Snuneymuxw First Nation has purchased Elements Casino Victoria from Great Canadian Entertainment, marking its second casino acquisition on Vancouver Island in a move to bolster economic self-sufficiency.
The deal, announced by Snuneymuxw Chief Mike Wyse on Tuesday, is part of the nation’s broader strategy to establish a sustainable cash flow and reduce its reliance on government funding. The purchase follows Snuneymuxw’s acquisition of Casino Nanaimo earlier this year.
“This is going to give us a lot of opportunity to provide this much-needed service for our people and our membership, that maybe struggled over the years,” Wyse said during the announcement. “Now we’re going to be able to look to opportunities here to support (our community) even better and sooner.”
The acquisition was made through Petroglyph Development Group, Snuneymuxw’s economic development arm, with financing from the First Nations Financial Authority. Terms of the deal have not been disclosed, and regulatory approvals are expected to take four to six months to finalize.
Terrance Doyle, Great Canadian Entertainment’s President, stated that the company is working closely with Snuneymuxw to expedite the process. “The regulators are very busy… it’s probably a good four, five, or six months by the time we get all those regulatory approvals in place and hand over the operation of the casinos,” Doyle said.
The First Nation is also planning to create job opportunities for its members at both the Victoria and Nanaimo casinos. Wyse noted that training programs will be offered to prepare individuals for positions in the gaming industry.
Looking ahead, Wyse left open the possibility of further expansion in the sector. “Anything’s possible,” he said when asked about future acquisitions.
The Victoria casino, which opened in 2001 as View Royal Casino, was expanded and rebranded in 2018 as Elements Casino Victoria. Great Canadian will provide transition services to Petroglyph for up to two years following the completion of the deal.
Original article: https://www.yogonet.com/international/noticias/2024/09/12/78361-snuneymuxw-first-nation-acquires-elements-casino-victoria-from-great-canadian-entertainment
