Richmond Casino Proposals Arrive, Cordish Pitches $600M Gaming Resort
Posted on: February 22, 2021, 01:57h.
Last updated on: June 3, 2021, 03:16h.
Voters in Richmond, Va., will decide next November whether they want to authorize a casino resort to ignite economic growth in the state capital.
The local ballot referendum will include specifics on the casino to allow voters to make an informed decision. The Richmond Department of Economic Development is handling the bidding process, and schemes are arriving from interested casino operators.
The Cordish Companies has, so far, submitted the largest investment. The Maryland-based casino and hospitality firm has pitched its plans to construct a $600 million development in the Scott’s Addition Historic District in downtown Richmond.
The project, named Live! Casino & Hotel Richmond, includes a gaming floor measuring 250,000 square feet, a 300-room hotel, and live entertainment space with a capacity for 4,000 people.
The targeted site is presently occupied by the Movieland theater complex. Owner Bow Tie Partners has offered to sell the 17-acre site to Cordish.
Cordish owns and operates three Live! casinos in Maryland and Pennsylvania. The company opened its $700 million Live! Casino & Hotel Philadelphia earlier this month.
Other Richmond Pitches
Cordish isn’t the only casino operator that has submitted a casino blueprint to officials in Richmond. Over the weekend, a Black-owned media conglomerate based in the nation’s capital presented the city with a $517 million casino plan.
Urban One, a publicly traded conglomerate with a mission “to be the most trusted source in the African-American community that informs, entertains, and inspires,” has partnered with the parent organization of Colonial Downs and Rosie’s Gaming Emporium venues.
The Urban-Colonial bid targets a location in South Richmond across the James River from the capital area. The property would come with a smaller casino and hotel, including 90,000 square feet of gaming space and a 150-room hotel. An entertainment venue would accommodate 3,000 people.
The Pamunkey Indian Tribe, which is already under development for a casino in Norfolk, is also seeking licensure in Richmond. It, too, is targeting South Richmond. The tribe has not yet formally unveiled its casino pitch. But the Richmond Times-Dispatch reports that the general sentiment among the predominantly Black neighborhoods in the area is that the Urban One proposal is preferred.
Urban One is not a foreigner to the gaming industry. The company owns a $40 million, seven percent stake in MGM National Harbor just outside DC in Maryland.
Cordish Campaign
The Cordish Companies says it’s the most qualified applicant to build and operate a casino in Richmond.
Cordish is already frustrated in Virginia. It believes it was wronged by Norfolk when it selected the Pamunkey tribe as its casino developer.
Cordish is suing the city on claims that a 2013 development agreement it entered into with Norfolk promised it gaming rights should Virginia legalize commercial gambling. The pact was part of Cordish’s agreement to invest $40 million into the Waterfront District.
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Last Comments ( 3 )
I think downtown Richmond should have the CASINO. We have the colosseum not being use, the convention center half time not being used. Just taking up space. This state is backwards instead of making money to keep taxes down they trying to keep raising taxes. Putting the Casino downtown so tax payers want keep paying for high personal property we not using then our City counsel of Richmond need to think about that. Or give it to highest bidder . Bring Richmond alive for next 100 years to come. We always been 20years behind time. People going to NOT want it because its gambling, but we all gamble everyday when we wake up. And that's their feeling but other people who pay taxes here do. because this is how they relax from all the stress. Let me spend my money they way I want to. I don't need no one make that decision for me. I'm for any CASINO. instead of leaving the state keep money home.
I agree the inner city is a terrible spot for such a huge project and the traffic would be horrible. I love the idea but it needs to b in an outlying area
I don't feel the inner city is a good spot for a casino, especially the Scott's Addition area as it is already very dense in terms of buildings, people, businesses, etc. I think land around the movie theater (if it is to be developed) should go to mixed income housing or something more beneficial to the welfare of Virginians. Place the casino in an outlying area, not in the city.