Cordish and Urban One progress as Richmond cuts Bally’s proposal

Bally’s Corporation’s casino resort proposal in the Virginian capital city of Richmond has been cast aside, with the region progressing Cordish Companies and Urban One as the final two projects.

The $650m Bally’s Richmond Casino Resort vowed to attract approximately 3.7 million visitors annually, generate $415m in annual total gross revenue, and $5.3bn in economic value over 10 years, as well as creating over 2,000 full-time jobs.

George Papanier, president and CEO of Bally’s, says he stands by a belief that “our bid was objectively the strongest,” but now looks forward to providing its online sports betting platform across Virginia under a recently awarded temporary sports wagering permit.

“We are the best operator to partner with the city on this endeavour and provided the largest financial package with the most economic benefit to RVA residents and business owners,” noted Papanier.

“We were deeply committed to this project, as well as to becoming a responsible neighbour and member of the Richmond community. Should the city reconsider its decision, we would be pleased to re-engage.”

Progressing to the next stage are Live! Casino & Hotel Richmond and One Casino + Resort, the former of which proposes a $600m casino entertainment resort which has committed to 50 per cent ownership in the project by local and minority investors.

“We thank the city of Richmond for continuing to recognise the strength of our proposal and its overall benefits to the city, its residents and visitors,” explained Zed Smith, chief operating officer of The Cordish Companies

“We are excited by the support we are receiving from residents, businesses and civic organizations throughout the city who believe it is a no brainer to focus the project in a district known for great dining and entertainment and easily accessible to the population base from both I-64 and I-95.  

“No gaming or development company in the country has our proven track record of building and operating the highest quality destinations over many decades.

“Every commitment, program and goal contained in our proposal has been successfully achieved time and again by us in other cities in the country and we pledge to bring the same excellence, high-quality standards and community-focused approach to Richmond. 

“We are confident Live! Richmond will be as successful as our other market leading projects throughout the US.”