Parq casino going under?

[rlock]

Interesting to see this in the news today: The Parq casino seems to be slowly going bankrupt. How the hell does a casino lose money, ever? Guess it proves how much money laundering $$$ is the real core of the casino business in Metro Van.
(PS: Do people remember how in those casino licensing fights years ago, the pro-casino side said all our BC casinos could never become a magnet for organized crime, that the authorities had it handled? LOL.)

https://vancouversun.com/news/local-news/parq-vancouver-opened-in-splashier-times-but-could-it-be-in-debt-distress

https://www.bloomberg.com/news/articles/2019-04-29/vancouver-s-once-rollicking-casinos-hit-by-dirty-money-crackdown

 

[Cami Parker]

Funny, I was there with somebody just yesterday and we both said “this place doesn’t seem to be doing very well”. I guess we were right.

 

[nightswhisper]

It's a pretty stupid development.

Most affluent people in Vancouver are quietly tucked away in recluse. They don't spend extravagant amounts in casinos. This isn't LA or NYC.

 

[Robert Upndown]

It is too sterile. No atmosphere whatsoever

Bob

 

[jamasianman]

Its because they pissed off Drake so his fans won't go lol

 

[jgg]

...How the hell does a casino lose money, ever?...

I wondered this as well. Poor location, poor local management, high outside management fees and a loan from five years ago at 13.5%. How did they even find a loan at that high a rate five years ago!

https://www.brandonsun.com/local/sand-hills-losses-top-9m-508089952.html

 

[Hugh Jass]

Interesting to see this in the news today: The Parq casino seems to be slowly going bankrupt. How the hell does a casino lose money, ever? Guess it proves how much money laundering $$$ is the real core of the casino business in Metro Van.

Its sort of hard to make money in local casinos because BCLC rakes off 10% of the net income from gambling. Most of the profit the casinos are making comes from the restaurants, shows and frequently lousy food. They get to keep all that but not only have to give BCLC a significant chunk of the gaming revenue but pay ripoff charges for equipment eg leasing shuffle machines for the poker tables for over 5 grand a year. Security and surveillance charges probably take a large chunk of whats left over as well.

 

[P3t3rp4n]

Pretty sure the bad PR from drake last year was the nail in the coffin.

 

[MisterMR]

I checked it out when they first opened. Seemed nice enough but the wait lists for poker are unbearably long. Hadn't been back since until last week. Won 20 bucks playing blackjack and left.
I agree with Bob. That joint is too sterile and no vibe at all.

 

[girth-brooks]

I think River Rock is probably the top earning casino in the lower mainland. They were making at least 25% more than Starlight and Hard Rock (Boulevard) a few years ago.

 

[coffeeb]

Let's be honest here, the Drake situation has nothing to do with how shit this place is run. This shit hole has been going down hill for years. when you run the highest volume poker room in BC and you get like 50+ wait list every day, you would think they would add some more tables but nope fuck the profits right? The vibe at the tables are so shitty, it's like they don't pay their dealers. They expect tips after every round or they give you the stink eye until you leave.

 

[rlock]

That's because the business model in BC is built around money laundering, not gaming; all the poker, slots, and whatnot are just there to provide cover for it.

More accusations about it came out today...

https://globalnews.ca/news/5215614/money-laundering-canada-bc-casinos-whistleblower-journal/

https://globalnews.ca/news/5086278/b-c-liberal-minister-intervened-to-raise-betting-limits-ignoring-money-laundering-warnings-about-chinese-vips/

Now if you think about the timing, in the late 1990's, what else happened? Macau and Hong Kong went back under Chinese control. We all know that a lot of legit Chinese people with money began to hedge their bets against a possible crackdown on the wealthy by Beijing, and how they did that was moving their assets (and their families) partially over here.

But of course, you can bet (pardon the pun) that the organized crime groups tied to gambling over there also began looking for a place to set up new laundering operations, and stash their wealth.

When you think about it, how much of BC's economy is designed for high-rolling VIP's with dubious sources of wealth? People here don't realize how big these under-the-radar money flows are. It's not BC organized crime cash being washed; it's crime syndicates from across the Pacific, whose influence and wealth is way beyond our penny-ante* regulators & politicians' ability to deal with it. They became enablers of it instead, as long as they could skim some of it for themselves.

(*Again, pardon the pun.)

 

[kit385]

been there couple times. the first casino i visited need to pay for parking. who will come to the casino that don't offer free parking?
one time i got a easypark parking ticket fine and just throw that ticket on the floor and never return to the casino.

 

[Cock Throppled]

been there couple times. the first casino i visited need to pay for parking. who will come to the casino that don't offer free parking?
one time i got a easypark parking ticket fine and just throw that ticket on the floor and never return to the casino.

So, you'll go to gamble, and almost be guaranteed of losing whatever you arrive with, but won't pay $8 for parking?

 

[coffeeb]

So, you'll go to gamble, and almost be guaranteed of losing whatever you arrive with, but won't pay $8 for parking?

That's the point, their entire business model is you go in and lose your money, yet they still choose to make you pay for parking. Think about how dumb you have to be to do that.

 

[Cock Throppled]

That's the point, their entire business model is you go in and lose your money, yet they still choose to make you pay for parking. Think about how dumb you have to be to do that.

I'd be hard-pressed in deciding whether the casino or gambler would qualify as most stupid.

 

[jgg]

Remember when in Vegas you could drink free if you were playing?

 

[kit385]

So, you'll go to gamble, and almost be guaranteed of losing whatever you arrive with, but won't pay $8 for parking?

For gambler. We depend on every pennies. Even 1$ may make us million.

 

[clu]

I've been thinking about the parking conundrum. If they make it free, with parking being such a premium, people in the area will just use it without going to the casino, won't they? How do casinos normally make it free but only for guests?

 

[kit385]

I've been thinking about the parking conundrum. If they make it free, with parking being such a premium, people in the area will just use it without going to the casino, won't they? How do casinos normally make it free but only for guests?

That their problem. Lot of people park at river rock and walk to the nightmarket when they open. Will they charge for parking while night market open? They don't. And I can't count how many people park at gran villa to go to work. When edgewater here they don't charge for parking too. Do I need to go recharge my parking time while I playing baccarcat hold seat and after come back to the table 2 dragon 7 opened? no baccarat gambler want to do that.