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Paragon Gaming

Paragon Gaming is a gaming company based in Enterprise, Nevada that owns and manages casinos in the United States and formerly in Canada.

History

Paragon Gaming was founded in 2000 by cousins Diana Bennett and Scott Menke, who were experienced gaming executives and the daughter and nephew, respectively, of prominent casino owner William Bennett.[1][2] The company began working with American Indian tribes, seeking opportunities to develop tribal casinos.[3]

In 2001, Paragon proposed to develop a casino at the Channel Islands Harbor in Oxnard, California on behalf of a yet-to-be-determined tribe.[4] In the face of opposition from local officials, the company withdrew the proposal and announced a new plan to build a casino at the Oxnard Factory Outlet with the Greenville Rancheria of Maidu Indians.[5][6] This plan, too, provoked strong opposition, and was rejected by the city council.[7]

Later in 2001, Paragon announced a deal to develop a casino near Palm Springs, California for the Augustine Band of Cahuilla Mission Indians.[8] The project drew some attention because the tribe had only one adult member; critics questioned the seemliness of developers profiting from a casino that would benefit so few Indians.[9][10][11] The Augustine Casino opened in 2002 at a cost of $16 million.[12]

Meanwhile, the company worked with First Nations bands in Alberta to lobby for regulations that would allow tribes to open casinos.[8] When those efforts succeeded in 2002, Paragon partnered with the Enoch Cree Nation to develop a casino hotel in Edmonton.[13][14] The $178-million River Cree Resort and Casino opened in October 2006.[15] Paragon operated and co-owned the casino until 2014, when the Enoch Cree bought out the company's interests.[16][17]

In September 2006, the company purchased the bankrupt Edgewater Casino, located at the Plaza of Nations in Vancouver, for $43 million.[18][19]

In 2008, Paragon opened the Eagle River Casino and Travel Plaza at the Alexis Whitecourt Indian Reserve in northern Alberta.[20] Paragon owned a 40 percent share of the property, with the Alexis First Nation owning the rest.[21] The casino's revenues fell short of expectations, and it went into bankruptcy by 2014; Paragon was left with no stake in it.[21][22][23]

In 2013, Paragon assumed management of the struggling Riviera hotel and casino on the Las Vegas Strip on behalf of Starwood Capital.[24] The Riviera closed in May 2015. Later that month, Paragon took over management of the nearby Westgate Las Vegas under a lease from Westgate Resorts.[25] The company transferred many of its employees and bookings from the Riviera to the Westgate.[25]

In 2014, Paragon began construction of the Parq Vancouver, a $600-million hotel and casino complex at the BC Place stadium.[1][26] The Parq opened in 2017, and the Edgewater Casino, which it replaced, closed on the same day.[27] In 2019, Paragon sold its stake in the Parq to one of the property's other co-owners.[28]

The company added two more Nevada casinos to its portfolio in 2016, assuming management of the Hooters Casino Hotel near the Las Vegas Strip and acquiring a majority stake in the Hard Rock Hotel & Casino Lake Tahoe.[29][30][31][32]

Paragon's management contract at the Westgate ended in 2020.[33]

In 2023, Paragon sold the Hard Rock in Lake Tahoe to Fertitta Entertainment.[34]

Properties

The properties owned or managed by Paragon are:

Former properties

References

  1. ^ a b Nick Rockel (October 20, 2017). "How Scott Menke's gamble on Parq Vancouver hit the jackpot". BCBusiness. Retrieved 2018-10-02.
  2. ^ "Ladies first". Global Gaming Business. August 28, 2017. Retrieved 2018-10-02.
  3. ^ Kathleen Wilson; Tamara Koehler (February 21, 2001). "Company hopes for casino in county". Ventura County Star – via NewsBank.
  4. ^ Charles Levin (February 22, 2001). "Casino supporter touts benefits". Ventura County Star – via NewsBank.
  5. ^ Raul Hernandez (March 15, 2001). "2nd casino plan comes to Oxnard". Ventura County Star – via NewsBank.
  6. ^ Charles Levin (March 23, 2001). "Two groups join forces in casino bid". Ventura County Star – via NewsBank.
  7. ^ Raul Hernandez (May 10, 2001). "Indians continue search for casino site". Ventura County Star – via NewsBank.
  8. ^ a b David Strow (August 30, 2001). "Las Vegas firm in pact for California Indian casino". Las Vegas Sun. Retrieved 2018-10-02.
  9. ^ James May. "With one adult member, Indian tribe holds on to its roots". Boston Globe. Knight Ridder – via Newspapers.com.
  10. ^ Donald L. Barlett; James B. Steele (December 16, 2002). "Indian casinos: Wheel of misfortune". Time. Retrieved 2018-10-02. (subscription required)
  11. ^ Terry Gross (December 16, 2002). "Interview: Donald Barlett and James Steele discuss their article in Time about Native American-owned casinos and who has been benefiting from the profits". Fresh Air – via NewsBank.
  12. ^ Benjamin Spillman (July 19, 2002). "Intimate new valley casino holds big opening night". The Desert Sun. Palm Springs, CA – via Newspapers.com.
  13. ^ Timothy le Riche (March 2, 2002). "Band takes a gamble". Edmonton Sun – via NewsBank.
  14. ^ Jerry Ward (June 20, 2002). "Casino proposal". Edmonton Sun – via NewsBank.
  15. ^ Wes Gilbertson (November 3, 2006). "Casino brings dollars, optimism to reserve". Grove Examiner – via NewsBank.
  16. ^ Shari Narine (February 2014). "River Cree Casino fully Enoch-owned thanks to cross-border bond sales". Alberta Sweetgrass. Retrieved 2018-10-02.
  17. ^ Howard Stutz (June 8, 2015). "Paragon Gaming's Vancouver casino project under construction after five-year wait". Las Vegas Review-Journal. Retrieved 2018-10-02.
  18. ^ Sean Condon (October 19, 2006). "Las Vegas firm hopes to revive ailing Edgewater Casino". Westender. Vancouver, BC – via NewsBank.
  19. ^ "Gateway Casinos Income Fund reports 2006 financial results" (Press release). Gateway Casinos. March 15, 2007. Retrieved 2018-10-02 – via MarketWired.
  20. ^ Karry Schmidt (February 6, 2008). "Whitecourt welcomes Eagle River Casino and Travel Plaza with celebratory opening". Whitecourt Star – via NewsBank.
  21. ^ a b Charles Rusnell; Jennie Russell (January 24, 2014). "Eagle River Casino seeks bankruptcy protection". CBC. Retrieved 2018-10-03.
  22. ^ Christopher King (February 11, 2015). "Lucky number 7". Whitecourt Star – via NewsBank.
  23. ^ Sandy Garossino (November 27, 2014). "Why Edgewater casino could go bankrupt and leave us holding the bag". Vancouver Observer. Retrieved 2018-10-03.
  24. ^ Ed Komenda (September 10, 2014). "Company reviving Vegas' Riviera wins control board OK". Las Vegas Review-Journal. Retrieved 2018-10-02.
  25. ^ a b Howard Stutz (May 28, 2015). "Paragon Gaming approved to take over Westgate Las Vegas operations". Las Vegas Review-Journal. Retrieved 2018-10-03.
  26. ^ Frank O'Brien; Pat Johnson (October 3, 2017). "Parq Vancouver Casino opens to crowds". Business Vancouver. Retrieved 2018-10-02.
  27. ^ "Closed Edgewater Casino holds auction". Global Gaming Business. November 11, 2017. Retrieved 2018-10-02.
  28. ^ Scott Brown (February 1, 2019). "Paragon Gaming sells its stake in Parq Vancouver casino". The Province. Vancouver, BC. Retrieved 2019-02-02.
  29. ^ Thomas Moore (October 13, 2016). "Hooters keeping the name amid management changes". Las Vegas Sun. Retrieved 2018-10-03.
  30. ^ Location Details (Report). Nevada Gaming Control Board. Retrieved 2018-10-03.
  31. ^ Richard N. Velotta (November 2, 2016). "Paragon Gaming recommended to acquire Hard Rock Hotel at Lake Tahoe". Las Vegas Review-Journal. Retrieved 2018-10-03.
  32. ^ "Nevada Gaming Commission Minutes". November 17, 2016. pp. 6–8. Retrieved 2018-10-03.
  33. ^ Richard N. Velotta (July 30, 2020). "Ex-gaming board chairman's company to manage Westgate casino". Las Vegas Review-Journal. Retrieved 2021-11-28.
  34. ^ Howard Stutz (March 25, 2023). "Fertitta: Golden Nugget Lake Tahoe will rise from rebranded Hard Rock in 30 days". The Nevada Independent. Retrieved 2023-09-16.
Quelle: https://en.wikipedia.org/wiki/Paragon_Gaming