Vancouver-area casinos for years had been accepting millions of dollars in questionable cash from gamblers holding suitcases bulging with bills
When Parq Vancouver, a glimmering waterfront casino, opened amid much to-do in late 2017, few would’ve anticipated that a dirty money crackdown was about to throw the city’s roaring gambling business into turmoil.
For Parq, one of the province’s largest-ever private developments, the clampdown came at a delicate time. The plan was to replace costly construction financing with cheaper debt after opening but business picked up slower than expected amid the new restrictions. It lost nearly $153 million in 2018, according to a March 28 Dundee filing. Now Parq’s in a race to refinance debt in order to make an interest payment this week on a second-lien loan, according to S&P Global Ratings.
Ottawa OwnerPrivately held PBC Group, an Ottawa-based real estate developer, is the majority owner of Parq with 63 per cent. Dundee, a Toronto-based public holding company with investments in agriculture, resources and real estate, owns the remainder. PBC and Dundee declined requests to be interviewed for this story.
The shimmery copper-hued casino-cum-hotel complex finally offered an upscale option in downtown Vancouver with a second-floor entrance leading directly into the neighbouring BC Place stadium — on opening night, VIPs waltzed across for a Coldplay concert. Horgan CrackdownBritish Columbia Premier John Horgan’s government has been spearheading Canada’s anti-money laundering charge, and its hiring of an independent investigator to probe the gambling industry coincided almost to the day with Parq’s ill-timed opening in September 2017.
Be that as it may, gambling at River Rock isn’t the roaring business it once was either — the anti-money laundering measures appear an irritant to patrons.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
B.C.’s top health officer calls for decriminalization of illicit drugsIn a report released Wednesday, Dr. Bonnie Henry says law enforcement and health officials ‘recognize that B.C. cannot arrest its way out of the overdose crisis’
Read more »
B.C.’s Tsilqhot’in First Nation wildfire report calls for Indigenous-rooted training, infrastructureProvincial, federal governments’ failure to recognize Indigenous knowledge and skills posed greater threat to the B.C. community than the fires themselves, Chief Joe Alphonse says
Read more »
B.C.'s Great Canadian Gaming sells Washington casinos for $56 millionThe Coquitlam-based company is selling its gaming operations in Everett, Tukwila and Lakewood
Read more »
Cut adrift: B.C.’s tech sector sees government support dry upA major employer in the province says opportunities for growth are being missed
Read more »
B.C. offers businesses and homeowners more money to save energy, cut emissionsThe plan allows for $14,100 for a home and $220,000 for a commercial business to make the energy-saving changes.
Read more »
Warning in B.C. about 'trippy' drug that puts people in 'zombie' stateThe British Columbia Interior Health authority is warning street-drug users of a synthetic cannabinoid that has been linked to a so-called 'zombie' outbreak in New York.
Read more »
Piscotty's three RBIs lead A's over Rangers - TSN.caStephen Piscotty homered and drove in three to back Chris Bassitt's winning season debut, and the Oakland Athletics beat the Texas Rangers 6-1 Monday night to end a three-game skid.
Read more »
Blue Jays' Aaron Sanchez expected to make next start Saturday vs. A's - Sportsnet.caToronto Blue Jays pitcher Aaron Sanchez is expected to make his next start Saturday against the Oakland Athletics.
Read more »
Chapman, Piscotty lead A's offence in win over Rangers - TSN.caMatt Chapman homered and walked three times, Marcus Semien had a two-run double as part of a six-run fourth inning and the Oakland Athletics beat the Texas Rangers 11-5 on Tuesday night.
Read more »
Pinder's two-out single in 9th lifts A's past Rangers - TSN.caChad Pinder's two-out RBI single in the ninth inning lifted the Oakland Athletics to a 6-5 victory over the Texas Rangers on Wednesday.
Read more »