Just a few days ago, six companies provided bids to create a casino in the capital city of Virginia. Of the six, two are vying for the same piece of property in the southern portion of the city. The Golden Nugget submitted a letter of intent to buy a 61-acre site located between the Powhite and Chippenham parkways. This is the same section of land that Bally’s claimed within its application.
I Want the Land! No, I Want It!
The 61-acre site is part of the Parkway Crossing property that consists of 172-acres. This land was going to be used for the East Coast headquarters of Amazon, but that deal fell through. Now, the Golden Nugget wants to use the property to create a $400 million casino resort. Bally’s wants to spend a bit more, at $650 million, to create a gaming venue.
According to Bally’s, the company has the exclusive rights to purchase the land. In a statement over the weekend, a corporate spokesman said that Bally’s was flattered by the fact that another bidder ‘appreciates the location’ that they have the exclusive right to purchase. Bally’s says the Parkway Crossings land is its preferred site. However, they have reserved the right to look at other locations.
For the Golden Nugget, the company says that it sent in the proposal and learned later on that the land was also being proposed by Bally’s. Executive for Golden Nugget Richmond Hotel & Casino, Lorenzo Creighton, the company believes that the preferred site submitted in its proposal will be up for purchase and Golden Nugget will be selected as the winner. The company also has another qualified site they are considering.
Golden Nugget’s real estate group will continue to survey the market for real estate to see if there are any other qualified sites available for consideration.
Four Other Companies List Proposals
While the Golden Nugget and Bally’s have to duke out the land decision, there are still four more proposals on the table. Urban One is working with Peninsula Pacific Entertainment to bring a casino to over 100 acres owned by Altria Corp. This plan costs around $517 million.
The Cordish Companies are looking to create a casino in Richmond near Scott’s Addition. The company will create a Live! branded venue on around 17 acres of land. The Panmunkey Indiana Tribe has also submitted a bid, on 36 acres of land located on Commerce Road. The property will be situated on 24.5 acres of land and will cost $350 million to construct.
Finally, we have the Poarch Band of Creek Indians. The tribe is based in Alabama and would like to create a casino on Ingram Avenue. The property would cost $541 million to create and use the tribe’s Wind Creek brand.
While the proposals are already submitted, Richmond cannot technically choose a provider and start building just yet. The city is one of five that has the potential to add a casino in the state of Virginia. In November 2020, the four other cities approved the option via voter referendum. However, Richmond did not vote yet and will do so this November. If residents approve, then the casino can be constructed as planned with the chosen provider.
