SpongeG
May 13, 2008, 5:54 AM
Casino says its higher profile is a winning bet
VANCOUVER - The Las Vegas owners of Edgewater Casino in Vancouver have pumped $5 million into the facility since buying it 20 months ago and the investment appears to be paying off.
Casino general manager Barry Pritchard said Monday the City of Vancouver's share of casino revenues rose 18 per cent to $5.56 million for the year ending March 31, 2008 - indicating, unofficially, that total revenues climbed above the $100-million mark from $85 million a year earlier.
The official casino revenue figures have not yet been released by the B.C. Lottery Corporation.
Pritchard said Edgewater Casino owners Paragon Gaming LLC of Las Vegas are very pleased with the revenue growth, "given the facility we have."
Paragon paid $42 million to buy the downtown casino from original owners Gary Jackson and Len Libin in September 2006 and become the first foreign owners of a B.C. casino.
Pritchard said the $5 million spent on improvements so far has gone towards several projects - including a $1-million upgrade of its Stadium Club theatre, improved signage, new lighting, new carpets, a new bar, better furniture and a repositioning of every slot machine and table in the casino.
The casino cut the number of slot machines from 600 to 500 and used the extra space to increase the number of poker tables from four to 18, creating one of the largest poker rooms in B.C.
Pritchard said the casino has also spent considerable time, effort and money to boost its profile through increased public relations and marketing.
"One of the things we found when we got here was that we were one of the city's biggest secrets," he said.
"Our visibility has improved dramatically since then."
A shortage of parking space at Edgewater has been a long-standing issue at the casino and Pritchard hopes to announce a deal soon that will provide at least double the current parking space for 150 vehicles.
Edgewater operates under a lease that expires in 2013.
Paragon has made no secret of the fact it wants to expand the casino's facilities - either at the existing site or at another location within the City of Vancouver.
"We'd love to offer full-scale entertainment, with more shows and meeting space and more food and beverage options," Pritchard said.
"We are seeking opportunities with the City of Vancouver but where that will be, I don't know yet."
http://www.canada.com/vancouversun/news/business/story.html?id=f38e3ebb-74af-4e64-905a-416997baa60d
VANCOUVER - The Las Vegas owners of Edgewater Casino in Vancouver have pumped $5 million into the facility since buying it 20 months ago and the investment appears to be paying off.
Casino general manager Barry Pritchard said Monday the City of Vancouver's share of casino revenues rose 18 per cent to $5.56 million for the year ending March 31, 2008 - indicating, unofficially, that total revenues climbed above the $100-million mark from $85 million a year earlier.
The official casino revenue figures have not yet been released by the B.C. Lottery Corporation.
Pritchard said Edgewater Casino owners Paragon Gaming LLC of Las Vegas are very pleased with the revenue growth, "given the facility we have."
Paragon paid $42 million to buy the downtown casino from original owners Gary Jackson and Len Libin in September 2006 and become the first foreign owners of a B.C. casino.
Pritchard said the $5 million spent on improvements so far has gone towards several projects - including a $1-million upgrade of its Stadium Club theatre, improved signage, new lighting, new carpets, a new bar, better furniture and a repositioning of every slot machine and table in the casino.
The casino cut the number of slot machines from 600 to 500 and used the extra space to increase the number of poker tables from four to 18, creating one of the largest poker rooms in B.C.
Pritchard said the casino has also spent considerable time, effort and money to boost its profile through increased public relations and marketing.
"One of the things we found when we got here was that we were one of the city's biggest secrets," he said.
"Our visibility has improved dramatically since then."
A shortage of parking space at Edgewater has been a long-standing issue at the casino and Pritchard hopes to announce a deal soon that will provide at least double the current parking space for 150 vehicles.
Edgewater operates under a lease that expires in 2013.
Paragon has made no secret of the fact it wants to expand the casino's facilities - either at the existing site or at another location within the City of Vancouver.
"We'd love to offer full-scale entertainment, with more shows and meeting space and more food and beverage options," Pritchard said.
"We are seeking opportunities with the City of Vancouver but where that will be, I don't know yet."
http://www.canada.com/vancouversun/news/business/story.html?id=f38e3ebb-74af-4e64-905a-416997baa60d