HomeNews ❯ Parq Vancouver’s Troubles Deepen as Paragon Gaming Sells Stake

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Parq Vancouver’s Troubles Deepen as Paragon Gaming Sells Stake

Parq Vancouver Casino was, for a long time, regarded as one of the leading casinos in British Columbia. Popular with celebrities, as well as the general public, the casino seemed to thrive and blossom against the backdrop of a burgeoning provincial gambling scene. However, it has been a difficult year for the casino, and certain developments have caused them to experience problems.

Things first became an issue publicly following a dispute between the casino, and famous Canadian rap star Drake. The Grammy Award winner clashed with the casino when he accused them of racially profiling him during an incident back in November. It transpired that the casino had refused to allow Drake to gamble, but the reason behind their actions was due to new regulations introduced into the province to combat money laundering.

Parq Vancouver

The laws now require that all players wishing to spend over $10,000 must provide proof of where the money has come from. This has led to a lot of issues for existing casinos, and Parq Vancouver has reported record losses following these new laws. Well, it seems like things have gotten worse still for the casino, as it seems that influential shareholder Paragon Gaming has sold its stake in Parq Vancouver. Paragon, the developer and gaming operator based out of Las Vegas is the company that spearheaded the construction and development of Parq for close to $650 million.

However, it seems that the company has now become disillusioned with the casinos troubles, and has used this as an opportunity to sell their stake in Parq Vancouver. Having only opened in 2017, the casino seems as though it has struggled to adapt in the wake of new regulations. The split seems fairly amicable, with Paragon co-founder Diane Bennett releasing a statement in which she said, “We are proud of our affiliation with Parq Vancouver and we wish their employees the best moving forward.”

The move is one that has seen Parq Vancouver witness a change of ownership is a bid to move in the right direction. It seems that the PCB Group will be making its way to the leading position of ownership. They will need to reverse a $108.5 million loss, and turn the casino into a successful entity once again, and they’ve certainly got their work cut out.

At least by making this move, Paragon Gaming has sold to a Canadian company in PCB Group. This at least means that the casino will have Canadian ownership, and will be supported by a company looking at what is best for Canada, who also have a vested interest in making the casino a success. Parq Vancouver will be one of those casinos we will all want to keep an eye on for the next couple of years. This move could see the casino either crash and burn, or become a success again, it remains to be seen.

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