Should Richmond give up on its efforts to approve a new brick-and-mortar casino? The Richmond Times-Dispatch’s editorial board believes it is time.
Richmond has faced significant challenges in establishing new casinos, despite the resounding approval of four Virginia casinos by voters in 2020.
According to The Times-Dispatch, Richmond, which was initially listed as the fifth city for new casino host locations in the state, should reconsider and offer Petersburg an opportunity instead.
Petersburg giving Richmond a rest?
The Petersburg-Richmond debate is a multifaceted issue. Initially, Richmond was one of the five cities designated for a casino referendum, but faced various obstacles that prevented progress on the project. Conversely, Petersburg enjoys robust community backing and possesses the necessary land for such an endeavor. The Cordish Companies have put forth a $1.4 billion proposal for a development near Wagner Road and Interstate 95, contingent upon lawmakers granting approval for the project.
Nevertheless, there is an obstacle that complicates matters. Petersburg may be granted permission to conduct a referendum, enabling voters to express their preference for a sixth casino in Virginia, regardless of whether Richmond’s casino project materializes.
According to the Richmond Time-Dispatch, it would be a mistake if the Cordish Companies continued with their Petersburg project if Richmond proceeded with a referendum and subsequently, their casino project.
The Editorial Board expresses concern over the potential negative impact of a Richmond casino, highlighting the potential economic displacement it could cause for nearby restaurants and entertainment establishments. Additionally, the op-ed argues that the anticipated benefits of a new casino may not be as lucrative as many believe.
When a new casino arrives in town, individuals do not abruptly choose to double their expenses on entertainment and recreational activities. If you invest $200 on a Saturday night for a dinner and poker session, that means you are not utilizing that money elsewhere, such as for going to the movies, attending a baseball game, or enjoying a concert.
The Richmond Times-Dispatch states in a straightforward manner that it’s time to allow the voters in Petersburg to express their opinions, after Richmond has already had the opportunity to do so.
Rocky road for Virginia casino in Richmond
Richmond’s journey towards a new casino development has faced numerous obstacles. An initial proposal put forth by Urban One and Peninsula Pacific Entertainment was met with disapproval from voters, resulting in its rejection by a narrow margin of fewer than 2,000 votes.
A judge approved a fresh referendum for a Richmond casino in March 2022. However, an amendment to the Virginia budget in August 2022 resulted in the postponement of the originally planned vote, which was set for November of that same year, to 2025.
Currently, this attempt is engaging in a face-off with the potential casino in Petersburg. While officials have stated that they would not pursue their own if Richmond proceeds, there are still many uncertainties.
Richmond seems set to make another attempt at establishing a casino, with the recent rejection of Petersburg’s referendum proposal by the General Assembly session ending on February 25. Unless faced with additional obstacles or delays, the capital of Virginia plans to include a casino on the ballot for the upcoming November election.
Keeping up with the Joneses
On the other hand, the four remaining Virginia cities authorized for a casino project are experiencing a trouble-free journey.
In 2021, the casino projects in Bristol, Danville, Norfolk, and Portsmouth were all given approval.
The opening of Caesars, the property in Danville, is imminent and it has the potential to bring in more than $39 million for the city. Similarly, Hard Rock in Bristol, set to open soon, recently organized a recruitment event.
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