Virginia city wanting to conduct a second casino referendum
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Richmond, Virginia is planning to build a $600 million casino resort. The radio broadcaster Urban One wants to partner with Peninsula Pacific Entertainment to start construction from the start of 2025. State lawmakers passed legislation in April 2020 that gave Richmond, Norfolk, Danville, Bristol and Portsmouth permission to host Las Vegas-style gambling facilities.
Richmond, Virginia, voters rejected a proposition to build a casino resort. The project was estimated to bring in $500 million in tax benefits.
Richmond City Council passed a measure yesterday to put the casino question before local voters for a second time. Proponents of the legislation say the One Casino and Resort is expected to create in the region of 1,500 full-time jobs and generate additional annual tax revenues of about $30 million.
The referendum is to again seek voter approval for the city to ally with Urban One and Peninsula Pacific Entertainment to bring the One Casino and Resort to a brownfield site currently owned by Philip Morris International. The completed property would feature a 250-room hotel, a 3,000-seat concert venue, sportsbook and a 90,00 sq ft gaming floor offering a selection of 1,800 slots and 100 gaming tables.
Richmond, Virginia, is holding a second referendum on the One Casino and Resort project. The community will receive a one-off payment of $25 million. Mayor Levar Stoney and several city council members want to cut the local real estate tax rate by 2%.
