Paragon Gaming Sells Stake in Vancouver’s Parq Casino in Wake of Controversy and Financial Loss

Las Vegas-based Paragon Gaming has sold its stake in the Parq Casino, a luxury gaming facility in downtown Vancouver which has been in the headlines for all the wrong reasons since its 2017 opening.

Paragaon announced that it has unloaded its ownership shares to the PBC Group, an Ottawa-based real estate developer, for an undisclosed amount. PBC, along with Paragon and the Toronto-based holding company Dundee Corporation, were the three original investors in the $640 million casino resort.

Paragon managed the facility for 10 years back to when it was still called the Edgewater Casino leading up to its massive renovation. But now the company wants out, leaving the other investors to hold a candle for the future of the casino.

“PBC believes that Parq Vancouver 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” Paul Bouzanis, PBC’s president, said in a release.

One could hardly blame the Vegas-based company for wanting to pull the plug on the Parq experiment after less than two years.

Featuring two Marriott hotels, 72,000 square feet of gaming space, a 65,000-square-foot conference center, and a prime waterfront location, it was supposed to be a can’t-miss project.

The sale of Parq leaves Paragon with three properties.