Great Canadian Entertainment has signed a definitive agreement to sell the Casino Nanaimo to Petroglyph Development Group, a wholly-owned corporation of the Snuneymuxw First Nation.
The sale of the Vancouver Island property was unanimously approved by the casino operator’s board of directors, but it remains subject to customary closing conditions as well as customary approvals by the regulatory authorities.
Matt Anfinson, CEO of Great Canadian, stated: “We are very pleased to have executed this agreement. As the operator of Casino Nanaimo since its inception in 1986, we believe that under Petroglyph’s steady management, this transaction will provide Casino Nanaimo, its guests and team members with an exciting new chapter.
“We look forward to the closing and then working with the Petroglyph team during the transition period to ensure an outstanding outcome for all parties.”
Under the terms of the definitive agreement, Great Canadian will provide transition services to Petroglyph for up to two years post-closing.
Snuneymuxw Chief, Mike Wyse, noted: “We celebrate our partnership with Great Canadian and our entry into BC’s casino industry. We are committed to bringing Snuneymuxw’s local expertise to an established tradition of outstanding guest service and meaningful community contributions.
“Honouring the decades of work by past Snuneymuxw Chiefs and Councils, we look forward to closing the definitive agreement and realising our collective vision with the Great Canadian team. This collaboration promises to bring significant benefits and substantial economic growth to our Nation and the local community.”
Great Canadian’s legal counsel for the sale is McMillan, while Petroglyph’s legal counsel is McCarthy Tétrault and its financial advisor is KPMG Corporate Finance Inc.
“The Snuneymuxw group of companies are profoundly honoured to support Snuneymuxw economic growth in significant and meaningful ways,” commented Erralyn Joseph, President of PDG.
“In addition to our pending acquisition of the business, we are honoured to announce the return of the associated land once closing is completed, a part of the Snuneymuxw xwsol’lexwel village. On behalf of the board of directors, we are pleased to share this news and remain committed to advancing the region’s economic growth in support of all its residents.”
Ian Simpson, CEO of PDG, added: “Acquiring this significant asset will unlock unprecedented economic potential for Snuneymuxw and PDG, paving the way for transformative growth in Snuneymuxw’s economy and the profits that PDG returns to our Nation.”