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Bally’s Company has submitted to the city of Richmond, Virginia, its $650m casino resort plan, which is accepting bids from potential investors ahead of a public vote on the project later in the year.
Anticipated opening 2024
Bally’s Richmond Casino Resort, which is expected to take approximately 18 months to construct and stipulates an expected opening in 2024, seeks to promote substantial opportunities for local and minority-owned organizations.
A casino, sportsbook, hotel, resort-style pool, dining and retail outlets, and a versatile area for live entertainment and conferences will be part of the project that will cover more than 1.6 million total square feet.
Bally’s predicts that the property will draw approximately 3.7 million visitors annually upon completion, creating about 1,700 full-time equivalent job opportunities and about 2,000 total FTE payroll employees. It is also projected that the project will generate approximately $415m in overall gross revenue annually.
Strong interest in growth
Soo Kim, chairman of the board of directors of Bally’s Corporation, explained: “As a former director and the largest shareholder of Richmond-headquartered Media General, I have a strong interest in the growth, development and success of this great city.
“I am grateful for the opportunity to present this project to the city of Richmond, which will not only generate hundreds of millions of dollars in revenue, but, more importantly, thousands of high paying jobs. The project also demonstrates Bally’s deep commitments to supporting local communities, partnering with local businesses and promoting diversity.”
Bally’s Richmond will include 2,500 slot machines, 90 table games, 30 poker tables, a high limit gaming area and VIP lounge, 4-star hotel, 250-room hotel, 3,000 square foot indoor/outdoor pool area with a stage, 16,000 square foot multi-dimensional spa, 45,000 square foot multi-use event space, and 13 food and beverage venues, among other facilities and deals.
Exciting and unique adventure
George Papanier, president and CEO of Bally’s Corporation said: “We are honoured about the prospect of partnering with the city of Richmond as it embarks upon this exciting and unique adventure.
“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.”
He added: “Bally’s brings a wealth of experience to this project. We have deep roots in land-based, regional casinos, demonstrated by our national, multi-property portfolio. We are a premier omnichannel gaming company with complete online sports betting and online gaming capabilities.
“With a database comprised of 15 million players that offers unparalleled cross-marketing opportunities, we are uniquely-situated to successfully develop and operate the Bally’s Richmond, and ensure future economic opportunity for the city of Richmond, its local businesses and its residents.”