The Snuneymuxw First Nation announced Thursday that it is buying two British Columbia casinos, including the River Rock Casino Resort in Richmond.

A statement from the Nanaimo-area nation said the deal to buy the River Rock and Chances Maple Ridge would make its wholly-owned Petroglyph Development Group the largest Indigenous gaming operator by revenue in Canada.

The nation had entered into "definitive agreements" with current operator Great Canadian Entertainment to purchase the two casinos, the statement said, although the deal remained subject to regulatory and other approval.

Petroglyph bought Casino Nanaimo and Elements Casino Victoria earlier this year.

Snuneymuxw Chief Mike Wyse said the purchases were a major step to economic self-determination and would create "lasting prosperity" for the nation.

"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," Wyse said in a statement, describing River Rock as Western Canada's largest casino for more than 20 years. 

Ian Simpson, CEO of Petroglyph, said in the statement that the deal was a milestone representing "a major shift in British Columbia's gaming landscape."

"Under Snuneymuxw ownership, the wealth these properties generate will continue to fuel local growth and reinvestment," he said.

The statement, jointly issued by Great Canadian Entertainment, did not disclose a purchase price.

The firm's CEO, Matthew Anfinson, said Petroglyph had "proven to be a leader in casino operations" and his company was delighted to transfer ownership and operations.

The Musqueam Nation, which owns the River Rock site on the Fraser River, said it was pleased by an in-principle agreement to partner with Snuneymuxw in its purchase.

Musqueam Chief Wayne Sparrow said the deal was "an example of nations working together, not against each other," supporting more jobs and opportunities for band members and building economic prosperity for both communities.