As Virginia has agreed to come up with a new era for casino gambling last year, the race has started to see how quickly the state market is going to develop. Five of the cities were designated with the potential to be targeted as gambling houses soon after the residents agreed to the projects, which are rapidly advancing. The Richmond voters are going to determine if they want a casino in their backyard by November. Several casino operators are trying to win it while submitting large numbers of proposals to the Richmond Department of Economic Development (RDED) in anticipation of the final game in the race.
REDD is in charge of overseeing the bidding process and having at least three of their proposals cross the desk. One is generally from the Cordish Companies who are looking to put $600 million in the project in the Richmond’s famed Scott’s Addition Historic District. Cordish is behind life. It is one of the branded casinos in Maryland and Pennsylvania that envision a new Life! Casino & Hotel Richmond with the initial site of the large movie and theater complex. This 17-acre site is going to house 250000 sq. ft. for the gaming floor. It includes a hotel with 300 keys with modern entertainment arrangements with 4000 people of capacity.
Cordish believes that it is the best-suited one, as compared with other bidders for the Richmond Project. The Chief Operating Officer and partner Zed Smith explained, “No gaming or development company in the country has our track record of successfully designing, financing, building, and operating large-scale casino entertainment resort destinations in regional markets.”
But the Cordish executives are unfamiliar with the “Don’t bite the hand that feeds you” phrase.
The casino operators are suing another Virginia city as it is feeling that it was jilted out of being capable of opening a property. Norfolk is one of the other five cities that are being targeted for gambling venues. They decided to choose the Pamunkey Indian Tribe for the casino. Thus, Cordish believes that it was stabbed in the back as a result. It is asserting that a 2013 development agreement within it and Norfolk had a promise that it is going to give the gaming rights if Virginia made legalization of the casinos.
The Pamunkey tribe is the second candidate here to the eye of Richmond with a potential target. It came up with a proposal to REDD but not in detail on what plans are already released. The tribe may not find success in the city as it is having no background in operating casinos.
The third proposal is having a very good shot for finding support from the Richmonders. Urban One is a publicly trading company. Also, it is a Black-owned entity that is working to become the most trusted source in the African-American community, which is informing and inspiring. It has partnered with Colonial Downs to present the $517million casino project, which is going to be located in South Richmond. It is right across the James River from the capital of the state.
Urban One is having exposure to the casino industry through stakes in the MGM National Harbor with its support. A recent report shows that the Richmond residents of which the majority are Black according to the census reports. It prefers Urban One as the potential casino operator.