Snuneymuxw First Nation says its wholly-owned corporation Petroglyph Development Group (PDG) will acquire two mainland casinos, following a deal announced Oct. 30.
The transaction, subject to regulatory approval, covers River Rock Casino Resort in Richmond and Chances Maple Ridge in Maple Ridge.
Chief Mike Wyse said the purchase will make PDG one of the largest Indigenous-led casino operator in B.C. A news release further states the company will become one of the largest casino operators by revenue in the province.
The nation announced acquisitions of Casino Nanaimo and Elements Casino Victoria last summer and said it is working toward economic independence.
Wyse said the revenue from the casinos will help fund housing and education projects for the nation.
“We have moved from vision to momentum, from aspiration to steady action. We took our time to acquire our first casinos and have been evaluating their performance ever since. Our steady and sustainable approach has gained the confidence of the province’s gaming commission as we have grown and operated our casinos. What we envisioned by our ancestors is here and is scaled to match the growth of our nation and our economic development arm, PDG,” he said.
“PDG is in a unique and strong position. We have established a solid foundation of recurring revenue and built a trusted relationship with the First Nations Finance Authority. This means we can pursue greater opportunities while maintaining a thoughtful balance between strategic investment, responsible debt and sustainable revenue growth.”
Wyse added: “Today we honour a new era for Snuneymuxw First Nation. Our people deserve economic wellbeing and our council is dedicated to investing in opportunities to bring that forward. Our time is now. We look forward to closing this definitive agreement and taking ownership of these two assets and taking another rightful economic step forward. This is our legacy and our responsibility.”
