The Vancouver Casino That Turned Drake Away Just Announced That They’ve Lost $108 Million In Profits
Parq Vancouver has lost $108 million dollars so far in 2018.
The Vancouver casino that website.just announced that so far in 2018, they have lost millions of dollars in profit. Parq Vancouver is a luxury hotel and casino. The hotel and casino aspire to be "a new international entertainment destination" according to their
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Parq Vancouver is now announcing that not only are they unprofitable, but they are losing millions and millions of dollars – a whopping $108 million to be exact, so far in 2018, according to CTV News. In comparison, they turned $28.3 million dollars in profit in 2017. This announcement comes after the public scandal involving Drake.
The Vancouver casino made headlines, and not the good kind, just two weeks ago when Drake took to Instagram to publicly call them out for turning him away and not letting him gamble.
Now they are citing the same reasons they turned away Drake for their profit loss. The CEO of Dundee Corporation, a parent company of Parq, cites the province's new anti-money laundering rules as blocking money from high-rollers from coming in, according to CTV News.
"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.
I guess the folks over at Parq aren’t huge Drake fans? 😬😬 pic.twitter.com/0HCekEhhWh— Dominic Sramaty (@Sramaty650) November 3, 2018
When Drake was denied, those provincial rules are what the casino used to explain why they couldn't let Drake play. "We are required to adhere to strict regulations with respect to gaming in British Columbia," announced Parq in a.
The Canadian rapper called Parq Vancouver the "worst run business" he had ever witnessed after he was not allowed to gamble at the casino. He said his denial was due to racial profiling since he "had everything needed" to be verified in the casino.
People are pretty surprised that a major casino can be unprofitable, much less lose over $100 million dollars in revenue. Many people expressed their surprise on Reddit and had questions about the encounter.
Some called out the casino for their high prices. "How do they lose money on $18 vodka sodas?", commented Redditor dezumondo and it received 28 points. Others were confused as to how a casino could lose so much money in profit. "How does a casino lose money?", wrote vr6storm and it got 11 points.
Parq Vancouver is home to downtown Vancouver's only casino, as well as two luxury hotels. The hotel opened last year in 2017.