Great Canadian signs agreement to sell Elements Casino Victoria
The firm’s board of directors has approved the sale to Petroglyph Development Group.
Canada.- Great Canadian Entertainment has signed a definitive agreement to sell Elements Casino Victoria in British Columbia to Petroglyph Development Group (PDG). The deal follows an agreement to sell Casino Nanaimo to the 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 will provide transition services to PDG for up to two years post-closing.
Matt Anfinson, chief executive officer of Great Canadian Entertainment, said: “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 the 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. 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.”
See also: River Rock Casino Resort celebrates 20th anniversary
Snuneymuxw chief Mike Wyse added: “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. 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.
Erralyn Joseph, president of PDG, commented: “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.”
See also: iGaming Ontario reports CA$18.4bn betting handle for Q1
