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Great Canadian Entertainment has a definitive agreement to sell a second British Columbia casino, the Elements Casino Victoria, to the Indigenous-owned Petroglyph Development Group Ltd. (PDG) in what the two companies refer to as “another historic transaction for both parties”.
The announcement builds on an agreement announced in June for Great Canadian to sell its other Vancouver Island asset, Casino Nanaimo, to PDG. PDG is a wholly owned corporation of the Snuneymuxw First Nation.
Financial details have not been released for either transaction.
As part of the agreement, Great Canadian will provide transition services to PDG for up to two years post-closing at the 1708 Island Highway facility. That mirrors a service arrangement for the Nanaimo casino.
"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," Matt Anfinson, CEO of Great Canadian Entertainment, said in the announcement.
“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."
Elements Casino Victoria
Elements Casino Victoria offers a 70,000-square-foot gaming facility which includes 770 slot machines, 14 live table games and an additional 14 electronic table games in its newest feature, known as the Action Area.
The facility also includes food and beverage options, and an events, meeting and conference area.
It is situated on a 4.7-acre property.
"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," Snuneymuxw Chief Mike Wyse said in the announcement. "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."
Deal unlocks 'unprecedented economic potential'
The Victoria deal has been unanimously approved by Great Canadian's board of directors, but remains subject to customary closing conditions and approvals by regulatory authorities.
"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," Ian Simpson, PDG’s CEO, said in the announcement.
McMillan is serving as legal counsel to Great Canadian on the Victoria transaction. McCarthy Tétrault is acting as legal counsel and KPMG Corporate Finance Inc. is acting as financial advisor to PDG.
The Casino Nanaimo transaction involves a facility owned by Great Canadian since it opened in 1986. Located at 620 Terminal Ave., the facility includes approximately 400 slots, six live and 10 electronic table games, a restaurant, music/entertainment and a rentals space for corporate and other functions.
Once the transactions close, the Nation also intends to offer expanded employment opportunities to its members through training and hiring programs.
About Great Canadian, Snuneymuxw First Nation
Founded in 1982, Great Canadian Entertainment is a major Canadian gaming and hospitality company with gaming, entertainment, hospitality and resort facilities in Ontario, British Columbia, New Brunswick and Nova Scotia.
The Snuneymuxw are a First Nation of the Coast Salish People, located in the centre 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.
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