Great Canadian signs agreement to sell Casino Nanaimo
Great Canadian’s board of directors has unanimously approved the transaction to sell the property to Petroglyph Development Group.
Canada.- Great Canadian Entertainment has signed a definitive agreement to sell its Vancouver Island property, Casino Nanaimo, to Petroglyph Development Group. Petroglyph is a wholly owned corporation of the Snuneymuxw First Nation.
Great Canadian’s board of directors unanimously approved the transaction, which remains subject to customary closing conditions and regulatory approval. The company said that under the terms of the definitive agreement, it will provide transition services to Petroglyph for up to two years post-closing.
Matt Anfinson, chief executive officer of Great Canadian, said: “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. 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.”
Snuneymuxw chief Mike Wyse added: “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. 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.”
Erralyn Joseph, president of Petroglyph Development Group commented: “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.”
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