A First Nation on Vancouver Island says it is poised to become the largest Indigenous gaming operator in the country after entering contracts to buy a pair of casinos in Metro Vancouver.
The Snuneymuxw First Nation in Nanaimo announced Thursday it has entered definitive agreements to purchase the River Rock Casino Resort in Richmond and the Chances casino in Maple Ridge.
The price and other terms of the deal, which is still subject to regulatory approval, have not been disclosed.
The First Nation says the casino acquisitions will be made through its wholly owned subsidiary, Petroglyph Development Group, which will acquire the businesses from Great Canadian Entertainment.
If approved, the deal would be the third and fourth casino holdings for the Snuneymuxw First Nation, which bought Casino Nanaimo and Elements Casino Victoria earlier this year.
“Our growing partnership with Great Canadian Entertainment has brought us to what was envisioned by our ancestors and guided by decades of Snuneymuxw chiefs and councils,” said Snuneymuxw First Nation Chief Mike Wyse in a statement.
“By securing ownership in four thriving casino operations, we are realizing a dream of long-term economic independence and creating lasting prosperity for our people and the communities we serve.”
Wyse said the nation will explore further economic development opportunities with the Musqueam Indian Band, on whose traditional territory the River Rock Casino is located, and the Katzie First Nation in Maple Ridge.
“For over 20 years, River Rock Casino Resort has been the largest casino resort in Western Canada,” said Matthew Anfinson, CEO of Great Canadian Entertainment, in a statement. “Since its opening in 2013, Chances Casino Maple Ridge has been a cornerstone of the Maple Ridge community.”
Anfinson said the company is “delighted” to transfer ownership of the casinos to Petroglyph Development Group, which he described as a proven leader in gaming operations.
Petroglyph Development president Erralyn Joseph said the casino acquisitions will be “transformative” for the Snuneymuxw First Nation as it pursues a strong and sustainable economic path through partnerships across the region.
‘Transformative’ deal
The Musqueam band in Richmond says it had been exploring its own options to buy the River Rock casino over the past nine months.
Great Canadian Entertainment currently leases the River Rock casino property from the band, with its lease agreement set to expire in December 2041.
In late September, the Snuneymuxw council approached the Musqueam council about its intentions to purchase the casino business, with the Musqueam passing a motion in support of the Snuneymuxw acquisition plan Thursday morning.
“We thank Snuneymuxw First Nation for respecting our traditional territories and following our shared cultural protocols by approaching us about a partnership to acquire River Rock,” Musqueam Chief Wayne Sparrow said in a separate statement following the motion.
“This is an example of nations working together, not against each other, building economic prosperity for both our communities that will support more jobs and opportunities for our band members,” he added.
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