The provincial government has finally confirmed rumours that a new casino and hotel complex will be constructed on the 2-acre parking lot between BC Place and the Cambie Street bridge.
The 680,000 square foot, $450 million development will include a Las Vegas-style casino and two internationally-branded hotel towers, plus five restaurants. It will be attached to the stadium.
The project is expected to create up to 8,500 jobs with construction expected to start next year. It is estimated that the new casino will generate $130 million in gaming revenues per year for the provincial government, and some of the money will be used to defray the cost of the new retractable roof at BC Place.
The development is a partnership between Paragon Gaming of Las Vegas and PavCo, the crown corporation that manages BC Place.
Paragon already owns the Edgewater Casino across the street from the site. The Edgewater will close and be re-developed once the new casino opens in 2013.
The project is still subject to City of Vancouver approval.
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