VANCOUVER ISLAND – Great Canadian Entertainment and Petroglyph Development Group Ltd. (PDG) have signed a definitive agreement for the purchase of Elements Casino Victoria.
This is on the heels of a previous announcement Great Canadian made that it had also sold the landmark property and business, Casino Nanaimo to PDG. Petroglyph Development Group is a wholly owned corporation of the Snuneymuxw First 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.
“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.”
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.
Business Examiner Staff
