Parq Vancouver has seen some of the most challenging months of operation in the past few months which resulted in a CA$108.5-million loss in the wake of the scandal featuring Drake. Now it became clear that Las Vegas-listed casino operator Paragon Gaming is no longer going to be part of the structure of the casino development, as it recently sold its ownership stake. The entity making its way to the leading position is PBC Group, a real estate and investment firm that is based in Ottawa.
Vancouver is at the beginning of a brand new chapter in its gaming field as Paragon Gaming made its exit. The company that built the premium casino complex in downtown Vancouver has decided to leave its creation to thrive under another company’s supervision, potentially improving its current state for good. This change has been considered for several weeks now and it could be recalled that the very beginning of this year brought the news that Parq Vancouver might see a new star make its way into the management in order to boost its performance.
Casino Venue Builder Sells Ownership Stake
It is no secret that over the past few months the location has been struggling to stay afloat, thanks to controversial situations that echoed throughout the field. Now PBC Groups has made an entrance and it here to stay as a stakeholder within the structure of Parq Vancouver, but this is not its first appearance at Parq Vancouver. The investment company had been an owner of a minority stake.
It should also be pointed out that back at the beginning stages of the project, PBC Group was able to boost it with the help of its development services. Now it is the owner of the ownership stake and confident enough to improve the current position of the casino complex within the industry. No information has been issued regarding the exact amount which PBC had to pay for the stake. The company is willing to make the location even more attractive to players and reaffirm its place.
It could be recalled that Paragon Gaming has been eyeing the project ever since 2010, making sure that it would be able to surpass the existing operation in the area. Edgewater Casino at False Creek was a temporary casino location that launched operation in 2005. While it was welcoming its casino patrons, Paragon Gaming was making sure it makes steps towards the construction of a new permanent location in the downtown area. The City of Vancouver gave green light to the project in 2013.
Investment Company Expected to Propel Operation Forward
September 2017 saw the temporary casino venue close for good, transferring all employees working on site to Parq Vancouver which launched operation. At the very first months of operation of the new location, the interest levels went through the roof and last quarter of 2017 saw CA$28 million in profit. However, gaming performance on site failed to reach the original expectations and projections, as it became clear in March 2018.
The casino management admitted that it was in need of CA$33.4 million in order to cover hedging and building payments at that point. Only recently independent holding company Dundee Corporation announced it gave the location a loan reaching CA$15 million so it could cover existing debt payments of Parq Holdings Limited Partnership.
What further heated up the situation was Canadian rapper Drake accusing the casino venue of racially profiling him and denying him the opportunity to gamble. The negative publicity swirling around in November 2018 also made it clear that regulations mandating that every buy-in surpassing CA$10,000 should come with clear sources of the cash apply to everyone.
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