Gambling operator Paragon Gaming has sold its ownership in the underperforming Parq Vancouver casino.

On Friday, the Nevada-based Paragon announced that it had sold its majority stake in the C$700m Parq Vancouver casino, which opened its doors in September 2017. Paragon’s stake has been acquired for an unknown price by Canadian real estate developer PBC Group.

PBC already had a minority stake in the casino through the Parq Equity Limited Partnership (PELP) joint venture, which also included Paragon and the Toronto-listed holding company Dundee Corporation. The plan now is for PBC and Dundee to continue ownership of the venue “with the existing management team providing day-to-day oversight.”

PBC president Paul Bouzanis said his company believes Parq is “positioned to become a central feature of the downtown entertainment district.” Perhaps, but the property has so far performed well below expectations, posting a loss of C$108.3m (US$82m) in the first nine months of 2018 after posting a net profit of C$28m in the first three months following its launch.