Virginia is still in the process of legalizing its casino industry. Some powerful casino companies are now getting ahead of the game, proposing their plans for future gambling properties here. Today, we’re going to talk more about the proposed Richmond Casino-Resort.
There has been a tremendous amount of attention placed on this venue. Many believe it will become one of the most popular new gambling properties on the East Coast. There is some major progress being made to get a casino here up and running.
Here’s what you need to know!
Virginia Continues Moving Towards Casino Legalization
Most of the states throughout the southern United States have tough laws towards casino gambling. That includes Virginia. For decades, lawmakers here have pushed against the legalization of casinos and some felt things would never change.
Recently, many lawmakers here have changed their thinking. Many have begun to realize how much revenue can be earned from this industry. Some of Virginia’s lawmakers are also seeing the huge demand for legal casinos from many state residents.
There have been some exciting updates lately. In early February, a state Senate committee decided to allow residents in five different cities to vote on whether or not to allow casinos. This is a huge move and is likely one of the final steps needed to get the state’s casino industry operational.
Many are pointing towards the economic benefits that legal casinos will bring to different areas of Virginia. That includes several low-income areas desperate for more employment and revenue opportunities. This seems to be the primary reason for this new push to allow casinos here.
Richmond is one area of Virginia working hard to host a new casino-resort. There have been several major companies expressing interest in opening a gambling property here. That includes Bally’s Corporation.
Bally’s officially submitted a proposal to operate this venue. Many are excited to hear what this major casino company has planned.
Bally’s Submits Proposal to Operate a Richmond Casino-Resort
Bally’s Corporation is well-known in the US casino industry. This company launched in 2004 and now owns and operates casinos around the country. Lately, the company has been looking to expand into new states.
This week, Bally’s submitted an official proposal to operate a new casino-resort in Richmond. The company revealed its plans to create and run a “state-of-the-art destination hotel, resort, and casino.” Bally’s has some big plans for this property.
If approved, Bally’s will open a massive 1.6 million-square-foot casino. It will feature a casino, sportsbook, hotel, and resort-style pool. A variety of restaurants and entertainment options will also be constructed here.
Bally’s is also teaming up with several different local companies to ensure this project moves forward in the best way possible. The construction of this property is expected to take 18 months and is expected to cost around $650 million. It is then projected to generate $415 million in gross gaming revenue.
George Papanier, President and Chief Executive Officer of Bally’s Corporation expressed his excitement about this project in an official statement this month.
“We are honored about the prospect of partnering with the City of Richmond as it embarks upon this exciting and unique adventure,” he said. “Our proposal represents an unprecedented project for the Richmond community that will embrace and showcase the city’s existing culture and traditions in an environment positioned towards entertainment and leisure. The Bally’s Richmond would provide the city with a vibrant new attraction that is sure to turn Richmond into a dynamic tourist destination.”
Nothing has been approved yet and it’s still unclear if Bally’s will be given permission to operate the casino in Richmond. These plans will certainly stand out with lawmakers, though. Stay tuned for more updates over the next few months!
Las Vegas Tourism Rates Are Expected to Increase Soon
Virginia is choosing to embrace the casino industry at an unusual time. For almost a year, land-based casino revenue has been on a steady decline around the country. Las Vegas has been hit the hardest by this economic situation.
Fortunately, there seems to be some light at the end of the tunnel. Infection rates around the United States are dropping right now. Some of Nevada’s leaders claim a loosening of restrictions is likely just around the corner.
These two factors will likely result in a major tourism boom in Las Vegas. Casino companies are banking on this fact. Some have recently chosen to resume weekday reservations. There’s a real sense of optimism for the city’s gambling industry.
2021 will also feature a number of exciting new casinos in Las Vegas. The most-anticipated is of course Resorts World Las Vegas. This property will be opening to the public sometime this summer and is the most expensive casino-resort ever built in Las Vegas.
Many are excited to see the new Virgin Hotel-Casino open its doors in Las Vegas soon, too. This property is taking the place of the former Hard Rock Hotel-Casino. Virgin is working hard to make this a truly special property.
Are you excited to hear Bally’s plan for a Richmond Casino-Resort? Let us know in the comments section below!