Halifax, Toronto & Edmonton – December 10, 2024 – Indigenous Gaming Partners (“IGP”) announced today the successful acquisition of PURE Canadian Gaming (“PURE” or the “Company”) from ONCAP, the lower mid-market private equity platform of Onex (TSX:ONEX), for an undisclosed amount. Supported by VICI Properties Inc. (NYSE: VICI) (“VICI Properties”), the transaction was finalized following regulatory approvals from Alberta Gaming, Liquor & Cannabis (AGLC) and the Canada Competition Bureau.
This acquisition represents a major milestone for IGP, a newly formed gaming company established by five 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., a leader in Indigenous-owned casino development and management.
PURE Canadian Gaming, based in Edmonton, Alberta, operates four premier casinos across Alberta, employing a team of 1,100 dedicated professionals who deliver exceptional gaming, dining, and entertainment experiences. PURE’s operations include state-of-the-art gaming facilities, event hosting, fine dining, and more, establishing the company as a leader in the Alberta gaming industry.
“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. “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.”
"Sonco is proud to have partnered with five experienced First Nations on this landmark acquisition,” said Anthony Novac, CEO of Sonco Gaming Inc. “This transaction represents an important step toward economic reconciliation and demonstrates the potential for meaningful partnerships in Indigenous gaming.”
“PURE Canadian Gaming represents another successful investment for ONCAP,” said Edmund Kim, Managing Director at ONCAP. “During our ownership, we worked closely with PURE management to grow the business, enhance its operating performance, and drive improved customer service. We thank the team for their significant efforts and wish the team and IGP continued success going forward.”
About Indigenous Gaming Partners
Indigenous Gaming Partners is a newly established gaming company focused on developing a portfolio of high-quality, market-leading casinos through strategic acquisitions and operational excellence. With a mission to create meaningful economic opportunities for Indigenous communities, IGP partners with exceptional management teams to deliver outstanding entertainment experiences while driving sustainable growth and long-term value for our stakeholders. Guided by disciplined investment strategies, hands-on operational expertise, and backing from visionary investors, IGP is dedicated to setting new standards in the gaming industry while fostering prosperity for its Indigenous communities, charitable partners, and provincial stakeholders. For more information, visit www.indigenousgamingpartners.ca.
About PURE Canadian Gaming
Based in Edmonton, Alberta, PURE Canadian Gaming operates four premier regulated casinos: two in Edmonton, one in Calgary, and one in Lethbridge. These properties feature approximately 2,700 slot machines, 94 table games, 36 poker tables, and 110 video lottery terminals, along with a variety of food, beverage, and entertainment offerings. PURE’s operations are divided into three primary segments: gaming, which includes revenue from slot machines, table games, and poker rake; restaurants, providing quality dining through on-site bars and restaurants at value prices; and other activities, including revenue from ATMs, lottery sales, and off-track betting. For more information, visit www.purecanadiangaming.com.
About ONCAP
Founded in 2000, ONCAP is the dedicated lower mid-market private equity platform of Onex Corporation, committed to investing in and partnering with North American headquartered businesses and their management teams in our core sectors of emphasis. Today, ONCAP operates with a team of 37 employees managing $3.5 billion in assets across offices in Toronto and New York. For more information on ONCAP and Onex, visit www.oncap.com and www.onex.com
About VICI Properties
VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Bowlero, Cabot, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield and Kalahari Resorts. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For more information, visit www.viciproperties.com
About Sonco Gaming Inc.
Sonco Gaming Inc. is part of the Sonco Group of Companies, which focuses on real estate and gaming development and management. Sonco has developed and/or managed some of the country’s most successful Indigenous gaming projects, including The Great Blue Heron Casino on Mississaugas of Scugog Island First Nation in Ontario, and The Grey Eagle Resort & Casino on the lands of Tsuut’ina First Nation outside of Calgary, AB. Sonco also developed Casino New Brunswick. For more information, visit www.sonco.ca
Financial Advisors
PURE Canadian Gaming and ONCAP were advised by Stifel and CIBC Capital Markets. Indigenous Gaming Partners was advised by Tangerine Tango under the Muin Capital Partners brand, a specialized Indigenous capital markets initiative. 3
Contacts
Media:
Indigenous Gaming Partners Michael Peters, Chairman (902) 684-3351
PURE Canadian Gaming Brad Belhouse
CEO (780) 920-3152
Onex
Jill Homenuk Managing Director, Shareholder Relations and Communications (416) 362-7711
(646) 949-4631
Sonco Gaming Inc.
Anthony Novac CEO (902) 429-8200
Forward-Looking Information and Statements
This press release contains forward-looking statements within the meaning of securities and regulatory legislation. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “will,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond IGP’s control and could materially affect actual results, performance, or achievements. Important risk factors that may affect IGP’s business, results of operations and financial position are detailed from time to time in IGP’s requisite filings. IGP does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law