Bally’s Corp. CEO George Papanier said the Rhode Island-based casino operator was disappointed that its $650 million casino project was rejected Wednesday by the city of Richmond, Virginia, but said that the company “would be pleased to reengage” if the city reconsiders.
Bally’s was one of five companies to offer a bid for the Richmond casino project – the last of five cities Virginia lawmakers approved for casino expansion a year ago. The communities are required to designate an operating partner and receive a favorable vote from their residents.
Richmond had already eliminated two casino companies from consideration a month ago and with Bally’s removed, the two remaining potential operators are the $600 million Live! Casino & Hotel proposal by Baltimore-based The Cordish Cos. and the $600 million ONE Casino and Resort, proposed by Silver Spring, Maryland-based Urban One.
Papanier said Bally’s proposal provided the most economic benefit to Richmond residents.
“Though we stand by the fact that our bid was objectively the strongest, we respect the city’s decision,” Papanier said.
Bally’s was recently awarded a temporary sports wagering permit by Virginia and plans to launch its sports betting platform in the state this year.
The proposals from Urban One and The Corish Cos. are now being considered by an evaluation panel named by the city.
Urban One owns and operates 55 radio stations and the TV One cable network. It has paired with Peninsula Pacific Entertainment, Colonial Downs Group’s owner, and the Rosie’s Gaming Emporium franchise owner.
Cordish, a real estate development company, owns casinos in Baltimore, Philadelphia, Pittsburgh, and Florida.
Last November, voters in four Virginia cities overwhelmingly approved gaming referendums in their communities. Richmond was given an additional year to choose a casino developer and project site that would be submitted to voters for approval.
The other four Virginia cities lined up casino operating partners: Bristol with Hard Rock International, Danville with Caesars Entertainment, Portsmouth with Rush Street Gaming, and Norfolk with the Pamunkey Indian Tribe.
Howard Stutz is the executive editor of CDC Gaming. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
