Tsleil-Waututh First Nation looking to acquire Hastings Park casino in Vancouver

The racetrack in Hastings Park and the Pacific Coliseum are seen from the air in May 2019. (Pete Cline / CTV News Vancouver)

The Tsleil-Waututh First Nation may soon be the owner of a casino in the City of Vancouver.

The nation announced Friday that it had entered a “non-binding memorandum of understanding” with Great Canadian Gaming Corporation that – if completed – would see the nation acquire the casino business and “related real property interests” at Hastings Racecourse & Casino.

“We are thrilled to take another important step towards economic self-determination for our nation in our traditional territory, and 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,” said Chief Jen Thomas, in a statement.

“We believe that this opportunity is historic for us in many ways, and we look forward to entering the gaming industry in due course.”

The agreement is subject to further due diligence and “finalization of financial terms,” according to the statement.

“We are excited about working with TWN on their potential acquisition of the casino operations and related real property interests at Hastings Racecourse & Casino,” said Matt Anfinson, CEO of Great Canadian Entertainment, in the statement.

“Recognizing that Hastings is part of the TWN’s traditional territory, we can think of no better entity to inherit this asset, and we look forward to supporting them in the transition after the anticipated close of the sale.”

Any sales agreement that comes together is expected to be subject to “customary approvals by gaming regulatory and other authorities,” the party said.

One of those authorities would be the City of Vancouver itself, which owns the land on which the casino is located.