Press Room

Paragon buys troubled casino

September 6, 2006
Canadian Press Wire
Irwin Loy

VANCOUVER - The new owners of Vancouver's struggling Edgewater Casino want gamblers to be able to have a drink while they play.

Nevada-based Paragon Gaming announced yesterday it had finalized a deal to buy the downtown casino. Now Paragon has a strategy to improve Edgewater's lethargic performance, which will include applying for a liquor licence on the gaming floor.

"In most jurisdictions, people will identify the ability to have a drink and to game as going hand in hand," said Yale Rowe, vice- president of operations with Nevada-based Paragon Gaming. "We're working with the city now to get our arms around what the best strategy is ... we'll be applying in short order."

But it could be a controversial plan. Edgewater's original owners didn't seek a liquor licence when the casino first opened because of political sensitivities - the expansion of gambling and the introduction of Edgewater's 500 slot machines has proven unpopular in some communities.

In May, 24 hours reported Edgewater averaged losses of $150,000 a week during its first year of operations.

Its previous owners cited a lack of a gaming-floor liquor licence and parking and signage restrictions for its troubles.

The City of Vancouver has taken in $5.3 million in Edgewater revenues since the casino's opening last February.

YOU SHOULD KNOW:

City gaming revenues (2005/06):

• Edgewater, Vancouver: $3.8 million.
• River Rock, Richmond: $11.2 million.