Petroglyph Development Group (PDG) has agreed to acquire a fifth land-based casino from Great Canadian Entertainment in British Columbia.
PDG, a wholly owned corporation of Snuneymuxw First Nation, has entered into a definitive agreement to purchase Great Canadian Casino Vancouver in Coquitlam, which hosts 917 slot machines, 37 table games and 42 electronic table games.
The deal marks the fifth major acquisition for Snuneymuxw in the past 12 months following the previously announced acquisitions of Casino Nanaimo and Elements Casino Victoria, as well as the signing of purchase agreements with River Rock Casino Resort and Chances Maple Ridge.
“This latest agreement reinforces the strategy we’re executing and the proven results we’ve achieved across our gaming portfolio,” said Snuneymuxw First Nation Chief Mike Wyse, Xum’silum. “The confidence placed in us by Great Canadian Entertainment and the industry is grounded in our disciplined approach to sustainable growth.
“The proposed acquisition of Great Canadian Casino Vancouver marks another step toward economic self-determination for Snuneymuxw, strengthening our long-term prosperity, financial independence and restoring an economy that thrived for thousands of years.”
PDG president Erralyn Joseph commented: “We are seizing opportunities that will unlock Snuneymuxw’s economic potential and build a strong, resilient future for our Nation. Decades of big work have delivered transformative economic growth.
“Over the last 10 years, PDG has grown from three companies to 13, and counting. We plan to keep the pedal to the metal with a measured and strategic approach, smashing economic ceilings for the benefit of Snuneymuxw, the region, the province and the country.”
Great Canadian Entertainment CEO Matthew Anfinson added: “Great Canadian Casino Vancouver has thrived because of the passion and dedication of our team members and community. We are pleased to pass this legacy into the hands of Snuneymuxw First Nation and the vision they hold for the business’s future.
“We have every confidence that PDG and Snuneymuxw will continue to elevate this and their other properties for years to come.”
Closing of the transaction is subject to customary closing conditions and the receipt of all required regulatory and third-party approvals, including required approvals under the Competition Act.