A
resort casino evaluation panel in Richmond, Va., has reduced the list
of proposed casino projects being considered to two, Live! Casino &
Hotel Richmond and ONE Casino + Resort.
The
proposed Bally’s Richmond Casino Resort and the project’s
proposed site of Parkway Crossings (Chippenham Parkway and Powhite
Parkway) are no longer being considered by Richmond's Resort Casino
Evaluation Panel, officials said in a press release on Wednesday.
“The
Evaluation Panel is no longer considering the Bally’s project or
the Parkway Crossings site for a resort casino due to concerns about
site access, environmental factors, and required approvals from
non-city entities that may not be granted or extend the project
timeline,” said Leonard Sledge, director of the city’s Department
of Economic Development. “We also appreciate the many Richmond
citizens who have shared their thoughts throughout this process.”
President
and Chief Executive Officer of Bally's, George Papanier, said
his company's proposal is the best for Richmond 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 neighbor and member of
the Richmond community,” Papanier said. “Should the
city reconsider its decision, we would be pleased to reengage."
Papanier
continued, “With
a total value of $650 million, including an upfront,
unrestricted $100 million payment to the city, along
with $28-$30 million in annual tax
payments, Bally's Richmond offered the largest
financial package of the remaining finalists. Bally's Richmond was
estimated to attract approximately 3.7 million visitors annually,
generating $415 million in annual total gross revenue, $5.3
billion in economic value over 10 years as well as creating over
2,000 full-time equivalent jobs.”
Bally's
currently owns and manages 12 casinos across eight states, a horse
racetrack and 13 authorized Off Track Betting licenses in Colorado.
"We
respect the city's decision, and look forward to providing our
best-in-class online sports betting platform to sports fans across
the State of Virginia under our recently awarded temporary
sports wagering permit.” Currently, there are six online sports
betting services available in Virginia.
Richmond's
evaluation panel is continuing its evaluation of the remaining
proposals and sites (Live! Casino & Hotel at 1301 N. Arthur Ashe
Boulevard and ONE Casino + Resort at 2001 Walmsley Boulevard).
Factors in the evaluation of the proposals include: community
impact and community benefits; location; direct revenue impact to the
city; project feasibility and project sustainability; and economic
development impact.
