Paragon Gaming, Parq Vancouver casino’s long-time owner, has finally sold the casino to an Ottawa-based investment company.
Paragon Gaming, which is located in Las Vegas, recently made an announcement that it has settled an agreement on the ownership of the casino with the PBC group for an unidentified amount. This is after the company has become disillusioned with the troubles that the casino has been facing and has used it as an opportunity to sell their stake in the establishment.
PBC already owned a minority share of the property through the Parq Equity Limited Partnership joint venture, which also included Paragon and Dundee Corporation. PBC was also involved in the development of the joint partnership and supplied the project with its developmental proficiency.
In a statement issued by PBC Group President Paul Bouzanias, PCB has faith that Parq Vancouver is bound to become a leading feature of the downtown entertainment hub. He further notes that this will be a proof that Vancouver has grown to an overseas attraction destination.
The Launch of Parq Vancouver
Parq Vancouver was opened late in 2017 surrounded by excitement from eager locals. The casino was started in place of the former Edgewater Casino, which started in 2005 at the Plaza of Nation’s Enterprise Hall. Paragon Gaming purchased the property in 2006, and began creating plans for a purpose-made resort destination to replace the property in the early 2010s.
The resulting 775,000 sq. foot establishment is constructed on the west side of the BC Place Stadium and cost over $700 million to put up. The resort features two luxury Marriott hotels with a capacity of 517 rooms. On the second and third floors of the property is a 72,000 sq. foot casino featuring 75 table games and 600 slots.
There is much more to what Parq Vancouver offers; the complex houses 13 ballrooms, meeting rooms as well as boardrooms. The complex also houses the largest ballroom in Vancouver, the 15,600 sq. feet Parq Grand Ballroom. According to financial records, the established relished initial monetary success in Q4 of 2017 with a profit of $28 million.
The Beginning of Trouble for the Property
Parq had the misfortune of opening its doors at a time when the B.C province elected a new NDP government and the new regime soon found out that the previous government was actively ignoring the fact that money laundering on an alarming scale was taking place in the local casinos. The NDP promptly imposed new regulations on all the BC casinos where gamblers were expected to disclose their source of gambling money. This has a chilling effect on the gaming revenue.
Parq Vancouver was not spared by this new development. The establishment reported losses of more than $108 million within the first three quarters of 2018, which included operating losses that amounted to $18 million.
To add more to its misfortunes, Parq also found itself in a mix of social media war with the Canadian rapper Drake. The rapper had supposedly visited the resort during one of his tours and was turned away. He turned to Instagram and accused the establishment of racial profiling. This caused significant bad publicity.
Paragon co-founder Dianna Bennett says that the milestones that have been achieved at Parq and Edgewater regardless of the challenges are a proof of the amazing work of her team. Her firm is proud to be associated with Parq Vancouver and wishes the staff at the casino the best of luck as the move forward.
The move by Paragon to sell the Casino to PBC group means that the casino will have a Canadian ownership and will be supported by a company that is interested in what is best for Canada. The company is also interested in making the casino a success.