Why First Nations in B.C. are buying up casinos
CBC
Eight casinos across southwest B.C. have been sold to First Nations in the last two years, with the province's gambling scene set to be reshaped as a result.
Both the CEO of a First Nations development arm and an academic say acquiring these businesses provides economic incentive at a time when nations still face barriers to generating wealth.
With casinos being seen as a consistent revenue-generator for decades, even with the rise of online gambling, the trend of casino acquisition comes as First Nations' investment arms start to get involved in sectors from real estate to cannabis and beyond.
Yaatqumtun Ian Simpson, the CEO of the Snuneymuxw First Nation's business arm Petroglyph Development Corporation, has overseen the nation's acquisition of five of the eight casinos.
He said the nation's first casino — Casino Nanaimo, located within its traditional territory on the central east coast of Vancouver Island — was something the nation wanted to acquire since the casino moved to its current location in the 1990s.
"We were looking as far as Alberta at some properties and, just very attracted to the stability … that these businesses have and their very strong cash flows that they produce," Simpson said.
The First Nations involved in buying the casinos — Snuneymuxw, Semiahmoo, Tsleil-Waututh and the Ts’elxwéyeqw Tribe — have touted the businesses’ potential to advance economic self-determination.
Yale Belanger, a political science professor at the University of Lethbridge who has extensively researched First Nations and gambling in Canada, said that Indigenous communities still face many restrictions when it comes to fostering economic development.
"The Indian Act still has an incredible level of influence over how a local community is able to develop," he said.
"It involves the government getting involved, it drags out processes that can ultimately deter investors from sinking money into projects."
He said provinces can still place restrictions on First Nations opening up casinos on reserves — but if the nations simply act as investors and buy existing casinos, they can sidestep that hurdle.
Simpson is bullish on the potential of the casino acquisitions, saying that First Nations entering the market in B.C. mean that funds generated in the province would be reinvested, create local employment and grow the tax base.
With First Nations buying the businesses, ownership would also shift from private equity groups based out of New York and London to local B.C. proprietorship, he said.
One casino operator, Great Canadian Entertainment, has sold off the eight casinos purchased by First Nations over the last two years.
The government of Saskatchewan has announced plans to reduce the length of non-resident game bird hunting licences to combat illegal guiding.
An 87-year-old Alberta man is fighting extradition to the United Kingdom to stand trial for historical allegations of physical and sexual assault involving minors.
Eight casinos across southwest B.C. have been sold to First Nations in the last two years, with the province's gambling scene set to be reshaped as a result.
Hamilton hosts the Junos Sunday, and the musical awards show is bringing tourists, musicians, concerts and a ton of themed events to the city this week.
The multi-million-dollar deal at the heart of a high-profile fight between the Canadian government and one of the world’s biggest carmakers contains multiple clauses about the company’s footprint in Ontario, according to a copy obtained by CBC Windsor.
In recent months, Calgary police have carried out three day-long safety blitzes, parading out dozens of officers to flood an area with their increased presence — at least, temporarily.
A national organization is seeking people with experience in Canada's forestry sector as they put together a working group that will examine ways to improve forest recovery following wildfires.
Ella Heyder is bracing for a breakup, even though she already moved out decades ago.
Shawne Hopkins never saw it coming.
Politicians return to Queen’s Park Monday for a shortened spring session, as Premier Doug Ford prepares to unveil his eight budget amid heightened global economic uncertainty.
Despite a recent announcement that a water supply pipeline will be build in Oneida Nation of the Thames, some members of the community say that's no excuse for taking water for granted.
As scandal has swirled around former prince Andrew Mountbatten-Windsor, questions and curiosity have also focused on his ex-wife, Sarah Ferguson, and their daughters, Princesses Beatrice and Eugenie.
Friday may have been the first day of spring, but winter storms are not over yet for Newfoundland.