Great Canadian Entertainment, a premier name in Canada’s gaming and hospitality sector, has finalized an agreement to divest Elements Casino Victoria to Petroglyph Development Group Ltd. (PDG). This agreement signifies a landmark deal for both entities.
Following the agreement to sell Casino Nanaimo, another key asset on Vancouver Island, to PDG, this transaction highlights PDG’s role as a pivotal economic vehicle for the Snuneymuxw First Nation (the Nation). The board of Great Canadian unanimously endorsed the deal, pending the usual closing conditions and regulatory endorsements. Post-sale, Great Canadian will aid PDG with transitional services for a period of up to two years.
A new chapter for Elements Casino Victoria:
“Signing this second historic agreement with the Snuneymuxw First Nation marks a continuing journey,” stated Matt Anfinson, CEO of Great Canadian Entertainment in the company’s press release. “From its inception as View Royal Casino in 2001, through a significant expansion and rebranding in 2018, we are excited for the future of this iconic Vancouver Island destination under PDG’s leadership. We look forward to assisting the Petroglyph team during the transition to secure another favorable result for all stakeholders involved.”
Snuneymuxw Chief Mike Wyse expressed, “This expanding alliance with Great Canadian is a stride forward in strengthening a robust Snuneymuxw economy—a cornerstone for our nation’s self-reliance and sovereignty. By securing a second casino operation, we not only honor the relentless efforts of our forebears but also pave the way for future prosperity that aligns with our community’s aspirations.”
Erralyn Joseph, PDG’s President, commented on the acquisition’s strategic importance, noting, “This acquisition aligns with our mission to foster a self-sustaining corporate enterprise that propels Snuneymuxw forward. Our robust operating strategy promises substantial economic returns, positioning PDG to assert significant influence on local to global economic stages.”
Ian Simpson, CEO of PDG, also remarked on the deal’s transformative potential. “This acquisition unlocks incredible economic prospects for Snuneymuxw, setting the stage for a new era of growth and profitability that directly benefits our nation,” he said.
Legal and advisory roles:
In this transaction, Great Canadian relied on McMillan for legal counsel, while PDG engaged McCarthy Tétrault for legal advice and KPMG Corporate Finance Inc. for financial advisory.
This acquisition marks the second casino this year to transition under Snuneymuxw ownership. Earlier in June, PDG and Great Canadian announced a similar arrangement for Casino Nanaimo. These developments represent significant strides towards enhancing the economic landscape for the Snuneymuxw members, promising new opportunities and financial independence.
According to NanaimoNews Now, Chief Wyse also shared news of SFN’s recent approval from BC Housing for two new affordable rental projects on-reserve, further underscoring the Nation’s progress in broadening its service offerings and community support infrastructure.
As these ventures develop, the impact on the Snuneymuxw community and the broader regional economy is anticipated to be profound, heralding a new chapter of growth and self-sufficiency for the Nation.
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