Monday , October 18 2021

The owner of Las Vegas sells the Parq Vancouver casino to a Canadian company



[ad_1]

Located in the heart of Vancouver, the casino owner has sold his leading Parq Vancouver casino property to a real estate and investment company in Ottawa.

Las Vegas-based Paragon Gaming announced that it had entered into a deal this morning to sell its ownership of Parq Vancouver to the PBC Group for a non-disclosure amount. The PBC Group already had a minority stake in the project because it was involved in a casino development joint venture and provided a project with development services.

"The PBC believes that Parq Vancouver is the centerpiece of the center's entertainment district, and this is an additional proof that Vancouver has become a global destination city," said Paul Bouzanis, president of the PBC, in his statement highlighting the casino's future potential. from long-term plans for the transformation of the North-East fake stream.

Parq Vancouver opened a great fanfare in September 2017, replacing the nearby Edgewater casino, which was opened in 2005 in the Nation Plaza Enterprise building. Paragon Gaming acquired Edgewater Casino next year, and in early 2010 began developing new, purpose-built casino resort destinations.

The $ 700 million, 775,000-square-meter complex is located on the west side of BC Place Stadium, and includes an autograph collection of 517 luxury suites, the JW Marriott and Douglas. The 72,000-square-meter casino room on the second and third levels includes 600 slot machines and 75 board games.

The complex has 13 conference rooms, meeting rooms and meeting rooms, including the Park Grand Ballroom, which is 15,600 sq. M.

Public documents show that Parq Vancouver saw initial financial success in the last quarter of 2017, when it was opened, with a profit of $ 28 million.

But with government control and regulatory restrictions imposed by the provincial government in 2018 to limit money laundering and criminal activity in BC casinos, Parq Vancouver reported losses of over $ 108 million in the first three quarters of last year, including operating losses around $ 18. million

In November 2018, Parq Vancouver was at the center of a social media firm, generating significant negative publicity after Drake called casino staff on his Instagram account for racial profiling and prevented him from playing.

However, this was due to a new provincial government policy for the BC Casino, which required a player who wants to buy one or more deals to buy $ 10,000 or more to get a source of funding.

Not knowing about the new law, anyone entering the BC casino, waiting for big games without proper documentation, is disappointed. And despite the glory of the guests, the skirting law could mean losing the gambling license in the casino.

"The turning points in British Columbia – Edgewater, Parq Vancouver, and the common community – show the incredible work of our team members," said Diana Bennett, co-founder and chairman of Paragon Gaming.

"We are proud of our ownership of Parq Vancouver and we want our employees to move forward the best."

Other casino features at Paragon Gaming include Hard Rock Hotel & Casino at Lake Tahoe, Westgate Las Vegas Resort & Casino and Hooters Casino Hotel in Las Vegas.

HEY YOU!

Sign in to our newsletter for exclusive content, contests, and perks.


Bc7f7efb7f14384003cf51259b35ebe3? S = 96 & d = mm & r = g

Kenneth Chan

Daily Hive National Feature Editor, Vancity Buzz Evolution. He covers local architecture, urban issues, politics, business, retail, economic development, transport and infrastructure, and tourism. Kenneth is also co-founder of New Year's Eve in Vancouver. Contact him in kenneth[at]dailyhive.com


[ad_2]
Source link