Vancouver to get new casino

Vancouver will indeed see the $535 million development of the casino resort that was put on hold by local city councilors more than two years ago.

Paragon Gaming from Las Vegas and two Canadian companies are teaming up to move forward with the resort, Canadian developer 360 Vox and investment firm Dundee Corp are joining forces with Paragon to build the two hotel, 40,00 square foot conference centre and a casino with 600 slot machines and 75 gaming tables.

In a news conference Tuesday in Vancouver Diana Bennett the CEO of Paragon Gaming announced the new deal which will see the development being built next to the BC Place Stadium. The current Edgewater Casino that is owned by Paragon will be re-housed in the new resort.

The deal with Vancouver council officials has a 70 year lease term and a guaranteed $3 million annual payment to the council.

“We listened to the community and understood their concerns,” said Paragon President Scott Menke. “We believe that we have brought in the right partners and have designed an urban resort consistent with the desires of the city.”

The project will see 4,500 jobs created in the construction phase and 2,000 permanent jobs created once the development is completed.