Great Canadian Entertainment sells Casino Nanaimo to Snuneymuxw First Nation

Great Canadian Entertainment has announced the sale of its "landmark Vancouver Island property," Casino Nanaimo, to the Snuneymuxw First Nation's economic development corporation, Petroglyph Development Group Ltd.

The transaction, unanimously approved by Great Canadian Entertainment's board of directors, remains subject to customary closing conditions and regulatory approvals, according to a press release issued on Monday.

As part of the agreement, Great Canadian Entertainment will provide transition services to Petroglyph for up to two years post-closing. Petroglyph is a wholly owned corporation of the Snuneymuxw First Nation.

"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," said Matt Anfinson, CEO of Great Canadian Entertainment.

Snuneymuxw Chief Mike Wyse expressed enthusiasm for the partnership with Great Canadian and the First Nation's entry into British Columbia's casino industry.

"We are committed to bringing Snuneymuxw's local expertise to an established tradition of outstanding guest service and meaningful community contributions," Wyse said. "Honouring the decades of work by past Snuneymuxw chiefs and councils, we look forward to closing the definitive agreement and realizing 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."

The acquisition also marks the return of the land associated with the property to the First Nation.

"In addition to our pending acquisition of the business, we are honored to announce the return of the associated land once closing is completed, a part of the Snuneymuxw xwsol'lexwel village," said Erralyn Joseph, president of Petroglyph Development Group.

Ian Simpson, CEO of Petroglyph, highlighted the potential economic impact of the acquisition. "The acquisition will unlock unprecedented economic potential and pave the way for transformative growth in Snuneymuxw's economy," Simpson said.