Michael Graydon, former head of B.C. Lottery Corporation for six years, will leave his post as president of Parq Holdings LP before the end of January. Graydon was found to have a conflict of interest after he was hired in early 2014 to oversee the construction and operation of the 0 million Edgewater Casino, a joint venture between Paragon, Dundee Corporation and PBC Real Estate Advisors. The project, which also will include two Marriott-managed hotels, is expected to open in early 2017.
In July 2014, the Ministry of Finance’s internal audit and advisory services found during his last two months at BCLC, Graydon demonstrated a conflict of interest as he negotiated his new job with a company that relies on BCLC. The report stated, “As an individual, Mr. Graydon would have a private economic interest in his prospective employment with an affiliate of Paragon Gaming. This interest could be considered significant enough to at least establish a reasonable apprehension that it would influence the duties and responsibilities of a CEO of BCLC.”
Paragon released a statement from Graydon noting, “While the auditors found no evidence of my current employer receiving preferential treatment, and no evidence of any confidential information disclosed, I understand that a perception of potential conflict was created, and for this I apologize.” Applying legal pressure, the BCLC required Graydon to repay $55,171.20 in salary but let him keep $30,960 in vacation pay.
Paragon Chief Executive Officer Scott Menke thanked Graydon and wished him “all the best” in a statement that noted Graydon resigned “to pursue other opportunities. He concluded that the president position needs to be more hotel and casino operations-focused and that his background and experience are not aligned with the evolving needs of Parq Vancouver.”
