This Second Transaction Follows the Historic Agreement for the Purchase and Sale of Casino Nanaimo Between the Parties
VIEW ROYAL, BC, Sept. 10, 2024 /CNW/ - Great Canadian Entertainment ("Great Canadian" or the "Company"), Canada's leading gaming and hospitality company, today announced that it has signed a definitive agreement to sell Elements Casino Victoria to Petroglyph Development Group Ltd. ("PDG") in yet another historic transaction for both parties.
This transaction comes on the heels of the previously announced definitive agreement for Great Canadian Entertainment to sell its other landmark property and business on Vancouver Island, Casino Nanaimo, to PDG. PDG is a wholly owned corporation of the Snuneymuxw First Nation (the "Nation") and is dedicated to realizing the economic potential of the Nation.
Great Canadian's Board of Directors unanimously approved the transaction, which remains subject to customary closing conditions as well as customary approvals by the regulatory authorities. The Company will provide transition services to PDG for up to two years post-closing.
"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," said Matt Anfinson, Chief Executive Officer of Great Canadian Entertainment. "We are excited to work with the Petroglyph team during the transition period to ensure yet another outstanding outcome for the community, our guests, our team members, and the Nation."
"We celebrate our growing partnership with Great Canadian and our continued progress toward building a strong Snuneymuxw economy that provides a solid foundation for Snuneymuxw self-determination and nationhood," said Snuneymuxw Chief Mike Wyse. "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. Today, we also celebrate our partnership with the B.C. Lottery Corporation in our shared pursuit to support the growth of the provincial economy and First Nation participation."
Erralyn Joseph, President of PDG, stated, "This measured acquisition is one that PDG celebrates on our quest to build a corporate enterprise that reinvests into Snuneymuxw First Nation. With a strong operating plan that includes risk mitigation and yields sizable gains, PDG is well on its way to generating wealth for Snuneymuxw and taking a seat at the local, regional, provincial, national and global economic tables. 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, Chief Executive Officer of PDG, also remarked, "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."
McMillan is serving as legal counsel to Great Canadian. McCarthy Tétrault is acting as legal counsel and KPMG Corporate Finance Inc. is acting as financial advisor to PDG.
About Great Canadian Entertainment
Founded in 1982, Great Canadian Entertainment is Canada's premier gaming and hospitality company with gaming, entertainment, hospitality and resort facilities in Ontario, British Columbia, New Brunswick, and Nova Scotia.
Committed to investing in and offering opportunity to those in the communities in which it operates, Great Canadian supports hundreds of charitable and non-profit organizations across Canada under its PROUD program; "PROUD of our people, our business, our community". A significant portion of gross gaming revenue from Great Canadian's gaming facilities is retained by Crown partners on behalf of their provincial governments for the purpose of supporting programs that benefit healthcare, education, and social services in Canada. To learn more, please visit www.greatcanadian.com or follow us on Twitter, Instagram, Facebook and LinkedIn.
About Snuneymuxw First Nation
The Snuneymuxw are a vibrant First Nation of the Coast Salish People, located in the center of Coast Salish territory on the eastern coast of Vancouver Island, the Gulf Islands, the Fraser River, Burrard Inlet and the Howe Sound. The Snuneymuxw territory encompasses one of the most productive and resource rich areas at the heart of the Salish Sea. On December 23, 1854, the Crown entered the Snuneymuxw Treaty of 1854 constituting solemn promises and obligations to forever and always protect Snuneymuxw villages, enclosed fields, and the right to hunt and fisheries as formerly. For more information, please visit www.snuneymuxw.ca.
SOURCE Great Canadian Entertainment
Media Contacts: Great Canadian Entertainment, Chuck Keeling, [email protected]; Petroglyph Development Group, Sonya Hartwig, [email protected]
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