Great Canadian Entertainment has announced it is selling its “landmark Vancouver Island property,” Casino Nanaimo, to Snuneymuxw First Nation’s economic development corporation.
According to a press release issued by Great Canadian Entertainment on Monday, June 24, the company’s board of directors unanimously approved the transaction, which remains subject to customary closing conditions as well as customary approvals by the regulatory authorities. Under the terms of the agreement, the company will provide transition services to Petroglyph Development Group Ltd. for up to two years after the deal is closed. Petroglyph is a wholly owned corporation of the Snuneymuxw First Nation.
“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,” said Matt Anfinson, Great Canadian Entertainment chief executive officer, in the press release.
