Great Canadian Entertainment reaches agreement to sell Hastings to local tribe

The owner of Hastings Racecourse and Casino in Vancouver, British Columbia, has reached an agreement to sell the “casino business and related real property” to a First Nations tribe in a deal that still needs various approvals and due diligence to close, according to the two sides in the purchase.

The Tsleil-Waututh Nation, a tribe based in North Vancouver, reached the deal just days after announcing a definitive agreement to negotiate for the property and the casino, the far more valuable asset in the deal. Hastings Park is owned by Great Canadian Entertainment, which purchased the track in 2004 for $15.1 million, prior to approvals from the province to install slot machines.

Great Canadian Entertainment has reached two deals over the past several years to sell two Vancouver Island gambling properties to the Snuneymuxw First Nation.

In a statement, the Tsleil-Waututh Nation said the purchase would represent “another important step toward economic self-determination for our nation and our traditional territory.”

“We are eager to work with the senior management team at Great Canadian Entertainment to finalize due diligence and execute a definitive agreement, as well as working with the City of Vancouver to ensure the best long-term use of this important asset within the city,” the statement said.

:: Access the most trusted data and information in horse racing! DRF Past Performances and Picks are available now.

In Vancouver, casinos are technically managed by the British Columbia Lottery Corporation, which provides oversight to operating companies that share in the revenues.

David Milburn, the president of the British Columbia Horsemen’s Benevolent and Protective Association, said on Monday afternoon that horsemen had not been apprised of the negotiations or the plans for the racetrack if the deal is finalized.

“All we know right now if what we read in the press,” Milburn said. “We’re in early days, but we know very little about it. We’d obviously like to know more.”

According to Milburn, the province does not have any statutory requirements for live racing by the casino operator of Hastings. But he said that horsemen have taken the position that the slot-machine license is tied to the racing license, and he said he was hopeful that the Tsliel-Waututh Nation would continue live racing.

“We are of the belief that the racing license is tied to the casino license, and you can’t have one without the other,” Milburn said.

Hastings Racecourse currently runs approximately 45 days of live racing a year, spread out over six months, from May to October, with racing generally held on the weekends.

Gary Johnson, the head of Thoroughbred Racing British Columbia, said in a statement that he was also unaware of the negotiations taking place until it was announced.

“It is important for people to understand that this is only the very beginning of what might be a long process and, as such, there is no immediate threat to racing,” Johnson said. “However, we certainly welcome the opportunity to find out more about exactly what the Tsleil-Waututh Nation has in mind.”

:: Want to learn more about handicapping and wagering? Check out DRF's Handicapping 101 and Wagering 101 pages.