Great Canadian Entertainment has signed an agreement to sell its landmark Vancouver Island property, Casino Nanaimo, to Petroglyph Development Group.
Petroglyph is a wholly-owned corporation of the Snuneymuxw First Nation dedicated to realising 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.
Under the terms of the definitive agreement, the company will provide transition services to Petroglyph for up to two years post-closing.
"We are very pleased to have executed this agreement," said Matt Anfinson, CEO of GCE.
"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."
"We celebrate our partnership with Great Canadian and our entry into BC's casino industry," said Snuneymuxw chief Mike Wyse.
"Honouring the decades of work by past Snuneymuxw chiefs and councils, we look forward to closing the definitive agreement and we are committed to bringing Snuneymuxw's local expertise to an established tradition of outstanding guest service and meaningful community contributions."
