Richmond Casino Project
Richmond Casino Project
Casino supporters in Richmond, Virginia, want another chance to vote on plans for the $560 million One Casino + Resort. Prospects are looking a little better for Richmond to land the fifth Virginia casino.
Nearby Petersburg still wants to block Richmond efforts and bring a $1.4 billion Live! Casino & Hotel Virginia development project to the region. But, the Virginia General Assembly shot down a bill to push Petersburg ahead of Richmond. The rival city could gain new life as an amendment to the Virginia budget, so keep an eye on the current session.
Richmond voters rejected the casino referendum with a narrow vote on Election Day — Nov. 2, 2021. Now, Cordish Cos. and influential state Sen. Joe Morrissey could move a Live! Casino project to Petersburg, which is 25 miles away.
After four Virginia cities overwhelmingly voted in favor of casinos in 2020, only Richmond had a casino referendum in 2021. After a heated yearlong campaign, the anti-casino voters ultimately won out and nixed the massive project.
As of Nov. 10, 2021, the final vote was:
|AGAINST the casino||40,243||50.95%|
|FOR the casino||38,750||49.05%|
The project could have been a massive generator of jobs and revenue for Virginia’s capital city. However, a slim majority of voters ultimately decided that a casino-resort was not the right fit for the city of 226,000.
The city of Richmond and Urban One want a fresh vote in November 2023.
Richmond casino proposals
Although six hopefuls vied for the project, Richmond’s Resort Casino Evaluation Panel ultimately chose the proposal from Urban One, which had teamed Peninsula Pacific Entertainment, the parent company of Virginia’s Colonial Downs racetrack and Rosie’s Gaming Emporiums.
Richmond officials ultimately chose the Urban One/PPE proposal over five others. The projects ranged from $300 million to $650 million each, and they drew some heavyweights from the casino and entertainment world.
Those other suitors for the casino project included:
- The Cordish Cos.
- Pamunkey Indian Tribe
- Wind Creek Hospitality
- Golden Nugget Hotels & Casinos
- Bally’s Corp.
The Cordish Cos. was the runner-up in the evaluation process.
Its proposed project, the $600 million Live! Casino & Hotel Richmond, would’ve been situated on the 17-acre Movieland property. It’s located near the Scott’s Addition neighborhood in the central part of the city, and some residents from local neighborhoods protested the site.
The pitch: One Casino + Resort in Richmond
One Casino + Resort would’ve been located at Commerce Road and Walmsley Boulevard in South Richmond. Philip Morris USA currently owns the 100-acre site.
Backed by Urban One CEO Alfred C. Liggins III, the resort would’ve been the only Black-owned casino in the US.
The estimated $600 million project would’ve included:
- 250-room hotel that could expand to 600 rooms
- 100,000-square-foot casino, poker room, and sportsbook
- 2,000 slot machines and 100 table games, including blackjack and roulette
- 15 bar and restaurants
- 3,000-seat event center with 200 annual concerts and shows
- Resort-style spa and salon
- 55-acre park and green space
- On-site TV and radio production studios
In choosing Urban One, officials cited many of the advantages of the proposal. They included a shovel-ready construction site, minimal traffic impact, and its distance from residential neighborhoods.
The benefits would’ve also included:
- 5,600 construction and permanent full-time jobs
- $15/hour minimum starting rate, average salary/benefits of $55,000/year
- 50+ minority investors and 50% minority participation in jobs
- $100 million in upfront and recurring payments to the city
- An overall $5.7 billion impact over 10 years
“ONE Casino + Resort presents a tremendous opportunity to develop a resort casino project in Richmond,” Mayor Levar Stoney had said in advance of the vote. “The project will create over 1,000 good-paying jobs, generate a significant amount of new revenue for the city, and establish an additional economic engine in South Richmond.”
Key dates for the Richmond Casino Resort launch
The other casino host cities approved casino referendums during the 2020 General Election to approve casino gambling in their community. Richmond, however, will holds its referendum this November.
Feb. 22: Deadline for potential casino developers to submit a formal proposal
March 24: The City of Richmond eliminates three of the six proposals, including those from the Pamunkey Indian Tribe, Golden Nugget Hotels & Casinos, and Wind Creek Hospitality. The three finalists include Bally’s Corporation, The Cordish Co., and a joint proposal from Urban One and Colonial Downs.
April 21: Officials eliminate Bally’s Corporation proposal from consideration, which makes it a two-horse race between Urban One and The Cordish Cos.
After June 1: Richmond officials can submit their preferred casino partner information for preliminary review by the Virginia Lottery.
August 2021: Deadline to order a referendum for the General Election
Nov. 2: General Election
Early December 2021: Election results certified by the Secretary of State
After results are certified: The chosen casino developer can apply as soon as the Secretary of State certifies the results. The application process could take up to one year.
Pamunkey Casino Resort Richmond
The other four host cities held their referendums in late 2020. The Richmond casino project referendum, however, took place on the November 2021 General Election ballot.
The referendum didn’t pass, but the city of Richmond and Urban One — the proposed casino owners — want to try again in November 2023.
Urban One officials initially hoped to open the casino by December 2023. When the 2021 vote in Richmond failed, it stalled those plans. The project can’t start until voters sign off in November 2023.
Casino visitors can expect a wide array of slot machines, as well as table games such as blackjack, craps, roulette, baccarat and others. The resort will also likely have a poker room and sportsbook.
Virginia allows 12 online sportsbooks, but casinos are exempted from that cap. That means a Richmond casino could add a retail and online sportsbook if the city finally gets a casino.
Put another way, since each of the five casinos has the option for a sports betting license, it would not be surprising to see a sportsbook at the Richmond casino.
Assuming Richmond keeps its partnership with Urban One and the original plans remain intact, the casino will go up at Commerce Road and Walmsley Boulevard in South Richmond. Philip Morris USA currently owns the 100-acre site.