Online casinos in Virginia may soon find a new land-based counterpart in Richmond. Three companies have expressed an interest in developing a casino resort in Richmond, the state’s capital and the city’s mayor is taking a cautious approach towards the development.

New ballot referendum

Richmond voters will decide the fate of a single casino resort in the state next November. The ballot referendum will allow voters to approve a new gambling entity in the city. Three companies have already expressed interest in building this property. One among them is the Pamunkey Indian Tribe, which is building a $500 million casino resort with billionaire Jon Yarbrough in Norfolk.

The second company interested in the casino is Revolutionary Racing, a Chicago-based company that owns and operates Rosie’s Gaming Emporiums and Colonial Downs Racetrack. Maryland-headquartered Urban One Inc. is also looking at the license. Earlier this month, Richmond asked city residents to complete an online survey and share their views on a potential casino resort. The people highlighted tax revenue for schools in the area and the creation of well-paying jobs as the most crucial economic benefits of the resort.

Richmond is facing tough times

Richmond is the home to many Fortune 500 companies but continues to face financial issues. In 2016, 25% of the city’s residents were living below the poverty line. City officials have been trying to find an adequate remedy for the issues. The city has a central core with racial minorities and a high degree of poverty. The suburbs are more affluent and are mostly populated by whites.

Richmond mayor Levar Stoney also supports the casino project, hoping it would bring some much-needed economic progress to the city. However, he is being cautious because of the Navy Hill downtown project that failed miserably. The $1 billion project was announced in 2017 to transform the retail shops, restaurants, offices, and apartments in the downtown region but fell flat on its face within 2 years. Critics called it a rushed project with many flaws.