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Paragon Gaming, the Las Vegas-based developer and gaming operator that spearheaded the construction of the $640-million Parq casino, is selling its stake in the Vancouver resort.

Paragon announced Friday that its ownership shares have been purchased by PBC Group, a real estate development company headquartered in Ottawa, for an undisclosed amount of money.

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PBC Group was one of the casino’s three original partners along with Paragon and Dundee Corporation, a Toronto-based holding company.

Paragon managed the former Edgewater casino, located in Vancouver’s Plaza of Nations, for more than 10 years before the relocation of gaming operations to Parq Vancouver, at which time Parq assumed all management functions.

Parq, which opened in September 2017, contains two Marriott-branded hotels, a 63,000-square-foot conference centre and 65,000 square feet of casino space spread out over two floors with 600 slot machines and 75 game tables.

“PBC believes that Parq Vancouver is positioned to become a central feature of the downtown entertainment district and will serve as further proof that Vancouver has become a global destination city” PBC president Paul Bouzanis said in a release.

The release says PBC Group and Dundee Corporation will continue its ownership of the resort “with the existing management team providing day-to-day oversight.”

sbrown@postmedia.com