Casinos are all about gambling, but rarely does the company building a casino complex take a risk as big as the one Paragon Gaming is taking in Vancouver, Canada.
The casino company has yet to get final approval to build its proposed $535 million casino hotel complex at BC Place in downtown Vancouver, Canada, but they did receive a permit to begin excavation for their underground parking lot.
Paragon is gambling on the fact that their casino permit will be approved. After all, they’re technically not building an additional casino to the one that Vancouver casino players already frequent. Instead, they’re planning to relocate their Edgewater casino from the old site near where Expo 86 was held and relocate it to BC Place.
The new 675,000 square foot complex which will feature a casino, shopping, conference centers, and two hotels was technically approved in principle back in December, but a number of conditions needed to be met before final approval could be given. That included finalizing hours of operation, modifying hours of liquor sales, and detailing the number of ATMs available on site.
The complex does sound great, but it’s not clear why Paragon wants to relocate the casino. The gaming company originally wanted to double the 600 slot machines and 75 table games found at its Edgewater property, but city council but the brakes on that idea and said that only the original games could appear.
Still, Paragon does want the new property, perhaps hoping that city council will eventually change its mind and allow more games than what was previously approved. That’s a gamble in itself, but one that could pay off in spades.
Plus, the new site is more of a high-traffic site, situated near BC Place, which is home of the CFL BC Lions football team and loads of events. It was even the site of the opening and closing ceremonies for the 2010 Vancouver Winter Olympics.
There is one big risk here. If council denies final approval, Paragon will need to fill in the massive hole they left – something that could up the cost of the casino complex that never materializes even higher.
We’ll keep an eye on this downtown Vancouver casino project and fill you on the details. Hopefully those details don’t involve filling in a massive hole in downtown Vancouver.