A $535 million hotel-casino project in downtown Vancouver that was abandoned nearly two-and-a-half years ago by city leaders, has been revived through a partnership between Las Vegas-based Paragon Gaming Inc. and two Canadian corporations.
The project’s developers announced the deal this week at a news conference in Vancouver.
In 2011, Vancouver residents voiced their displeasure with a large casino located in downtown. The City Council rejected the development plans but have since been revived in large part due to a reduction in size of the casino from 1,100 slot machines and 200 table games. Paragon plans to transfer its 600 slot machines and 75 table games from the nearby Edgewater to the new development and close the old casino. The number of hotel rooms was also reduced from the original concept.
The development will have two luxury resort hotels totaling 550 rooms, a 40,000-square-foot conference center, restaurants, retail space and will serve as the new home for the existing Edgewater Casino in Vancouver, which is operated by Paragon.
BC Place, a 60,000-seat stadium home to the BC Lions will be adjacent to the hotel-casino complex.
Once opened, the facility will generate an estimated $180 million annually for the local economy, supplemented by an estimated $87 million in annual visitor spending generated outside the resort.
Paragon currently operates three casinos in Western Canada and in June became the management company for the Riviera, a Las Vegas Strip resort.
The project is expected to open by the end of 2016 and would make it the largest casino in Western Canada.