The Snuneymuxw First Nation has signed an agreement to buy Elements Casino in View Royal from Great Canadian Entertainment, bringing a second casino into its portfolio.
In June, it was announced that Snuneymuxw First Nation had signed a deal to buy Casino Nanaimo, also from Great Canadian Entertainment.
No price was announced for either sale.
The assessed value of the six-storey building on 4.7 acres in View Royal is $20.8 million.
The sale will be between the casino company and Petroglyph Development Group Ltd., the economic development arm of the Snuneymuxw First Nation, which is located around Nanaimo.
Petroglyph’s holdings include forestry and shellfish operations, Miller’s Pub in Nanaimo, the Courtyard by Marriott Nanaimo hotel, and Coast Salish Canna.
“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 optimising Snuneymuxw potential,” Chief Mike Wyse said Tuesday.
“Our nation is sharply focused to make investments that bring returns to our people and builds our presence in the economy so Snuneymuxzw takes its rightful place.”
Erralyn Joseph, president of Petroglyph Development, said acquiring the casino furthers the goal of building a corporate enterprise that generates wealth for the First Nation.
Great Canadian Entertainment’s board of directors unanimously approved the sale, said a joint statement from the company and First Nation.
The sale has not yet been completed. It’s subject to normal closing conditions as well as approvals required by regulatory authorities.
Great Canadian Entertainment will provide transition services for up to two years after the sale closes, it said.
The casino opened in 2001 under the name View Royal Casino. It changed its name after a major expansion and rebranding in 2018.
Elements Casino has more than 750 slot machines and offers poker, blackjack, baccarat and roulette tables. There are four restaurants and an entertainment venue.
“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,” said Matt Anfinson, chief executive of Great Canadian Entertainment.
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