New agreement will share provincial gaming revenue with First Nations
On August 12, 2019, BC’s Ministry of Indigenous Relations and Reconciliation and the First Nations Leadership Council announced that, after years of negotiations, First Nations in BC will now receive their share of provincial gaming revenues.
Under a new revenue sharing agreement, the Province will distribute 7% of net provincial gaming revenues to eligible First Nations. BC has already made nearly $195 million available for distribution over the next two years and the total is expected to reach $3 billion over the next 25 years. First Nations may use these funds for a wide variety of purposes, including health, infrastructure, community and economic development, education and training, and governance.
BC First Nations who are eligible to receive a portion of provincial gaming revenues recently received a package of information from the BC First Nations Gaming Revenue Sharing Limited Partnership (“BCFN GRS LP”). This Limited Partnership was established to receive gaming revenue from the Province and distribute it to First Nations. To claim their share of the gaming revenue, eligible First Nations must become limited partners in BCFN GRS LP.
If you have any questions regarding the structure of the revenue sharing model, governance of the entities involved, or any concerns about whether to join BCFN GRS LP, our firm would be pleased to assist in your review.