The fate of the casino issue in Virginia’s gambling market is now in the hands of the voters. The Virginia Lottery recently approved a preliminary application from the city of Richmond and RVA Entertainment Holdings, a joint venture of Churchill Downs Incorporated and Urban One, to include a casino proposal on the ballot for voters in the city this November. This renewed push comes after a narrow defeat of the $562 million casino proposal in November 2021, where just 1,500 votes rejected the proposal. However, with the potential economic benefits of a new casino, the Richmond City Council and project proponents are determined to give it another chance.
Economic Impact and Job Creation:
The economic benefits of a new casino are significant, with the potential to generate $30 million in total tax revenue per year and create 1,300 jobs. This prospect has encouraged the Richmond City Council to partner once again with the same companies behind the original 2021 project proposal. Alfred Liggins, CEO of Urban One, emphasized their commitment to providing real economic impact and engaging with local leaders and citizens to shape the project to benefit the community.
Green Light from Virginia Lottery:
With the Virginia Lottery’s approval, the Richmond Circuit Court has ordered for the casino question to be placed on the ballot for voters to decide this November. RVA Entertainment Holdings, expressing delight at the news, is committed to delivering an entertainment and gaming experience that benefits the host community. With a successful track record of developing premier entertainment and gaming venues, Churchill Downs Incorporated is eager to deliver on this mission and vision in Richmond.
Proposed Casino Resort Features:
The proposed casino resort, located near Commerce Road in South Richmond, is designed to be a comprehensive entertainment destination. If approved, it will feature a luxury hotel, live entertainment and conference venues, high-end dining options, a casino space with slot games, table games, a sportsbook, and 55 acres of park and green space. RVA Entertainment Holdings plans to unveil the design and vision for the casino resort in the coming weeks.
Mayor Levar Stoney’s Response:
Richmond’s Mayor Levar Stoney expressed enthusiasm at the casino project’s approval, highlighting its potential to provide 1,300 good-paying jobs and an estimated $30 million annual revenue to address the community’s greatest needs. He sees the addition of a destination resort as a transformative factor in changing the economic trajectory of Southside for years to come, especially as Richmond experiences record development and growth.
The Impact on Virginia’s Gambling Market:
The potential approval of the casino project in Richmond signifies a significant development for Virginia’s gambling market. As one of the fastest-growing industries, casinos have the potential to boost local economies, create jobs, and attract tourists to the region. If Richmond becomes the fifth city in Virginia to have a land-based casino, it could set a precedent for other cities in the state to explore similar opportunities.
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