Parq Vancouver casino reports losses in 2018
The Vancouver venue has reported a US$82 million loss so far in 2018 and blamed the state’s anti-money laundering rules.
Canada.- As 2018 is about to end, several companies have begun looking back to see how they’ve performed this year, but the new Parq Vancouver hotel and casino complex isn’t very happy about its own results. The venue has reported a US$81.7k loss for the year and blamed new anti-money laundering rules in British Columbia for scaring high-rollers with legitimate cash away.
“At Parq Vancouver, the ramp-up of operations proceeded at a slower than anticipated pace, and continued to be exacerbated by the recent implementation of anti-money laundering initiatives which are having an adverse impact on the gaming industry in British Columbia,” said Jonathan Goodman, CEO of one of its parent companies, Dundee Corporation, in August.
“Its financial performance has been disappointing,” Goodman told investors. “It’s very frustrating but we are actively seeking solutions,” he said.
Parq had posted a US$21.4 million profit in 2017 but has already lost five times that amount this year over regulatory changes. British Columbia enforced such regulations as it believed casinos had involuntarily become laundromats for organised crime, but this has severely impacted their financial performance.
“I do think the city of Vancouver needs to look at that,” Vancouver Coun. Mellisa De Genova said. “Are we dependent on this revenue?” she further questioned as several million dollars that get transferred from casinos to state coffers may be in jeopardy.
