Too many concerns about Bally’s plan
Bally’s Corporation has been in expansion hyperdrive for about a year now, but even with all of the company’s momentum, there are still bumps in the road.* One such bump was hit Wednesday, when the Richmond, Virginia mayor’s office announced that it has eliminated Bally’s from contention for a possible new commercial casino in the state’s capital city.
Leonard Sledge, director of the Richmond Department of Economic Development said the city appreciates Bally’s interest and effort, but:
The evaluation panel is no longer considering the Bally’s project or the Parkway Crossings site for a resort casino due to concerns about site access, environmental factors and required approvals from non-city entities that may not be granted or extend the project timeline. We also appreciate the many Richmond citizens who have shared their thoughts throughout this process.
The citizens who shared their thoughts were primarily concerned with the possibility of increased crime and traffic around the proposed South Side site. Bally’s was even going to hand the city a $100 million check, but the powers that be said “no dice.”
Cordish Companies and Urban One going head-to-head
That leaves just two companies to vie for the Richmond casino: Urban One and The Cordish Companies.
Urban One is not a gaming company, but rather a broadcasting company. In fact, Urban One, headquartered in nearby Silver Spring, Maryland, is the largest African-American-owned broadcasting company in the country. As such, it has partnered with Peninsula Pacific Entertainment, owner of Colonial Downs Racetrack in New Kent, Virginia, and the Rosie’s Gaming Emporium chain of establishments.
The Cordish Companies is also based out of Maryland (Baltimore). Cordish does own casinos, as well as retail like Bass Pro Shops, hotels, and mixed use properties. It developed the Seminole Hard Rock casinos in Tampa and Hollywood, Florida and the Live! casino brand. In fact, if it wins the competition, the Richmond casino will be a Live! property.
We won’t get into the particulars on each company’s proposal. Suffice to say that they will be sprawling, Las Vegas-style resort casinos with all the trappings. Urban One’s is $517 million, while Cordish’s is $600 million.
There were six companies originally vying for the Richmond casino rights: Bally’s, Urban One, Cordish, Wind Creek Hospitality, Golden Nugget, and the Pamunkey Indian Tribe. The latter three were sent packing in March. From here, it is up to the nine-person advisory panel to make its recommendation in May. The Richmond City Council will then vote in June. It’s not done at that point, though. If the Council approves of a developer and location, the residents of the city then have to approve the plan via a ballot measure in November.
*As I wrote this, my wife called me to tell me she hit a pothole and has as flat tire. I shit you not.
