Edgewater Casino Deal Approved

As reported by the Globe and Mail: "A B.C. Supreme Court judge has approved a deal to sell the Edgewater Casino to a company based in Las Vegas, which should ensure the continued operation of the downtown-Vancouver establishment.

"Edgewater Casino Inc. had been in bankruptcy protection since May, as a result of $29-million in debts it incurred since it opened in February, 2005, at its Plaza of Nations location.

"The $42-million deal approved yesterday by Mr. Justice Grant Burnyeat calls for the new owners, Paragon Gaming Inc., to make a full payout to the creditors of the casino.

"…The new owners must overcome the continuing challenges at Edgewater, which has lost money ever since it opened 18 months ago, behind schedule and $4-million over budget…"

2006-08-30