This initiative is a key component of the Mi’kmaw communities’ broader strategy to achieve financial independence and stimulate economic growth
Five Mi’kmaw communities in Nova Scotia have taken a bold step into the casino gaming industry by buying four Alberta-based casinos through their new group, Indigenous Gaming Partners (IGP). The communities of Millbrook, Paqtnkek, We’koqoma’q, Glooscap, and Annapolis Valley joined forces to purchase PURE Canadian Gaming, which runs casinos in Edmonton, Calgary, and Lethbridge.
Mi’kmaw Nations Invest in Alberta Casinos to Empower Communities
This project is part of a bigger plan to make money on their own and boost the economy. Michael Peters, who heads IGP and belongs to Glooscap First Nation, said that buying these casinos is a big step into large-scale gaming. Peters stressed how important it is to have different ways to make money, not just in different places but also in different fields, reported CBC.
Peters also noted that going into Alberta’s market, which is very different from Nova Scotia’s, can help the communities become stronger. The money made from the casinos will go back to important community services, like housing, social programs, and healthcare.
While IGP does not plan to open casinos in Nova Scotia soon, Peters said the group is growing fast and looking to expand more. He pointed out that Nova Scotia’s Mi’kmaq are starting more businesses, from buying shipyards to working on energy projects.
Millbrook Chief Sees Casino Deal as Launchpad for Future Growth
Millbrook First Nation Chief Bob Gloade called the deal a big step for economic reconciliation saying it will help all five communities involved. Gloade thinks they will see money coming in within a year, since the business they bought is stable. Gloade added that this purchase builds on what Millbrook has done well with past projects, which have let them pay for over 70% of their community programs and services with their own money.
The project took over a year to complete, with all five communities owning equal parts of the business. The casinos start as working businesses, with employees and existing company structures already in place, which means they would not need many big changes during the switch.
Gloade thinks this is only the start of many big plans to help Mi’kmaw communities become independent. This adds another piece to the puzzle that will boost growth and open up more chances down the road, according to Gloade.
The acquisition of the four Alberta casinos by IGP was made possible as VICI Properties has changed its master lease deal with PURE Canadian Gaming Corp. This change lets IGP take over PURE’s four Alberta casino sites. The agreement helps VICI grow in Canada and supports IGP’s goal to create a solid First Nations gaming base.
