Great Canadian Entertainment signed an agreement conclusive to sell the Casino Nanaimo. This was to Petroglyph Development Group a corporation owned by the Snuneymuxw First Nation.
Board of Directors of casino operator unanimously approves sale of Vancouver Island property. However, it is still subject to the usual closing conditions and approvals from regulatory authorities.
Matt Anfinson CEO of Great Canadian stated that they were “very pleased” to execute this agreement. We have operated Casino Nanaimo in its current form since 1986. Under Petroglyph’s management we expect a new exciting chapter for Casino Nanaimo and its team.
We look forward to closing the deal and working with Petroglyph during the transition phase to achieve a successful outcome for both parties.
Great Canadian has agreed to provide Petroglyph with transition services for a period of up to 2 years following the closing.
Mike Wyse is the Chief of Snuneymuxw. He said: “We are proud to be a part of Great Canadian’s Casino Industry in BC. Snuneymuxw is committed to continuing the tradition of excellent guest service, and making meaningful contributions to our community.
We look forward to closing the final agreement with Great Canadian and realizing our collective vision. The collaboration will bring substantial benefits to the Nation as well as to local communities.
Great Canadian has retained McMillan as its legal advisor for this sale, while Petroglyph retains McCarthy Tetrault as their legal adviser and KPMG Corporate Finance Inc is the financial advisor.
PDG President Erralyn J. stated that the Snuneymuxw Group of Companies is deeply honoured to be able to contribute in a meaningful way towards Snuneymuxw’s economic growth.
We are proud to announce that we will return the land associated with the Snuneymuxw xwsol’lexwel Village, once the closing has been completed. We are happy to announce this and will continue to support the economic development of our region.
Ian Simpson, CEO of PDG said: “Acquiring such a significant asset unlocks unprecedented economic potential, opening the door to transformative growth for Snuneymuxw’s economy, and profits returned by PDG to the Nation.”
