Parq Vancouver Reveals Huge Financial Loss
The Canadian casino that rapper Drake accused of racially profiling him last month has just revealed that so far this year, they have lost many millions of dollars in profits. Parq Vancouver is a luxury hotel and gambling establishment which has long aspired to be a ‘new international entertainment destination’, according to its website manifesto.
Unfortunately, things are not going so well for the property. Parq Vancouver’s unprofitability has come as a big surprise to many, but the fact that they have lost a massive $108 million in 2018 alone comes as extremely concerning news as well. In comparison, the establishment raked in over $28.3 million in profits last year. The worrisome announcement has come shortly after its scandal with Drake.
Dundee CEO Blames BC’s New Laws
The Vancouver casino’s public misstep rapidly made news headlines just a few weeks after the local rapper visited the venue expecting to hit the tables. Drake’s fans were outraged when the artist took to Instagram to accuse Parq Vancouver of racism, calling them out publicly for turning him away from their gaming floor despite him allegedly supplying all of the information they requested of him.
Now, they have cited the exact same reasons they turned the rapper away for their devastating loss of profits. The CEO of Parq’s parent company, Dundee Corporation, has noted that British Columbia’s new anti-money laundering laws have blocked valuable funds from high rollers and VIPs from flowing into his firm’s coffers.
CEO Jonathan Goodman also noted that at the casino, the ramping up of operations took place at a much slower rate than anticipated, and was also exacerbated by the recent implementation of AML initiatives. These measures, he said, are having a notable negative impact on the province’s gaming industry as a whole.
Questions Arise On Profit Losses
When Drake was denied entry, the provincial rules mentioned by Goodman are what the casino used to explain why they could not let the rapper gamble at their tables. In a statement on the matter, the venue’s management announced that they are required to adhere to right gaming-related regulations as laid out by the British Columbia Lottery Corporation.
The rapper, meanwhile, dubbed Parq the ‘worst run business’ he had ever come across after he was barred from entering. He stated that his denial of entrance was actually due to racial profiling, since he was sure that he ‘had everything needed’ for the gambling spot to verify his identity and sources of funds.
Other people have been surprised that such a major establishment can be so unprofitable, and lose over $100 million in revenues in the space of the year. Some blamed it for its high prices, taking to Reddit to ask pertinent questions about the announcement. Parq Vancouver is the only casino in downtown Vancouver, which opened to the public in 2017.