VANCOUVER, Feb. 7, 2014 /CNW/ - PV Hospitality ULC (the "Company"), a newly formed partnership between affiliates of Paragon Gaming, Inc. ("Paragon") and 360 VOX Corporation ("360 VOX"), today announced the establishment of this new entity and the appointment of Michael Graydon as President, effective February 11, 2014.
"We are delighted to welcome Michael to PV Hospitality's senior team as President," said Ned Goodman, Chairman of 360 VOX. "With an exciting opportunity of growth ahead for our Company, we believe his multi-faceted hospitality and marketing experience makes him the ideal fit for our team. We are confident that his leadership and experience will add tremendous value as we execute on our strategic business plans."
Graydon will be responsible for managing the implementation of a strategic business development plan that will see PV Hospitality identify and operate destination resorts in North America and beyond. His first priority will be oversight and operations of Vancouver's new world-class urban resort adjacent to BC Place.
"I see this as a culmination of all I've achieved in my career, and am committed to help make PV Hospitality the world's premier operator of destination resorts in North America," said Michael Graydon, President of PV Hospitality. "The Company's principals share my vision of creating special experiences for local and international guests; making significant and sustainable long-term contributions to the local economy and community; and providing new business opportunities with global impact wherever we operate."
Graydon leaves his position as President and CEO of BC Lottery Corporation following 6 years of proven leadership focused on innovation, creativity, strategic vision, effective communications and profit generation.
Under Graydon's leadership is the new 675,000 sq.ft. (estimated) urban resort that will complement BC Place and create approximately 2,000 new jobs associated with the operation of the hotels, conference center, gaming facilities, restaurants, fitness center, spa and other facilities. Construction and development work will also create approximately 4,500 local jobs. Once opened, the new facility will generate an estimated $270M annually for the local economy through resort operations and annual visitor spending outside the resort.
PV Hospitality ULC is an equal partnership between affiliates of Paragon Gaming Inc. and 360 VOX Corporation. It is uniquely positioned to provide comprehensive and fully-integrated hospitality management services. This experience and approach will create sustainable value for the Company's clients, partners, investors and other stakeholders.
About 360 VOX Corporation:
360 VOX is a publicly traded company, incorporated under the laws of Ontario and listed on the TSX Venture Exchange under the symbol "VOX". 360 VOX is engaged in the business of managing and developing international hotel, resort, residential and commercial real estate projects through its wholly-owned subsidiaries. 360 VOX is also engaged in the sales and marketing of real estate through Sotheby's International Realty Canada and Blueprint Global Marketing.
For further information on 360 VOX please visit their websites at www.360vox.com and www.sothebysrealty.ca. 360 VOX's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website (www.sedar.com).
About Paragon Gaming, Inc.:
Paragon Gaming, Inc. and its affiliates are one of North America's leading destination resort developers. The Company's principals are responsible for the successful development and operation of numerous landmark projects throughout North America.
Paragon purchased Edgewater Casino on Vancouver's waterfront in 2006 and partnered with Dundee Corporation and 360 VOX in late 2013. The Company will relocate the Edgewater Casino and its 650 employees to the new urban resort on completion consistent with the City of Vancouver bylaw passed in Fall of 2011. Paragon was also a joint partner in the highly successful River Cree Resort outside of Edmonton until its successful and planned ownership transition to Enoch Cree Nation in early 2014.
For further information on Paragon, please visit their website at www.paragongaming.com.
This news release may contain forward-looking statements and information within the meaning of applicable securities legislation. These statements reflect management's current expectations, estimates, projections, beliefs and assumptions that were made using information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may" "will", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "forecast", "outlook", "potential", "continue", "should", "likely" or the negative of these terms or other comparable terminology. Forward-looking statements include statements with respect to the construction and delivery of real estate assets are based on assumptions that management believe are reasonable. These statements are not guarantees of future results and are subject to numerous risks and uncertainties, which may cause actual results or events to differ materially from current expectations, including that any required consents or approvals may not be obtained or obtained in a timely manner and any conditions may not be satisfied or the project may not be completed for other reasons. Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.
Image with caption: "PV Hospitality ULC Appoints Michael Graydon as President of Newly Formed Resort and Hospitality Company (CNW Group/Paragon Gaming, Inc.)". Image available at: http://photos.newswire.ca/images/download/20140207_C8343_PHOTO_EN_36412.jpg
Image with caption: "PV Hospitality ULC Appoints Michael Graydon as President of Newly Formed Resort and Hospitality Company (CNW Group/Paragon Gaming, Inc.)". Image available at: http://photos.newswire.ca/images/download/20140207_C8343_PHOTO_EN_36413.jpg
SOURCE: Paragon Gaming, Inc.
For further information:
Director, Corporate Affairs and Strategic Communications
Paragon Gaming Corp.