Vancouver’s Once Rollicking Casinos Hit by Dirty Money Crackdown

When Parq Vancouver, a glimmering waterfront casino, opened amid much to-do in late 2017, few would’ve anticipated that a dirty money crackdown was about to throw the city’s roaring gambling business into turmoil, Bloomberg News reported. Vancouver-area casinos for years had been accepting millions of dollars in questionable cash from gamblers showing up with suitcases and hockey bags bulging with bills, according to British Columbia Attorney General David Eby. But new rules implemented last year to more tightly identify sources of funds have put a damper on that rollicking trade. “The anti-money laundering regulations in British Columbia have been a problem," says Andrew Hood, a Toronto-based equity analyst at M Capital Partners Inc. who covers Dundee Corp., one of Parq’s two owners. “The regulations were supposed to cut down on illicit gambling but, of course, that hurt volumes across casinos." Read more