Indigenous-owned Pure Casino Entertainment is growing its Alberta casino portfolio with the acquisition of multi-casino operator Gamehost Inc.
Pure and Gamehost announced on Monday that they have entered into a definitive agreement for a subsidiary of Pure to acquire all of the issued and outstanding common shares of Gamehost, which owns and operates an Alberta portfolio comprising Deerfoot Inn & Casino in southeast Calgary, Rivers Casino and Entertainment Centre in Fort McMurray, Great Northern Casino in Grand Prairie, and two hotel facilities.
The cash consideration of $13.65 per Gamehost share represents a premium of approximately 16% on its most recent share closing price on the Toronto Stock Exchange. The transaction is expected to close in mid-2026, subject to customary closing conditions, including shareholder approvals and regulatory approval under applicable gaming and competition laws.
The Gamehost board has unanimously approved the acquisition and recommends that Gamehost shareholders vote in favour.
Deal follows Pure acquisition in 2024
Pure Casino Entertainment is the privately held operating entity of Indigenous Gaming Partners Inc. (IGP), a gaming partnership between five Nova Scotia First Nations and Sonco Gaming Inc., a leader in Indigenous-owned casino development and management.
IGP acquired the operating assets of Pure in late 2024 from ONCAP, a private equity platform of Onex, for an undisclosed amount. That gave it ownership of four Alberta casinos: Pure Casino Edmonton, Pure Casino Yellowhead, Pure Casino Calgary and Pure Casino Lethbridge.
Now, it will add Gamehost’s three casinos to its Alberta portfolio of land-based gaming venues. Pure and Gamehost said the deal is the result of extensive and thorough negotiations between the two entities and brings together two of Alberta’s leading gaming and hospitality companies.
“For over two decades, I have had the pleasure of working with dedicated team members to create an entertainment and hospitality company that provides extraordinary experiences for our guests, employees and community,” said Gamehost President and Chief Executive Officer Darcy Will.
“I am excited to pass on this legacy to Pure, a proven leader in the Alberta gaming industry. I am confident that they will continue to provide a high-quality guest experience and exceptional environment for our employees.”
Continuing a First Nations casino movement
IGP says it is focused on developing a portfolio of high-quality, market-leading casinos through strategic acquisitions and operational excellence, with the aim of building and expanding meaningful Indigenous ownership in Canada’s entertainment industry.
IGP Chairman Michael Peters told Canadian Gaming Business in early 2025, soon after the Pure acquisition in 2024 that the Pure acquisition was a chance for its five member First Nations — Glooscap First Nation, Millbrook First Nation, Annapolis Valley First Nation, We’koqma’q L’nue’kati, and Paqtnkek Mi’kmaw Nation — to grow their operations both economically and geographically, as well as add valuable source revenue. He forecasted at that time that IGP could explore other M&A moves.
“We’re definitely in growth mode,” Peters said in January 2025. “We’re going to be looking for other opportunities in this industry, not just in Alberta but across Canada.”
The latest IGP deal also comes amid a wave of First Nations casino ownership deals in British Columbia. In the space of less than two years, Great Canadian Entertainment has sold or agreed to sell eight of its nine B.C. casinos to various Indigenous groups.
VICI Properties will own Gamehost real estate
While Pure will own the Gamehost casinos’ operating assets, VICI Properties Inc. will own the real estate through a sale-leaseback agreement.
In a separate transaction announced on Monday, Pure said it will sell the real estate assets of Deerfoot, Great Northern Casino, and two limited-service hotels adjacent to Great Northern Casino to VICI for around $200m, in connection with Pure’s pending take-private acquisition of Gamehost.
VICI owns a large North American casino real estate portfolio including Caesars Palace, the Venetian and the MGM Grand in Las Vegas. It has owned Pure’s real estate assets since January 2023, representing VICI’s first Canadian investment. Upon the closing of the 2024 IGP deal, VICI assigned the master lease agreement it holds with Pure to IGP.
“We are very excited to deepen and expand our presence in the Canadian gaming market, a very steady and stable gaming jurisdiction, alongside an existing partner,” said VICI President and Chief Operating Officer John Payne. “Having worked alongside IGP and Pure, we have seen firsthand their ability to operate and grow a best-in-class gaming platform, and we are proud to continue supporting that growth as their real estate partner and capital provider.
“This is exactly the kind of transaction that reflects VICI’s value proposition, helping best-in-class operators execute on their growth strategies, and we hope to continue growing our relationship with IGP and Pure for years to come.”
