Bally’s Corporation’s casino resort plan in Richmond, Virginia’s capital, has been rejected, leaving Cordish Companies and Urban One as the region’s final two ventures.
The $650 million Bally’s Richmond Casino Resort promised to draw 3.7 million visitors a year, produce $415 million in annual net gross sales, and $5.3 billion in economic value over the next ten years, while still employing over 2,000 people full-time.
Objectively the strongest
Bally’s president and CEO, George Papanier, says he still believes “our bid was objectively the strongest,” but that the company is now looking forward to bringing its online sports betting platform to Virginia under a newly granted temporary sports wagering permit.
He said: “We are the best operator to partner with the city on this endeavour and provided the largest financial package with the most economic benefit to RVA residents and business owners.
“We were deeply committed to this project, as well as to becoming a responsible neighbour and member of the Richmond community. Should the city reconsider its decision, we would be pleased to re-engage.”
Live! Casino & Hotel Richmond and One Casino + Resort have advanced to the next level. The former proposes a $600 million casino entertainment resort with local and minority investors owning 50 percent of the project.
Cordish Companies excited by support
Zed Smith, chief operating officer of The Cordish Companies explained: “We thank the city of Richmond for continuing to recognise the strength of our proposal and its overall benefits to the city, its residents and visitors.
“We are excited by the support we are receiving from residents, businesses and civic organizations throughout the city who believe it is a no brainer to focus the project in a district known for great dining and entertainment and easily accessible to the population base from both I-64 and I-95.
“No gaming or development company in the country has our proven track record of building and operating the highest quality destinations over many decades.
“Every commitment, program and goal contained in our proposal has been successfully achieved time and again by us in other cities in the country and we pledge to bring the same excellence, high-quality standards and community-focused approach to Richmond.
“We are confident Live! Richmond will be as successful as our other market leading projects throughout the US.”