Great Canadian Entertainment, a leading Canadian gaming and hospitality company, has announced its second significant transaction with the Snuneymuxw First Nation. The company signed an agreement to sell Elements Casino Victoria to Petroglyph Development Group Ltd. (PDG), marking another important step in Snuneymuxw’s efforts to boost its economic influence in the region.

This deal follows the recent agreement for PDG to purchase Casino Nanaimo from Great Canadian Entertainment. The acquisition of Elements Casino Victoria allows the Snuneymuxw First Nation to further solidify its presence in Vancouver Island’s gaming industry, with PDG now owning two major casino properties in the region.

According to Matt Anfinson, CEO of Great Canadian Entertainment:

“”We are very pleased to have executed this second historic agreement with the Snuneymuxw First Nation. From its original opening as View Royal Casino in 2001, to major expansion and rebranding of the property in 2018 as Elements Casino Victoria, we are looking forward to the next chapter for this beautiful and historic Vancouver Island destination under PDG’s stewardship.”

A Vision for Sustainable Growth

Snuneymuxw Chief Mike Wyse praised the transaction, noting its importance to the Nation’s economic strategy, announcing as follows:

“With the acquisition of a second casino operation, we continue to honour the decades of work by past Snuneymuxw leadership who tirelessly pursued this goal, as we begin to realize various opportunities that contribute to optimizing Snuneymuxw socioeconomic potential. Our Nation is sharply focused to make investments that bring returns to our people and builds our presence in the economy so that Snuneymuxw takes its rightful place.”

Wyse also highlighted the collaboration between PDG and the British Columbia Lottery Corporation (BCLC) as a key factor in driving economic benefits for the local and provincial economies.

PDG’s President, Erralyn Joseph, expressed optimism about the future, stating that the acquisition of the Elements Casino Victoria reinforces the company’s goal to build a corporate enterprise that secures the growth of the region and supports its residents.

Elements Casino Victoria’s Legacy

Elements Casino Victoria has been a major player in Vancouver Island’s gaming landscape since it first opened as View Royal Casino in 2001. After its expansion and rebranding in 2018, the casino now offers over 750 slot machines, table games like poker and blackjack, as well as four restaurants and an entertainment venue.

Great Canadian Entertainment’s board of directors unanimously approved the sale, and the transaction remains subject to regulatory approvals and other customary closing conditions. Following the closing, Great Canadian Entertainment will continue to provide transition services to PDG for up to two years, ensuring a smooth handover.

Unlocking Economic Potential

PDG CEO Ian Simpson emphasized the economic impact of the acquisition, noting that the deal brings a colossal potential for the Snuneymuxw First Nation.

The Snuneymuxw First Nation’s latest acquisition continues its commitment to building a sustainable economy that benefits its people. With both Casino Nanaimo and Elements Casino Victoria now under its control, the Nation is well-positioned to achieve long-term success.

As the transfer of ownership moves forward, Great Canadian Entertainment and PDG remain focused on ensuring a smooth transition for employees, customers, and the community.

Source:

“Great Canadian Entertainment and Petroglyph Development Group Announce Agreement for Purchase and Sale of Elements Casino Victoria”, newswire.ca, September 10, 2024.

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