Richmond, Va., has received three casino bid proposals over the last few months, and an official selection is expected to be made in the coming months.
The Economic Development Department will be tasked with making the final decision, and there are just two options that remain.
Bally’s Corporation was once viewed as a strong candidate to land the new casino project in Richmond but has been removed from the competition. This came after Stratford Hills residents voiced their displeasure in the plan offered up by Bally’s.
This was a $650 million proposal brought forth to the city of Richmond, and it would have established a brand new casino resort on a 61-acre piece of land. Each company that wanted to make a bid was allowed to identify a potential location, and Bally’s choice upset residents and ruined its chances of winning.
There are now just two options remaining, with a bid coming from The Cordish Companies and one from Urban One. The Economic Development Department will be using a number of different factors to determine a winner, and residents must approve of the selection through a ballot referendum in November.
The Cordish Companies have identified a piece of property in the Scott’s Addition section of Richmond, and the proposal was a $600 million development. Urban One has introduced a proposal to invest $517 million into building a new casino near the Philip Morris tobacco company.
Many in the city of Richmond considered it a near-lock that Bally’s would eventually be chosen, but they were the first to be removed. Bally’s issued a statement earlier this week conveying their disappointment and surprise at being removed.
Urban One Gaining Steam
Now that Bally’s is out of the race for good, it appears that Urban One is now the favorite to land the bid, but that could change in the coming weeks. The project would be known as ONE Casino and Resort if the bid was accepted by city lawmakers.
The top reason that the proposal from Urban One is gaining attention is due to the location that is being targeted. The company is hoping to build the casino resort in a manufacturing zone, which wouldn’t interfere with the everyday life of Richmond residents.
Councilwoman Reva Trammel, who represents the 8th District, has given her support to this bid, and she is now trying to gain additional backers. The Economic Development Department has not yet given any indication as to which bid is preferred at this time, but this one has had the least amount of criticism.
The Cordish Companies plan has faced backlash from residents in Scott’s Addition, and that could shut the entire bid down. According to a recent survey, 94 percent of the residents in Scott’s Addition oppose the building of a new casino.
Both Urban One and Cordish Companies will now focus on delivering their final arguments in hopes of being selected. Now that Bally’s Corp is officially out of the race, it makes the possibility of winning this bid much more realistic for each group.
This casino will be just one of the many new properties built in the US, with a new casino coming to Beloit, Wisconsin.