NANAIMO — An agreement is in place to sell Casino Nanaimo to Snuneymuxw First Nation’s economic development arm Petroglyph development Group.
A news release from Great Canadian Entertainment (GCE), the sole owner of Casino Nanaimo since it opened in 1986, stated its board of directors unanimously approved the transaction.
The release stated a “definitive agreement” process still needs to be closed, while GCE will provide transition services to Petroglyph Development Group for up to two years post-closing.
“…we believe that under Petroglyph’s steady management, this transaction will provide Casino Nanaimo, its guests and team members with an exciting new chapter,” stated Matt Anfinson, GCE chief executive officer.
SFN chief Mike Wyse stated they look forward to their entry into B.C.’s casino industry.
“This collaboration promises to bring significant benefits and substantial economic growth to our Nation and the local community,” chief Wyse said.
Located at Port Place Shopping Centre, Casino Nanaimo includes over 400 slot machines, six live table games, electronic table games and a restaurant, according to GCE.
Petroglyph Development Corporation chief executive officer Ian Simpson commented on the pending transaction:
“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.”
Petroglyph Development Group has a majority ownership stake in the neighbouring Courtyard by Marriott hotel, with both properties residing on its ancient xwsol’lexwel village site.
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