HISTORIC TRIANGLE — Here is a roundup of business briefs across the historic triangle and beyond. WILLIAMSBURG — Chesapeake Bank announced the promotion of…
A casino proposal from Golden Nugget was one of three bids that the City of Richmond, Va., rejected in March. Now, the casino company is threatening legal action against the Virginia capital.
Golden Nugget owner Tilman Fertitta speaks during a meeting with restaurant industry executives at the White House last year. His casino unit is considering a lawsuit against Richmond, Va. (Image: AP)
In late March, Richmond Mayor Levar Stone’s office announced that three of the six casino bids for the city’s lone gaming permit had been rejected. Along with Golden Nugget, pitches from Virginia’s Pamunkey Indian Tribe and Wind Creek Hospitality were no longer being considered.
Bally’s misses out as City of Richmond cuts casino resort shortlist to two
22nd April 2021
| By Robert Fletcher
Bally’s Corporation’s bid to build a new casino resort in the City of Richmond, Virginia has failed after it missed out on the final shortlist of proposed operators for the facility.
Last month, Bally’s Richmond Casino Resort was named alongside Live! Casino & Hotel Richmond from the Cordish Companies and One Casino + Resort from Maryland-based media business Urban One as the three proposals that the City of Richmond was considering to run the casino.
However, after the City Council’s Evaluation Panel held negotiations with the three finalists, it reduced its shortlist of potential operators, with Bally’s missing out on the final cut, leaving only Live! and One Casino + Resort.
Last year the General Assembly passed a bill allowing casino gambling, giving five cities the option to vote for a casino proposal. Voters in Norfolk, Portsmouth, Danville, and Bristol all approved casino projects in referendums. The Virginia Lottery will regulate the new casinos, which have gambling activities legally different from existing institutions like Rosies.
A rendering of the development proposed by the Pamunkey Indian Tribe, which is one of six groups hoping their proposal is referred to the Richmond City Council.
Credit Pamunkey Indian Tribe
A New Orleans-based consultant group, Convergence Strategy Group, estimated new tax revenue from the casino could be $30 million a year, based off estimates of gaming taxes and other taxes. They estimated gaming revenues could be between $270 million and $285 million, and estimates regarding