Fate of New Casino Resort Hinges Upon the State of Virginia Legalizing Gambling

Fate of New Casino Resort Hinges Upon the State of Virginia Legalizing Gambling

Officials in Portsmouth are waiting for the state of Virginia to legalize gambling. If it does, they will develop a new casino resort in the city.

City Council takes a decision

The City Council of Portsmouth met recently and agreed to run a casino resort near a Tidewater Community College Campus. The 50-acre site will be developed by Rush Street Gaming LLC, which has already signed an agreement for the same on Monday. Under the terms of the deal, the city will transfer the land to Rush Street so it can begin constructing a casino there. The price of the land will be $400,000 per acre set at a minimum price of $10 million. The nonbinding agreement also states that the site will have space for a “first-class” hotels and a parking garage.

A Chicago Gaming Firm Buckles Up to Create a Casino in Virginia

The agreement will only be applicable if the state develops legislation to legalize gambling. However, Democratic megadonor, real estate tycoon, and Rush Street chairman Neil Bluhm is thrilled with the news. He said that he would build a casino to be “proud of.” His company has been talking to the City since February this year to grab the opportunity of building a casino here.

Portsmouth was always pro-casino

The city of Portsmouth announced a new casino alongside the Elizabeth River earlier this year. The casino was planned at 8 Crawford Pkwy, where a Holiday Inn was formerly located. Robert D. Moore, the Economic Development Director, later said that they had found a better property for the casino. Some gaming consultants from California have raised the hopes of the city’s officials by telling them that a new entertainment district could bring at least $145 million in profits from the first year alone.

Rush Street hasn’t revealed details about its new development. However, given its most recent projects in New York, it appears that dining will be one of the main attractions of the facility. Their Rivers Casino $ Resort Schenectady property will host everything from MMA fights to weddings. It also plans to hold musical performances by Blue Oyster Cult and host a party that will feature showgirls, live music, and even a “tattoo roulette” game. Not everything is going well for the casino, however. According to the Albany Business Review, the casino couldn’t meet its gambling revenue targets in the first year.

The state lawmakers are still mulling whether they should legalize gambling.

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