Bally’s Proposes $650 Million Casino and Resort That Will Give a Boost to Virginia’s Economy
Bally’s Richmond Casino Resort will cover more than 1.6 million square feet. (Bally’s Corp.)
This week, Bally’s Corp. submitted a proposal to the city of Richmond, Va., for developing and operating its “Bally’s Richmond Casino Resort,” which will cover more than 1.6 million square feet and also feature a sportsbook, resort-style pool, dining and retail outlets, and space for live entertainment and conferences. The gaming and interactive entertainment company also has formed strategic partnerships with leaders of the greater Richmond community to ensure the project provides opportunities for the city’s local organizations and minority-owned businesses.
These include Pro Football Hall of Famer Willie Lanier Sr. and the Lanier family; Darrell Green, the founder of the Darrell Green Youth Foundation; and Warren Thompson, the founder, president and chairman of the board of the Thompson Hospitality Corp. Bally’s also has started forming partnerships with multiple small business enterprises, such as the Carolinas-Virginia Minority Supplier Development Council and the Virginia Asian Chamber of Commerce.
Construction is estimated to last approximately 18 months and cost about $650 million. It will provide the city with years of contractor and subcontractor work before its estimated opening in 2024. According to Bally’s, when it is finished, the property will draw in approximately 3.7 million visitors annually, generating about 1,700 full-time equivalent (FTE) employment opportunities and approximately 2,000 total employees with FTE payroll.
In addition, the casino resort is expected to generate approximately $415 million in total gross revenue each year. “As a former director and the largest shareholder of Richmond-headquartered Media General, I have a strong interest in the growth, development and success of this great city,” commented Soo Kim, the chairman of Bally’s board of directors.
“I am grateful for the opportunity to present this project to the city of Richmond, which will not only generate hundreds of millions of dollars in revenue but more importantly, thousands of high-paying jobs,” Kim added. “The project also demonstrates Bally’s deep commitments to supporting local communities, partnering with local businesses and promoting diversity.”
“We are honored about the prospect of partnering with the city of Richmond as it embarks upon this exciting and unique adventure,” added George Papanier, the president and CEO of Bally’s. “Our proposal represents an unprecedented project for the Richmond community that will embrace and showcase the city’s existing culture and traditions in an environment positioned towards entertainment and leisure. The Bally’s Richmond would provide the city with a vibrant new attraction that is sure to turn Richmond into a dynamic tourist destination.”