Parq Vancouver, one of the most famous integrated casino resorts in British Columbia, Canada, has been struggling with its finances. Earlier last week, it was reported that Parq Holdings LP, the company which owns and operates the Parq Vancouver casino defaulted its debt payments. The company’s attempts to refinance its loans had failed.
Following the debt payment default, the global credit rating agency Standards & Poors had also sliced the company’s credit ratings.
However, now the company has secured a partner to refinance its outstanding debts.
Dundee Corp executives announced on Monday that the new partner would have a 34.9-per-cent stake in the Parq Vancouver. Dundee Corp is the second largest stakeholder in the Parq Vancouver project with a 37 percent stake after Ottawa-based real estate firm PBC Group which owns 63 percent.
Following the new partnership deal, Dundee Corp’s stake will come down to 24.1 percent and PBC’s to 41 percent.
While the name of the new partner has not been disclosed yet, in a statement published by the Vancouver Sun, Dundee chairman and CEO Jonathan Goodman, described the new partner as a “private Canadian group that wants to remain private. However, I can tell you they are not that private. The regulators of B.C. have approved them. They’re going to be very active in the day to day business.”
He also said that the new partner has “hospitality holdings in several markets and which will assist in Parq Vancouver’s ramp up and optimization.”
Though it remains a bit of a mystery as to who the new partner is, those familiar with the matter are speculating that Texas-based Westmont, which manages or operates over 500 hotels in North America, Europe, and Asia is the new partner.