By the end of May, city officials are expected to provide an official recommendation for the Richmond casino developer.
As the process nears its end, there are currently only two contenders left in the race.
After six hopefuls initially emerged, only two finalists have now survived the competition.
- The Cordish Co.
- Colonial Downs and Urban One
Following this, the Resort Casino Evaluation Panel of the City of Richmond now proceeds to the negotiation phase of the casino selection process. Upon concluding this phase, the panel will then present its recommendation to Richmond Mayor Levar Stoney and the Richmond City Council.
Finding a Richmond casino developer
Nevertheless, despite receiving a recommendation, the Richmond casino does not guarantee certainty, at least not at this moment.
The matter will be presented to Richmond voters as the primary step. In November, during Election Day, the residents of Virginia’s capital city will have the opportunity to determine the fate of a proposed casino gambling and casino-resort project. If approved, Richmond will become the fifth city in Virginia to overwhelmingly support the establishment of casinos, following the footsteps of four other cities that voted in favor of this during the past year.
The rest of the casino projects are at different points in their development process.
Nevertheless, before proceeding, the City of Richmond faces the crucial task of selecting the appropriate development group to oversee the project. This decision carries immense weight, considering the project’s staggering price tag, amounting to hundreds of millions of dollars. Moreover, the city stands to gain millions more in potential tax revenue, enhanced tourism, and the creation of new jobs through this endeavor.
By the late February deadline, six groups had submitted proposals. In March, the city eliminated three of them, namely the Pamunkey Indian Tribe, Wind Creek Hospitality, and Golden Nugget Hotels & Casinos. The latter group, Golden Nugget Hotels & Casinos, is now threatening legal action. In April, Richmond also eliminated a fourth group, Bally’s Corp.
Presently, the list of finalists and their suggested projects consists of:
- Cordish Cos. announces a colossal investment of $600 million for the development of the Live! Casino & Hotel in Richmond.
- Urban One and Colonial Downs have partnered to create a grand $517 million Casino + Resort.
You can find the most recent specifications and features for each proposed resort on the casino microsite of the City of Richmond.
Next steps after panel’s recommendation
The Resort Casino Evaluation Panel comprises nine members, including Ellen Robertson and Andreas Addison, who are both members of the Richmond City Council. Additionally, the panel consists of various other local officials who are collaborating with Convergence Strategy Group for consultation purposes.
The panel’s main goal is to secure the best possible deal for the residents of Richmond. To achieve this, they will evaluate the proposed operator, the location, and the terms of the deal from the two finalists.
At present, the panel members are engaged in ongoing discussions with the potential operators to finalize this last stage.
The recommendation from the panel is anticipated to be finalized by May 31, following which Mayor Stoney plans to make the official announcement in early June.
After completing the necessary steps, the casino developer and project will be included on the Nov. 2 ballots in Richmond.
If the casino referendum on Election Day receives a simple majority approval, the winning proposal will proceed.
As of now, the projected timeline for the opening of casinos in Bristol, Danville, Norfolk, and Portsmouth is between 2022 and 2025. However, if the Richmond casino gains official approval, it is expected to commence operations around 2025 or potentially in 2025.
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