Chief Wyse said this venture will contribute to creating lasting prosperity for both the present and future generations to come. Photo: Lauryn Mackenzie / CHLY 101.7fm

After purchasing Casino Nanaimo, the Snuneymuxw First Nation is celebrating the purchase of another casino on Vancouver Island.

On September 10, Snuneymuxw First Nation signed a definitive agreement for Great Canadian Entertainment to sell Elements Casino Victoria to the Nation’s Petroglyph Development Group Ltd.

This comes after the Nation purchased Casino Nanaimo in downtown Nanaimo back in June of this year, from Great Canadian Entertainment which operates gambling, entertainment, and hospitality facilities in Ontario, British Columbia, New Brunswick, and Nova Scotia. The initial purchase of the Nanaimo casino is what led to the opportunity to purchase the Victoria one.

CHLY attended the signing at the Snuneymuxw Recreation and Wellness Centre.

Snuneymuxw First Nation Chief Mike Wyse told the crowd that Snuneymuxw is full of bold decisions that make decisive actions to unlock their economic potential and allow them to build a strong nation to improve the lives of their people.

“This acquisition signals both growth and opportunity for our people and the generations to come,” Wyse said. “We share this news with you with excitement, happiness, and readiness to optimize this asset with measure and a steady vision.”

He said this venture will contribute to creating lasting prosperity for both the present and future generations to come.

He said the casino acquisitions are one of the many priorities they have that will have a transformative effect on the nation and help them achieve their goals.

“Today we advance our community's vision, driving forward accomplishments and moving on to operating the business in a measured, responsible and profitable manner,” Wyse said. “By acquiring this established business with immediate profitability, our people understood how a steady, sustainable cash flow would strengthen our autonomy as a nation and create job opportunities for our people.”

Wyse said these ventures would allow them to reinvest in the Nation while not being constrained by colonial financial structures.

“So often we're made to say that we can't. ‘No, we don't have the budget.’ That has happened way too many times. Now we're going to have the opportunity to move forward,” he said.

Terrance Doyle is the president of Great Canadian Entertainment, he said that the acquisitions of the two casinos make Snuneymuxw a significant player in the B.C. gaming industry.

“I also wanted to make sure that people know that you have my commitment, that as we move forward through the process to close this transaction and to get into the operating of this business, you have my dedication and my complete support to do everything I can to make sure that the business is successful, not just in the short term, but in the long term,” Doyle said.

After the signing, CHLY spoke with Chief Wyse and Doyle about the announcement.

Wyse said they are excited to work with Great Canadian Entertainment to bring this project to life.

While they both would like to see ownership handed over immediately now that the agreement has been signed, Doyle explains it is not that easy.

“There's a process that you have to go through to close the transaction, which really comes around regulatory approvals that are done by BCLC and GPEB–the Gaming Policy and Enforcement Branch and that work is well underway with Snuneymuxw to get that done as soon as possible,” Doyle said.

But, Doyle did say things are moving quickly for the acquisition.

“The regulators are very busy, and they work really well with us, but it's probably a good four, five, or six months by the time we get all those regulatory approvals in place and actually hand over the operation of the casinos,” Doyle said.

As the Victoria casino is not in Snuneymuxw territory, Wyse said they plan on reaching out to the local nations to connect and work with them on this new initiative.

The casino purchase was not the only announcement that day. Wyse announced that Snuneymuxw has received funding through BC Housing to create 58 new affordable housing rental homes on their reserve for their members.

The 58-unit project will consist of a combination of one to four-bedroom units and has a development value of $47 million.

Wyse said the housing will be ready for tenants in approximately two years.

Funding Note: This story was produced with funding support from the Local Journalism Initiative, administered by the Community Radio Fund of Canada.