Tsleil-Waututh working toward purchase of Hastings Racecourse casino in Vancouver

The Tsleil-Waututh Nation says it has reached a preliminary deal to purchase the casino business and related real estate at Hastings Racecourse and Casino in Vancouver from Great Canadian Entertainment, the country's largest gaming and hospitality company.

The First Nation announced Friday that it has signed a non-binding memorandum of understanding with the company and is now working toward a formal agreement.

"We are thrilled to take another important step towards economic self-determination for our Nation in our traditional territory," said Tsleil-Waututh 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 Hastings site is located in the First Nation's traditional territory around Burrard Inlet. The deal is still subject to due diligence and final approval from regulators, including the City of Vancouver, which owns the land.

In a phone interview with CBC News, Thomas said the planned acquisition is also a means to support ongoing community programs.

"It will help our community keep our programs going longer," she said. "We're always looking for money for our elders programs, our youth programs, so this will help sustain those programs in our community."

This marks the first time the Tsleil-Waututh Nation has entered the gaming sector. Thomas added that the move was inspired by a similar transaction by the Snuneymuxw First Nation on Vancouver Island.

Earlier this year, the Island's Snuneymuxw First Nation officially acquired Casino Nanaimo and Elements Casino Victoria from Great Canadian Entertainment after receiving final regulatory approval.

At the time, the First Nation said the transition would generate sustainable wealth and bolster Snuneymuxw's influence locally, nationally and globally.

"We wanted to follow suit and just start taking care of our own people without government funding," said Thomas. "I heard it's going very well for them. They're moving forward at a pretty good pace."

In a statement, Great Canadian CEO Matt Anfinson said the company supports the sale. 

"Recognizing that Hastings is part of the TWN's traditional territory, we can think of no better entity to inherit this asset," he said.

The company says it will continue to provide transition services to the First Nation following the anticipated closing of the deal. No timeline for the final agreement or anticipated closing date has been announced.