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Parq Vancouver in Serious Trouble as Debts Mount
We know that the casino industry in Canada is one that is thriving in a big way. However, not every establishment is feeling the positive impacts of an industry on the rise. In fact, a lot of the casinos across the country are struggling, perhaps more than they care to let on. This is something that can have a big bearing on the future, so it definitely should not be overlooked.
Parq Vancouver is a prime example of one such casino, an establishment that opened in better times, but no seems to be struggling. To be honest, Parq Vancouver suffering from financial struggles should not come as too much of a surprise considering the problems that have plagued the casino in recent months. Indeed, things began to become a problem for the casino back in November 2018, when rapper Drake accused Parq Vancouver of racially profiling him following an incident where the casino refused to let him gamble.
Of course, it turned out that the casino was simply following new anti-money laundering directives in the province that requires all players to declare amounts of C$10,000 or greater. But, the damage was pretty much done, and the reputation of the casino was compromised. To be honest, Parq Vancouver seemed to struggle with these new rules, and the casino reported record losses at the back end of 2018, finding itself in the red by more than C$108 million!
Other companies have attempted to change and evolve with the times, such as Great Canadian Gaming finalising a new gaming bundle, or selling off their American casinos. But, Parq Vancouver has a long way to go if it is to get to that stage, and for now, the casino is still suffering from a lot of problems.
The gambling industry in Canada could still do more these days, and it is clear that a refusal to embrace sports betting is currently costing Canada lots of money at the moment. Perhaps if rules were changed surrounding this, it might allow for casinos like Parq Vancouver to offer more betting options, and thus make more money in the long run as well. But for now, it remains to be seen whether this is a problem Parq Vancouver can deal with, or whether the casino might fall so far into debt that we see it having to close down.