Paragon Gaming sells its stake in Parq Vancouver

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      A Las Vegas-based gambling company is no longer a partner in Vancouver's only legal casino resort.

      Paragon Gaming has announced that it's sold its share in the Parq Vancouver for an "undisclosed price" to another partner, PBC Group.

      Paragon bought the Edgewater casino on the north shore of False Creek in 2006, running it for 10 years.

      In September 2017, the $640-million Parq Vancouver opened across the street with two Marriott hotels, a 60,000-square-foot conference centre, and several dining facilities and lounges.

      "We are proud of our affiliation with Parq Vancouver and we wish their employees the best moving forward," Paragon Gaming chair and cofounder Diana Bennett said in a company news release.

      The Bennett family has been in the gambling industry since the early 1970s and has been linked to the Excalibur Hotel and Casino and Luxor Las Vegas.

      Later, Paragon partnered with First Nations on both sides of the border before focusing on developing the Parq Vancouver.

      PBC Group is a real-estate company launched in Ottawa more than 30 years ago. Through its limited partnership, PBC VUR LP, it raised US$415 million to finance the Parq Vancouver, according to its website.

      The other partner in the Parq Vancouver is Dundee Corporation.

      In November 2018, the facility attracted unwanted attention when rapper Drake alleged that he was racially profiled and prevented from gambling.

      CYV News at Six reporter Jon Woodward later wrote a story citing unnamed sources suggesting that the refusal was linked to B.C.'s tough new anti-money-laundering rules.

      Gamblers can no longer spend more than $10,000 in cash in B.C. casinos without disclosing detailed information, including identifying their financial institution, branch, and account number.

      Paragon Gaming made no mention of B.C.'s anti-money-laundering regulations in its news release announcing the sale of its share in the Parq Vancouver.