One of the partners involved in the proposed Bristol casino project in Virginia believes that it has the potential to yield a substantial profit of one billion dollars.
Jim McGlothlin, hailing from southwest Virginia, serves as the esteemed CEO of The United Company. Additionally, he holds the esteemed position of founding partner at Hard Rock Resort and Casino Bristol.
On November 3rd, during the general election, voters have the power to approve the proposed $400 million casino project. This project is among the five prospective casinos that may be established in Virginia.
McGlothlin took to social media to make a compelling case, urging voters to support the referendum in order to breathe new life into the city’s faltering economy, situated in close proximity to the Tennessee border.
McGlothlin stated that the region will experience a significant boost in economic development, amounting to billions of dollars.
He referred to it as a “domestically developed incarnation of a ‘moonshot’.”
Hard Rock Bristol’s impact
McGlothlin has deep connections to the region, having received his education in Virginia and practiced law here. Furthermore, he has successfully ventured into various industries, including energy, construction, and golf, establishing himself as a prominent tycoon in these sectors. Additionally, at 80 years old, his achievements and contributions continue to leave a lasting impact.
Clyde Stacy, a former schoolmate and current business partner of his, also has strong local connections. Both of them have consistently emphasized the personal nature of this project.
Here is the complete letter from McGlothlin:
Aside from Bristol, Danville, Norfolk, Portsmouth, and Richmond are also potential locations for future casinos in Virginia.
In April, the Virginia General Assembly passed a law to legalize casino gambling. However, before implementation, each city must obtain voter approval through a referendum during the general election on November 3rd.
The cities were selected due to their recent challenges with tax revenue, unemployment, poverty rate, and declining population.
During the eighth annual “State of the Cities” event with neighboring Bristol, Tennessee, Bristol Mayor Bill Hartley emphasized the casino project’s potential economic impact, specifically on Wednesday.
About the Bristol casino
The Bristol Mall, which is currently vacant, will be transformed into the location for the upcoming Bristol casino.
The establishment would include a sprawling 100,000-square-foot casino, an equally spacious conference center, a 25,000-square-foot sportsbook, 600 hotel rooms, and an impressive assortment of 50 restaurants and retail shops.
According to McGlothlin and Stacy, the project is expected to generate employment opportunities for over 2,000 individuals, who will receive an average annual salary of $46,500.
According to McGlothlin, there are vast additional advantages that can be derived from this.
“It is estimated that this initiative will generate tax revenue annually, amounting to almost half of our city’s current budget. Furthermore, it is projected to attract billions of dollars in economic development, benefiting our budget and region. Additionally, an estimated four million visitors, with 80% of them from outside our region, are expected to visit each year.”
Bristol was Nashville before Nashville
When it opens, you can anticipate Hard Rock Bristol to pay tribute to the city’s vibrant music heritage.
McGlothlin, in fact, regarded Bristol as the authentic birthplace of country music.
The Birthplace of Country Music Museum, located in the city, pays homage to the legendary 1927 Bristol Sessions that played a pivotal role in the rise of country music across the nation.
Nashville, a renowned hub for country music, is nestled in Tennessee, which shares a border with Bristol.
Nonetheless, Bristol’s extensive history and the potential for a casino resort could pose a strong competition to attract tourists’ spending, potentially challenging the status of “Music City.”
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