Bristol VA’s Casino Plans Are Coming Together

Virginia has been preparing to allow casino gambling for years. Recently, cities here have begun discussing plans on how to collect the revenue from these gambling venues. Officials have now agreed to Bristol VA’s casino plans.

Casino Floor Picture

This casino will be unique for a number of reasons. Today, we’re going to talk about what separates the Bristol casino from some of the others in the state. We’ll also discuss when this state’s casino industry will get up and running.

Let’s get into it!

Virginia Seems Poised to Legalize Commercial Casinos

Gambling laws are changing throughout the country. It seems like every single month, a new state decides to allow casinos or sports betting. Some felt that Virginia would never decide to allow traditional casinos to operate.

This was due to the harsh laws towards gambling here. For decades, lawmakers in Virginia prohibited almost all forms of gambling. Only recently has this begun to change.

Some feel that the removal of PASPA helped to change the state’s laws. After PASPA was removed, a huge number of states began allowing sports betting and are now earning millions of dollars a month by taxing this industry.

Certain officials have been pushing to legalize casinos in Virginia for years. Last month, a bill to allow tribal and commercial casinos in the state made its way through the Senate General Laws and Technology Subcommittee. It’s now being reviewed by the Senate and House.

Most feel that the state will approve these regulations before the end of the year. Some even think these bills are given the green light within the next few weeks. Many cities are already coming up with preparations to collect revenue from these venues.

Bristol VA’s Casino Plans Are Now Being Discussed

It’s not easy to have casino regulations approved in a new state. Different parts of every state need to get on board with the plans. Under Virginia’s casino bill currently being reviewed, Bristol is the only city in the state that’s required to share its casino revenue with neighboring counties.

These plans, overseen by the Regional Improvement Commission, calls for the money earned from this casino to be shared. It’s interesting to see, as the casino in Bristol is expected to be the lowest-earning gaming venue in the state.

Randy Eads, City Manager for Bristol, commented on the way this casino will help to benefit the state.

“I think from the outset, everybody recognized that this project would benefit not just the city of Bristol but benefit the entire region,” he said. “Southwest Virginia as a region needs a financial infusion, and this is one way to allow everybody to benefit from this economic development project at the Bristol Mall.”

Bristol VA’s casino plans are expected to bring the state $35 million in annual taxes every single year. This is based on the 17% tax rate that’s being proposed. Of course, several issues surrounding tax rates have already popped up.

The House and Senate disagree with how much these casinos should pay in taxes. Hope is that this issue is resolved this week.

Virginia’s House and Senate Continue to Debate Casino Tax Rates

By mid-February, it seemed as if the state was just about to formally approve casinos to start opening. Cities had agreed to a set of regulations. Even Bristol VA’s casino plans were agreed to, despite the fact that it lessens the amount of money this city will earn.

Unfortunately, the Senate and House have failed to come to an agreement over tax rates. For that reason, Virginia’s Senate officially rejected the proposed bills. The House and Senate are now trying to find an agreeable middle ground.

A conference committee in Virginia is scheduled to meet on March 7th. Hope is that this committee can resolve these issues. Most agree that legalized casinos will help to bring the state millions in additional revenue every single year.

As of now, sports betting is still not being discussed in this state. That’s likely to change in time. Several nearby states now allow sports gambling and are profiting massively.

Bristol VA’s casino plans have been approved. Now, the House and Senate need to come to an agreement. Stay tuned for more Virginia casino news over the next few weeks!

Virginia’s New Casino Bill Has Been Rejected

For months, lawmakers in Virginia have pushed to have casino gambling legalized in the state. Legislation continued to advance, and many believed it was just a matter of time before casinos became legal. Unfortunately, Virginia’s new casino bill was rejected in the Senate.Virginia Sign

It’s a huge blow for proponents of gambling in this state. Many have argued that regulated casinos will help to bring the state millions of dollars every single year via taxes. Today, we’re going to discuss why this bill was rejected.

Let’s get into it!

The Road to Legal Casinos in Virginia

Virginia isn’t known as a very gambling-friendly state. In fact, very few forms of gambling are actually legal here. In 2013, several politicians in the state began presenting legislation to legalize riverboat casinos.

These bills were eventually struck down. Afterward, it seemed as if regulated casinos would never begin operating in this state. Recently, lawmakers in Virginia have once again begun pushing to legalize land-based casinos.

Last year, another bill was presented in the state to legalize these gambling venues. By November, Virginia’s new casino bill was approved by a Senate Subcommittee. This bill allows for commercial casinos to begin operating in several different cities.

After the approval in November, it seemed as if legal casinos would be finally allowed to operate in the state. Several of the state’s top politicians were praising the details of this new bill. Then, out of the blue, this casino bill was rejected in the Senate.

It’s extremely disappointing news. Some felt that Virginia had the potential to become a major gambling hub on the East Coast. Here’s what we know about this situation so far.

Virginia’s New Casino Bill Has Been Rejected in the Senate

If approved, the bill presented in the state would have allowed for several commercial casinos to open. According to new reports, this bill has been rejected in the Senate. We’re now hearing reports of why this is.

According to the Washington Examiner, the Senate and House could not agree on tax rates for these casinos. The House is said to want a lower tax rate than the Senate. 

The House claims that it wants a tax rate between 15 and 28 percent of the revenue casinos obtain. The Senate wants these gambling venues to be taxed between 27 and 40 percent of their revenue. Disputes over the cost of a casino license are also taking place.

Members of the House argue that a casino license should cost $5 million. The House believes that a license should cost $15 million. It’s clear that these two chambers have some discussions that need to take place.

The Senate has officially rejected Virginia’s new casino bill introduced by the House. Now, the bill will need to be redrafted in order to fit both chamber’s needs.

Casino May Still Be Legalized in Virginia This Year

It might seem as if the push to legalize casinos in Virginia is now over. That’s not necessarily the case, though. Over the next few months, members of the House and Senate will need to negotiate the terms of this new bill.

Both chambers claim they want to see casinos legalized in the state. Lawmakers here recognize the potential to earn revenue from this industry.

Several lawmakers in Virginia are also working to legalize sports betting. Not long after PASPA was struck down, a study was conducted on how legal sports betting would impact the state. For the past two years, sports betting advocates have tried to convince state politicians to approve legislation for the industry.

Most agree that casinos will be approved to operate in Virginia before the end of the year. Several cities here have already expressed a desire to allow casinos. Virginia’s new casino bill came to a halt in the Senate, yet another is likely to be presented before the summer.

There’s a lot happening here. Stay tuned for more updates on Virginia’s gambling industry over the next few months!