Workers and Union Members Rally for Northern Virginia Casino's Approval
By: Grant M. (Former Graduate of Virginia Tech, Sports Enthusiast, and Sports Betting Expert)10/22/2024 05:40
IndustryPhoto by Wikimedia Commons, CC by-NC-ND 2.0 (https://creativecommons.org/licenses/by-nc-nd/2.0/)
Key Takeaways
- A potential casino could create at least 5,000 new jobs
- The Virginia Senate delays a casino bill to next year
- The casino might generate up to $155 million in annual state taxes
Grant, a former college athlete and current sports betting industry insider (with a track record of work at Forbes and VSiN), brings forth the latest headlines in the sports betting scene. When he's not in the office, he enjoys staying fit, exploring the city, or catching up on sports action.
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Casino Developments Across Virginia
Several casino projects are currently underway or proposed in Virginia, each with unique timelines and significant financial implications:
Approved & In-Progress Projects
- Danville: Caesar’s Virginia opened by December 12, 2024.
- Norfolk: A transitional casino is eyed for October 2025, with the permanent HeadWaters Resort & Casino set to open by September 2027. However, the project must meet a November 5, 2025, licensing deadline.
- Bristol and Portsmouth: Construction works are ongoing; specific deadlines are yet to be announced.
- Richmond: A previous casino proposal was rejected in 2021, but potential revival efforts persist.
Proposed & Contested Projects
- Tysons: A casino-centric entertainment district plan faced rejections in 2024-2025 legislative sessions; advocates plan to resurface the proposal in 2026.
Expected Economic Impact
- Tax Revenue: Casinos are taxed 13-15% of annual adjusted gross revenue. Similar mid-sized casinos in other states generate $200M–$400M annually, potentially providing $26M–$60M in yearly state tax revenue per casino.
- Jobs: Estimates suggest each casino project could employ 1,000-2,000 permanent workers, along with temporary construction roles.
Regulatory Challenges
Cities must secure voter approval via referendums before licensing. The Pamunkey Tribe is pursuing a commercial license in Norfolk or Richmond. Juggling deadlines (Norfolk's revised October 2025 timeline) and political pushback (Tysons) represent ongoing struggles in the regulatory landscape.
Awaiting a Decision: A New Casino in Virginia
With jobs and tax revenue on the line, the casino proposal waits for the Virginia Senate's decision, set to be made next year. Stay tuned for Grant's expert coverage of the ongoing developments in the sports betting industry.
- Grant, with experience in the sports betting industry and a background as a college athlete, discusses the latest news in the sector, including a potential casino in Virginia that could generate up to $155 million in annual state taxes.
- Several casino projects are underway or proposed in Virginia, such as Caesar’s Virginia in Danville, a transitional casino in Norfolk anticipated for October 2025, and ongoing construction in Bristol and Portsmouth.
- In addition to approved projects, proposed casinos face challenges, like the casino-centric entertainment district plan in Tysons, which faced rejections in 2024-2025 legislative sessions but may be resurfaced in 2026.
- Each casino project in Virginia could employ 1,000-2,000 permanent workers, potentially contributing to the job market and stimulating economic growth in the state.
- The Pamunkey Tribe aims to secure a commercial license for a casino in Norfolk or Richmond, but securing voter approval and navigating deadlines and political pushback remain ongoing challenges in the regulatory landscape, with the Virginia Senate set to make a decision on the matter next year.
