Notice to Band Members
Musqueam Reaches Agreement in Principle with Snuneymuxw to Partner in River Rock Casino Deal
This morning, Snuneymuxw First Nation announced the purchase of River Rock Casino Resort from Great Canadian Entertainment. Musqueam is pleased to confirm that we have also reached an agreement in principle to partner with Snuneymuxw Nation in this investment.
About the opportunity
Musqueam owns the land that River Rock operates on, and the current lease with Musqueam expires in December 2041. Recently, Great Canadian Entertainment, the owner and operator of River Rock, has been accepting bids to purchase the business and gaming licence.
Over the past nine months, Musqueam has explored different opportunities to acquire River Rock as part of Musqueam Capital Corporation’s (MCC) ongoing development and investment strategy. River Rock is a profitable and stable operating business and is one of BC’s leading casinos both for number of visitors and revenue. Musqueam is seeking to benefit from its established success, especially because it is in our core territory, on land we already own, and a business many of our members enjoy visiting.
How did we reach this deal?
In late September, out of respect of Musqueam’s traditional territory and our shared cultural protocols, Snuneymuxw Council approached Musqueam Council about their intention to acquire River Rock and confirmed they had entered into an exclusive negotiation period with GCE. Because this was already something we were exploring, chief and council provided MCC with direction to negotiate a non-binding letter of intent with Snuneymuxw.
Last night, we were able to agree in principle on the key terms of the agreement with Snuneymuxw. This morning, Musqueam Council passed a motion to support the non-binding agreement, which includes terms related to:
- Equity
- Governance
- Lease renewal
- Management
- Employment and training
- Cultural recognition
“Musqueam is a leading economic contributor within our traditional territory, and we continue to actively seek opportunities to diversify our investments, “ said Musqueam Chief Wayne Sparrow. “We thank Snuneymuxw First Nation for respecting our protocols and approaching us about a partnership to acquire River Rock. We look forward to collaborating with our relatives on the work ahead, and to sharing more information about this exciting opportunity with band members.”
Learn more and provide input
As we work through finalizing details of a partnership, Musqueam Council and MCC will be consulting with band members to share information and hear your feedback about the opportunity.
Tonight (October 30), members are invited to join councillors and MCC staff at 5:00pm in the Cultural Centre for an introductory 30-minute information session to hear background on the tentative agreement and ask questions. Afterwards, we will share a meal and kick off the Musqueam Census with a special trivia night.
UPDATE: To join the meeting virtually, please pre-register for the Teams Webinar.
Over the coming weeks, we will hold two additional information sessions to ensure members are fully aware and in support of the opportunity before we move forward. Details for these sessions will be announced soon.
Snuneymuxw comment
“In the spirit of partnership and respect, we seek to move forward with our Musqueam relatives with one heart, and one mind. Together, we can advance a shared vision of economic strength and self-determination for both our Nations.” – Chief Michael Wyse, Xum’silum, Snuneymuxw First Nation.
“This acquisition reflects our Nation’s commitment to a sustainable and self-determined future — one where Snuneymuxw capital, leadership, and vision drive meaningful growth and prosperity. We extend our deep respect and gratitude to the Musqueam Nation as we move forward together in the spirit of collaboration and shared strength.” – Ian Simpson, Yaatqumtun, CEO, Petroglyph Development Group
