The Manitoba Jockey Club and Peguis First Nation formally announced a new joint venture that will see two hotels, and convention and retail space developed at Assiniboia Downs.
The two equal partners have formed a company, FN Developments Inc., to carry out the development.
The partners said construction of the new development could begin by summer. It's expected to generate $100 million in infrastructure spending and jobs.
"The proposed project will offer Manitobans a unique mix of business and entertainment opportunities making it a full-service destination," said Peguis chief Glenn Hudson.
Hudson said later he hoped a casino could be part of the development. The First Nation would also like to purchase the Downs.
FN Developments plans to develop 40 acres in the area. It will announce more detailed plans this spring, Hudson said.
Community consultations and stakeholder meetings are also planned in the new year.
Several Conservative MLAs attended the morning announcement at the Downs, but government reps were conspicuous by their absence.
Peguis said the joint venture was made possible by the federal government settling a treaty land entitlement claim with the First Nation in 2009.