Amid concerns over the potential cost of the planned B.C. Place casino project, Paragon Gaming assured British Columbia taxpayers on March 1, 2011 that it will not go the route of Vancouver’s ill-fated Olympic Village.
Amid concerns over the potential cost of the planned B.C. Place casino project, Paragon Gaming assured British Columbia taxpayers on March 1, 2011 that it will not go the route of Vancouver’s ill-fated Olympic Village.
Paragon representatives said the company would put up some of its own money as equity, but will also have to turn to capital markets to set up $350 million of debt financing.
Paragon Gaming is partnering with provincially owned PavCo, but PavCo chairman David Podmore has indicated the company is not concerned about Paragon securing debt financing.
The project will feature not only a 24-hour casino but two hotels. Though the casino has been in the planning stages for several years it recently became the subject of controversy, with opponents to the project pointing to Paragon’s unsuccessful bids to establish casinos in both New Brunswick and Missouri. Questions have also been raised about Pavco using lease revenue from the casino to help pay for renovations to B.C. Place.
JOC DIGITAL MEDIA
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