Snuneymuxw First Nation has closed the deal on its purchase of two Vancouver Island casinos, acquiring regulatory approval.
In 2024, Petroglyph Development Group, Snuneymuxw's economic development corporation, announced it was purchasing Casino Nanaimo and Elements Casino Victoria from Great Canadian Entertainment in an effort to provide "a steady, sustainable cash flow" to the Snuneymuxw people.
In a press release this week, Snuneymuxw Chief Mike Wyse looked forward to driving economic growth for both the First Nation and the province.
“For decades, Snuneymuxw leadership has worked tirelessly toward this moment, recognizing the connection between a strong economy, self-determination, and the foundation of nationhood," Wyse said. "Today, we honour the achievements of those who came before us by securing businesses that will strengthen our nation for generations to come."
Great Canadian is expected to provide transition services to Petroglyph Development Group for up to two years. As far as staffing, Wyse previously told the News Bulletin there will be employment opportunities for Snuneymuxw members at both casinos.
The purchases were possible thanks to a loan from the First Nations Financial Authority, but the total amount has not been disclosed. The chief said the interest rate is "lower than the bank," and referred to the organization as a good partner.
