Great Canadian Entertainment is set to significantly reduce its land-based casino presence in British Columbia following an agreement to sell its casino operation in Coquitlam to the Snuneymuxw First Nation. Once completed, the transaction will leave the operator with just two casino properties in the province.
Since June 2024, Great Canadian has sold or announced the sale of seven of its nine British Columbia casinos, marking a rapid restructuring of its regional portfolio. The group, founded in B.C. more than 40 years ago, expanded nationally with casino operations across Ontario and Atlantic Canada, but has now prioritised asset sales in its home province.
The Snuneymuxw First Nation, through its business arm Petroglyph Development Group, has agreed to acquire multiple Great Canadian properties, including Casino Nanaimo, Elements Casino Victoria, River Rock Casino Resort in Richmond, Chances Maple Ridge and the Great Canadian Casino Vancouver site in Coquitlam. Separately, Hastings Casino at Hastings Racecourse is being sold to the Tsleil-Waututh Nation, while Elements Casino Chilliwack is being acquired by a group from the Ts’elxwéyeqw Tribe.
The divestments are taking place during a period of softer performance for the B.C. casino sector. British Columbia Lottery Corporation has reported that casino revenues fell short of forecasts in 2024/25, with inflationary pressures and broader economic conditions impacting discretionary spending.
For the acquiring First Nations, the casino purchases are positioned as long-term economic development assets. Upon completion of the transactions, the Snuneymuxw First Nation will control five of the seven B.C. casinos being sold by Great Canadian, creating one of the largest Indigenous-owned casino portfolios in Canada by revenue.
Great Canadian has not disclosed transaction values for most of the announced sales. Provincial records show Elements Casino Victoria sold for $45m in January, while Casino Nanaimo was sold for $8.34m. Assessed property values for the remaining sites range from $12.5m for Chances Maple Ridge to $162.3m for River Rock Casino Resort.
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Great Canadian Entertainment is set to significantly reduce its land-based casino presence in British Columbia following an agreement to sell its casino operation in Coquitlam to the Snuneymuxw First Nation. Once completed, the transaction will leave the operator with just two casino properties in the province. Since June 2024, Great Canadian has sold or announced…
The post Great Canadian Entertainment scales back B.C. casino footprint appeared first on G3 Newswire.