Monday, March 29, 2010
$450-million hotel-casino complex announced for False Creek
Vancouver, BC — Globe and Mail update
Published on Friday, Mar. 26, 2010
The B.C government has announced the construction of a $450-million new hotel-casino complex attached to BC Place.
“I am pleased to confirm what many people have been discussing,” Premier Gordon Campbell told a news conference in the domed stadium.
Edgewater Casino on False Creek is to be moved as part of the project and the new 100,000-square-foot casino operation, also operated by Paragon Development Ltd., is expected to generate $130-million in annual gambling revenues to be distributed to the province
PavCo, the Crown corporation that manages BC Place, has struck a deal for a 70-year lease with Paragon.
“We are going to build a destination anchored by two hotels,” said Scott Menke, Paragon president.
The project is expected to create 8,500 direct and indirect jobs during construction and operation.
Assuming the city of Vancouver approves a rezoning application for the project, construction is supposed to begin early next year and be completed in mid-2013.
But events are to be held at BC Place during construction around the replacement of the stadium's roof, which begins in May and is to be done in 2011.