Glooscap Kluskap Ventures
For the fiscal year April 1, 2025 to March 31, 2026. The strongest year in our history, and the largest return to our community yet.
The Deerfoot Inn in Calgary, part of the Gamehost acquisition
Our Purpose
Glooscap Ventures exists to help our community grow stronger and more self-sufficient. As the economic development arm of Glooscap First Nation, our goal is to create local jobs, support community programs, and invest in the long-term success of our people.
Many of our businesses are 100% owned by the Nation and overseen by the Glooscap Ventures Board of Directors. Chief and Council provide the strategic direction, priorities, and values that guide our work. Profits are reinvested into the community, supporting education, wellness, infrastructure, and opportunity for all members.
Do something today that makes our community more prosperous than it was yesterday
How We Gave Back
2025–2026 was our strongest year for community return. Every dollar our businesses earn is either given back or reinvested so it keeps working for members, year after year.
The Year in Numbers
Total revenue reached $36.8 million, the strongest result in our history. Twelve years ago our revenues were about $4.4 million. Today they are more than eight times that.
Retail remained our largest business at $15.2 million in revenue, anchoring the portfolio as newer investments continue to grow. Our casino investment reported for the first full year. Fisheries faced real market headwinds, described further below. Revenue that is not returned to members stays invested in our businesses, funding projects like the Kluskap Market and our wind developments.
Total revenue, fiscal 2013–14 to 2025–26 ($ millions)
Revenue by company group, fiscal 2025–26
Fiscal 2013–14 to 2025–26
Share of our workforce
More than a third of the people working across our companies are Indigenous. Every business we open widens that opportunity, at home and beyond.
Our Business Portfolio
Glooscap Ventures operates 16 companies with investments across five key industries, with operations in Glooscap First Nation, Yarmouth, Antigonish, Edmonton, Calgary and beyond.
We have three partnerships where we are majority owners and two where we are minority owners. This view excludes our WMA investments, a partnership between all 13 Mi'kmaw communities of Nova Scotia.
All companies sit under Glooscap First Nation Economic Development Corporation, wholly owned by Glooscap First Nation, which holds the management agreement and receives profit distributions.
Our Investments
From casinos in Alberta to wind on Weavers Mountain and a new market at Glooscap Landing, each business creates jobs today and opportunity for the generations who follow.
2025–2026 marked our first full year of owning Pure Casino Entertainment, and it was a record-breaking one, with gross revenues exceeding $100 million. Pure operates four casinos across Alberta: Casino Edmonton, Casino Lethbridge, Casino Yellowhead, and Casino Calgary.
With the acquisition of Gamehost Inc. we added three casinos, three hotels, a conference centre, and a water park. This makes us the largest casino operator in Alberta and marks only the second time in history that a First Nation has taken a public company private.
Energy is where we invest in the future, lowering costs for our community and businesses today while building clean infrastructure for the generations to come. Glooscap Energy was named Indigenous Clean Energy Company of the Year by the Canadian Renewable Energy Association.
This division is still largely under development, and that is the key to reading its numbers. Energy holds some of our largest assets while earning modest revenue, because most of what we own here is infrastructure being built rather than sold. Weavers Mountain Wind begins generating revenue for the community in 2027, with Sugar Maple to follow in 2029. This is the part of the portfolio built for the next generation.
Retail is a cornerstone of our community presence, creating local jobs, keeping dollars close to home, and giving members and visitors welcoming places to shop. Sweetgrass and the Corner Store both performed well again this year.
The most exciting development in our retail portfolio is the Market at Glooscap Landing. After a soft opening this summer to test operations, the official Grand Opening is August 16, 2026, held right before Family Fun Day.
Fishing is woven into who we are as Mi'kmaq people. We want to be honest with our community: this was an extremely challenging year for our fisheries. While overall catches were higher than the year before, quality was down, and American and Chinese tariffs weighed heavily on the industry. Revenues dropped year over year.
We are meeting these challenges through diversification, including new species like herring, and a disciplined focus on cost and quality.
Glooscap Ventures is part of the winning TKMS team selected by the Government of Canada to build the country's new patrol submarine fleet, the start of a 40-to-50-year program spanning construction, operations, and maintenance. We are working alongside our Indigenous partners, Songhees Nation and English River First Nation.
With federal policy setting a minimum of 5% Indigenous participation, and our relationship with TKMS built well before the award, we are positioned to pursue opportunities beyond that floor. This will take years to build out, and it carries the potential for generational economic benefit.
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Our Governance
Good governance is how we protect the Nation's assets and make sure every decision serves the community's long-term interests.
Chief and Council set the strategic direction as the elected leadership of Glooscap First Nation. The Board of Directors provides oversight and safeguards the separation between political leadership and day-to-day business operations, a distinction that protects both the Nation's investments and its governance. The Finance, Audit and Risk Committee reviews financial statements and reporting, oversees the external audit, and monitors risk. The Chief Executive Officer leads the business.
That separation is built into how the Board itself is composed, not left to convention.
The majority of directors must be independent. Council can never account for a majority of the Board, so business decisions cannot be carried by political leadership alone.
The Councillor who holds the economic development portfolio sits on the Board ex officio. It is the only ex officio position.
One Board seat is currently vacant. Recruitment looks for the skills that strengthen oversight of a portfolio this size.
Authority flows down, accountability flows up.
Leadership
Kwe'
Over the past 12 years, Glooscap Ventures has grown into a strong group of Nation-owned businesses. One idea has guided that growth: do something today that makes our community more prosperous than it was yesterday.
We invest in businesses that create jobs, earn revenue for our Nation and open new doors for our members. That revenue is reinvested in our community to support housing, education, health care, recreation and other programs and services that make a difference in people's lives.
This year, we took another step forward. We broke ground on The Market at Glooscap Landing, which will create new jobs, grow our seafood business and bring fresh, local seafood to the Annapolis Valley. We also expanded our fishing fleet with another vessel and our first herring licence, helping grow a Nation-owned business that will support our community for years to come.
Our work in clean energy was also recognized when Glooscap Energy was named Indigenous Clean Energy Company of the Year. This award shows what is possible when Indigenous communities lead their own projects and invest in their own future.
Working with other Indigenous communities continues to be an important part of our success. This year, we partnered with Indigenous organizations from across Canada to help create opportunities for Indigenous businesses through Canada's future submarine program. We also continued working with other Mi'kmaw communities through Indigenous Gaming Partners to acquire Gamehost.
I want to thank Michael Peters, the Board of Directors, the Glooscap Ventures team and our many partners for their hard work and commitment. Most of all, I want to thank our members for your trust and support.
I am proud of what we have accomplished together, and I look forward to what comes next. We will continue building businesses, creating opportunities and investing in a future that our children and grandchildren will be proud of.
Kwe'
When I look back on this year, what stands out most is how much our team accomplished together, and how much of it flowed directly back to our community.
We returned a record $1.8 million to Glooscap First Nation this year, paid nearly $0.5 million in salaries to our members, and delivered $1,000 to every eligible member through per capita distributions. We funded scholarships, sponsored community events, and supported local entrepreneurs getting their start.
It was also a landmark year in entertainment. In our first full year owning Pure Casino Entertainment, the business exceeded expectations, and with the acquisition of Gamehost, we became the largest casino operator in Alberta. This was only the second time in history that a First Nation has taken a public company private, a milestone I am proud of on behalf of our Nation.
I also want to be honest about where we struggled. Our fisheries had a hard year, with tariffs and shifting markets weighing on revenue. We are meeting that challenge directly through diversification, including our new herring licence, and a disciplined focus on cost and quality. I am confident this business will return to strength.
There is a great deal to look forward to. We will open the Kluskap Market next month, finish our Weavers Mountain wind project by year end, and keep building on our place in Canada's submarine program. Each of these creates jobs today and opportunity for the generations who follow.
None of this happens without people. I want to thank our management team and staff for their dedication, our Board of Directors for their guidance, and Chief and Council for their leadership and trust. Most of all, I want to thank our members. Everything we do, we do for you.
Our People
Michael PetersChief Executive Officer
Luke MorineChief Financial Officer
Andy UptonVP of Retail Operations
Calvin ButlerVP of Seafood Operations
Mike MacDonellPresident of Kluskap Suliewei
Flourish AbumereDirector of Human Resources & Policy
Montanna LabradoreEnergy Coordinator
Alyssa VigliaroloMarketing CoordinatorAnd so many more across our companies. Wela'lin to our whole team.
Financial Results
Fiscal 2025–26, the year ended March 31, 2026. Total revenue of $36,842,508 across seven company groups.
Retail and fisheries remain the two largest sources of revenue. Casinos reported for the first full year at $4.3 million, and rental, energy and professional services all grew. Grant funding received this year supported the fleet, our energy projects and community infrastructure.
| Company group | Own source | Grants | Other | Total revenue |
|---|---|---|---|---|
| Retail | 15,188,483 | 0 | 31,882 | 15,220,365 |
| Fisheries | 11,213,082 | 2,100,000 | 8,934 | 13,322,016 |
| Casinos | 4,332,577 | 0 | 0 | 4,332,577 |
| Ec Dev | 663,396 | 425,722 | 222,709 | 1,311,827 |
| Rental | 362,300 | 948,176 | 0 | 1,310,476 |
| Energy | 197,527 | 486,314 | 63,164 | 747,005 |
| Professional Services | 597,872 | 0 | 370 | 598,242 |
| Total | 32,555,237 | 3,960,212 | 327,059 | 36,842,508 |
Consolidated, as at May 31, 2026
Grant funding received this year helped grow the organization, supporting new fishing access and vessel capacity, our energy projects, and community infrastructure.
Revenue that is not returned to members stays invested in the businesses, funding projects like the Kluskap Market and our wind developments, so it keeps working for members year after year.
Energy holds large assets against modest revenue because most of what we own there is infrastructure still being built. Weavers Mountain Wind begins generating revenue in 2027 and Sugar Maple follows in 2029.
Looking Forward
The year ahead is one of the most exciting in our history.
On August 16, 2026 we open the doors to the Market at Glooscap Landing, creating new jobs, showcasing our own seafood, and giving GFN entrepreneurs an affordable place to build their businesses.
Our focus turns to integrating Gamehost and completing the $9 million renovation of Casino Calgary, with PureCasino.ca now live.
Weavers Mountain wind completes by year end, with Sugar Maple to follow in 2029. These projects begin returning revenue to the community from 2027.
Diversification, including our new herring licence, and a disciplined focus on cost and quality, so this business returns to strength for the generations who depend on it.
Our place on the TKMS submarine team opens the door to a 40-to-50-year program. Kluskap Security keeps winning contracts and the Lindsay Construction partnership continues to grow.
What can we do today that will make Glooscap stronger tomorrow? We will keep investing with discipline, honouring our values, and building businesses our children and grandchildren will be proud to inherit.