving IGP, further securing its interests in the Canadian market. This strategic collaboration underscores VICI’s commitment to expanding its partnerships within Canada’s growing gaming industry.
Indigenous Gaming Partners: A Vision for Growth
IGP was established by five Nova Scotia-based First Nations in collaboration with Sonco Gaming Inc., a prominent developer and operator of casino projects.
Together, they aim to create economic opportunities through investments in high-quality casinos.
Michael Peters, Chairman of IGP and CEO of Glooscap Ventures, described the acquisition as a transformative development. “This acquisition allows us to enter the gaming industry at scale, creating new opportunities for growth and meaningful benefits for our communities,” Peters said in the official announcement.
He also highlighted the importance of leveraging expertise from established partners like Sonco Gaming to ensure success.
Sonco Gaming’s Expertise in the Gaming Industry
Sonco Gaming Inc. brings extensive experience to this partnership, having managed several Indigenous casino projects across Canada.
These include Grey Eagle Resort & Casino near Calgary, Great Blue Heron Casino in Ontario, and Casino New Brunswick. Sonco will oversee the daily operations of PURE’s four casinos, ensuring a seamless transition under IGP’s ownership.
Anthony Novac, CEO of Sonco Gaming, emphasized the significance of this collaboration. “This transaction represents a major step forward in creating opportunities for Indigenous communities. It also demonstrates the potential for meaningful partnerships that drive economic growth,” Novac said.
PURE Canadian Gaming’s Legacy and Transition
PURE Canadian Gaming, headquartered in Edmonton, has long been a leader in Alberta’s gaming scene. The company operates state-of-the-art facilities, combining entertainment, dining, and event hosting to attract a diverse audience.
Under ONCAP’s ownership, PURE expanded its operations, improved customer service, and solidified its reputation as one of Alberta’s premier casino operators.
Edmund Kim, Managing Director at ONCAP, praised PURE’s accomplishments during its tenure with the private equity firm. “We worked closely with PURE’s management to grow the business, enhance its performance, and improve customer service. We wish IGP continued success in building on these achievements,” Kim stated.
Economic and Social Impacts of the Acquisition
The acquisition and deal between IGP and PURE represents a significant opportunity for Indigenous communities in Nova Scotia to benefit from Alberta’s thriving gaming market.
Through IGP, profits from PURE’s operations will be reinvested into community programs, infrastructure development, and other initiatives that enhance the quality of life for First Nations members.
Peters highlighted the broader implications of the acquisition, stating, “This deal is not just about financial gains—it’s about creating pathways for sustainable growth that uplift our communities and demonstrate the value of Indigenous involvement in the gaming industry.”
VICI Properties Expands Its Canadian Portfolio
VICI Properties, already a dominant player in the North American gaming real estate market, further strengthens its presence in Canada through this agreement.
With a diverse portfolio that includes iconic properties such as Caesars Palace and MGM Grand in Las Vegas, VICI continues to establish itself as a partner of choice for gaming operators.
Danny Valoy, Vice President of Business Development and Acquisitions at VICI, expressed enthusiasm for the partnership. “We are excited to work with IGP and support their vision for growth in the Canadian gaming sector.
This collaboration reflects our ability to align with experienced operators and create mutually beneficial opportunities,” Valoy said.
A Growing Presence for Indigenous-Owned Casinos
The acquisition of PURE Canadian Gaming is part of a larger trend of Indigenous nations taking greater control within Canada’s gaming industry.
Earlier in 2024, British Columbia’s Snuneymuxw First Nation acquired Casino Nanaimo and Elements Casino Victoria, further underscoring the shift toward Indigenous ownership.
These developments highlight the growing recognition of Indigenous organizations as key players in shaping Canada’s gaming industry. Partnerships like those between IGP and PURE, Sonco Gaming, and VICI Properties are paving the way for greater representation and economic reconciliation.
Future Plans for IGP and PURE Casinos
Looking ahead, IGP plans to leverage its new assets to pursue additional opportunities in the gaming sector. The company is well-positioned for growth with Sonco Gaming’s operational expertise and VICI Properties’ financial backing.
Novac emphasized the strategic potential of the acquisition, noting, “This partnership between IGP and PURE opens doors for future investments that align with our commitment to delivering exceptional gaming experiences and driving community-focused outcomes.”
Peters echoed this sentiment, adding, “We are optimistic about the future and committed to using this platform to create meaningful change for our communities while setting new standards in the gaming industry.”
A Landmark Moment for Economic Reconciliation
The deal between IGP and PURE is quite interesting for the industry.
It signifies a shift in how Indigenous communities participate in Canada’s economic development. Through strategic investments and partnerships, First Nations groups are not only gaining financial independence but also redefining their role in key industries.
As IGP begins its journey in the Alberta gaming market, the success of this venture could serve as a blueprint for other Indigenous organizations looking to make their mark in Canada’s economy.
With a focus on sustainable growth and community impact, IGP’s acquisition of PURE Canadian Gaming sets the stage for a promising future.
