GREAT CANADIAN ENTERTAINMENT AND PETROGLYPH DEVELOPMENT GROUP ANNOUNCE HISTORIC TRANSACTION OF CASINO NANAIMO
SNUNEYMUXW and NANAIMO, BC, June 24, 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 its landmark Vancouver Island property, Casino Nanaimo, to Petroglyph Development Group Ltd. ("Petroglyph") in a historic transaction for both parties. Petroglyph is a wholly owned corporation of the Snuneymuxw First Nation 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. Under the terms of the definitive agreement, the Company will provide transition services to Petroglyph for up to two years post-closing.
"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, Chief Executive Officer of the Company. "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."
"We celebrate our partnership with Great Canadian and our entry into B.C.'s casino industry. We are committed to bringing Snuneymuxw's local expertise to an established tradition of outstanding guest service and meaningful community contributions," said Snuneymuxw Chief Mike Wyse. "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."
Erralyn Joseph, President of Petroglyph Development Group ("PDG"), stated, "The Snuneymuxw group of companies are profoundly honoured to support Snuneymuxw economic growth in significant and meaningful ways. 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, 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 Petroglyph.
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 over 1,400 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.
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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