Las Vegas-based Paragon Gaming sold its ownership stake in Parq Vancouver for an undisclosed amount to its Canadian partner, ending the company’s affiliation with Western Canada’s largest hotel-casino.
Paragon, which is controlled by Diana Bennett, played a key role in the development, construction and operations in the resort, that is attached to the BC Place stadium and is in Vancouver’s downtown entertainment district. Parq Vancouver features a casino, two Marriott hotels, and multiple dining venues.
PBC Group, a Canadian real estate investment company, has been involved in the resort since the early stages.
Paragon Gaming acquired the Edgewater Casino in Vancouver – the city’s only licensed casino – in 2006 and managed the property for 10 years. The gaming license was relocated to Parq Vancouver when the resort opened.
“The milestones achieved in British Columbia – at Edgewater, Parq Vancouver and the overall community – are a testament to the incredible work of our team members,” Bennett said in a statement. “We are proud of our affiliation with Parq Vancouver and we wish their employees the best moving forward.”
PBC President Paul Bouzanis said in a statement the resort “is positioned to become a central feature of the downtown entertainment district and will serve as further proof that Vancouver has become a global destination city.”
PBC Group and Dundee Corporation will continue its ownership of the resort with the existing management team providing day to day oversight.
