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Bally’s unveils proposal for new $650m casino and sportsbook in Virginia

24th February 2021 10:27 am GMT
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New York-listed Bally’s Corporation has unveiled plans to develop a new $650m casino resort and sportsbook in Virginia.

Bally’s has submitted a proposal to the City of Richmond to develop and operate the Bally's Richmond Casino Resort, which will be located on the western border of Richmond, Virginia.

Construction is projected to take approximately 18 months at a cost of $650m, including a one-time $100m upfront payment to the City of Richmond.

With an anticipated opening in 2024, Bally's estimates that the property will attract approximately 3.7m visitors annually, generating around 1,700 full-time equivalent (FTE) employment opportunities. The project is expected to generate $415m in total gross revenue annually.

“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,” said Bally's Corporation chairman Soo Kim. “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.

“The project also demonstrates Bally's deep commitments to supporting local communities, partnering with local businesses and promoting diversity."

As part of the project, Bally's is partnering with the Lanier Family, who will take a minority ownership interest and assist Bally's in its community outreach programs. Pro Football Hall of Famer Darrell Green has also agreed to acquire a minority stake in Bally's Richmond, while Bally's is partnering with Warren Thompson and his company Thompson Hospitality Corporation, which will also hold a minority ownership interest in the project.

“We are honored about the prospect of partnering with the City of Richmond as it embarks upon this exciting and unique adventure,” said Bally's Corporation president and CEO George Papanier. “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.”

Shares in Bally’s Corporation (NSQ:BALY) closed at $62.95 per share in New York Tuesday, having set a new 52-week high of $63.17 per share earlier in the day.

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