Following the unsuccessful vote on the Richmond casino on Tuesday, certain parties expressed their disappointment. Conversely, in other regions of the commonwealth, individuals supporting casino projects elsewhere were likely pleased by the news.
According to an economist from a university in Virginia, the absence of a casino in Richmond could result in increased traffic in other cities across the state.
Nevertheless, there is no certainty, and the prospect of a casino in close proximity to Richmond is still alive.
Richmond casino vote prompts mixed reactions
The narrow defeat of the public referendum on Wednesday left many prominent supporters of the One Casino + Resort project feeling disappointed. Richmond Mayor Levar Stoney, for instance, referred to it as a missed opportunity worth $565 million.
So far, Richmond voters have been unique in the state of Virginia for rejecting a proposed casino. In contrast, voters in four other cities in VA overwhelmingly approved the same proposal by margins as high as 71.1%. Now, those very communities might benefit from Richmond’s decision.
In relation to the absence of casino gaming in the state capital, Old Dominion University economics professor Robert McNab discussed the potential opportunities for future casinos in Norfolk and Portsmouth.
McNab, in a statement to WAVY.com, explained that if the casino in Richmond had been approved, it would have hindered traffic flow from Richmond and northern Virginia towards the casinos in Norfolk and Portsmouth. However, with the casino plan rejected, the Hampton Roads region now has the opportunity to collaborate and promote itself as a destination for visitors from Richmond and northern Virginia. Consequently, individuals who would have initially opted for the Richmond casino may now choose to visit the Hampton Roads area instead.
McNab’s opinion is supported by other experts as well, as a report from his department indicates that the economic impact of the casinos on Hampton Roads would diminish over time due to increasing competition, discounts, and dependence on local customers.
Norfolk’s City Manager, Chip Filer, anticipates that the absence of a casino in Richmond will result in the city’s annual tax revenue being closer to the higher end of the estimated $44.5 million. He further expressed surprise at the outcome of the vote, stating that it was an unexpected development.
Despite the vote energizing downstate casino supporters, there are still reasons to temper their enthusiasm. One of these reasons is that they have not entirely resolved the challenge of competing against establishments in the greater Richmond area.
So, you’re saying there’s a chance?
When a city rejects a project, what is your course of action? Shift the project to an area outside the city’s boundaries.
Urban One CEO Alfred Liggins III appears to have a contingency plan, which aligns with the thoughts of those advocating for a casino in Richmond.
Liggins expressed his belief that the General Assembly would take action on the matter, possibly considering Chesterfield and Henrico counties as potential locations. These counties are situated adjacent to Richmond. Liggins emphasized that he doesn’t think the General Assembly would want to deprive central VA of a chance for gaming.
It is currently too soon to determine if that outcome will occur. Similarly, there is no assurance that individuals residing in northern VA will enthusiastically visit other VA casinos. There is a distinct possibility that the additional costs and time required for travel may dissuade some individuals.
However, in the meantime, promoters of casinos in other cities in VA are feeling slightly more optimistic, largely due to the support of voters in Richmond.
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