The internationally known Hard Rock is prospected to begin a very large gaming deal with fellow contenders and gaming competitors Virginia gaming venue. They are currently in waiting and processing of authorization by the legislators within the active state borders due to legal bans etc.
Hard Rock announced recently their partnership with a resort casino venue named and known as the Bristol Resort and Casino. The venture itself is led by the businessmen who are very well known in the gambling infrastructure world-Jim McGlothlin and Clyde Stacy. They have been pushing for infrastructural project gaming venue since mid-June and have still not been given the full access they need to progress in satisfactory and sustainable matters. The venue will be operating as planned under the Hard Rock moniker.
As we all know, Virginia is one of the few states within the US that doesn’t allow for legal gambling. Yet however, there has been some stating that Virginia uses a slot resembling machine called the instant racing machines, where people could go and make instant bets for the following events to take place there- customers to the venue can bet on the outcomes. So, could Virginia be softening Afterall?
The answer is of course yes. This is due to the evidence and witnesses of Virginia accepting the plan and bill of five casinos being built in cities like Bristol and Bristol itself. This joint audit and authorization legislation has come back with facts and figure in support of opening all 5 casinos as planned. It is estimated that the building of the casinos can generate $262 million in revenue tax per year with the 27% tax revenue standards.
This could even soar higher if the auditors accept and allow for a 6th casino to be built. This will make figures rise further by $155 million. The ok-to go on the connected online casinos would then further add to the pot of fund, as this distinguishes itself differently within the taxation and will commence a further $84 million with the addition of $55 million from sports betting alone. Those backing for the forward-moving process of the Bristol project are in fact pushing for this project to be completed within a 24 month time period. However realistically the projects time scale will be looking more like double that at a 48 months’ time scale. Within this time, it is expected that each city that will play host to the casinos, will hold referendums for the high input of regulation and policy that comes with casino gambling.
It is said through this process of making the resort across the 6 different locations, the Colonial Downs racinos are estimated to be the biggest losers out of this deal. $40 million will be hit and lost annually due to market competition and the live racing events. People would much rather gamble via luxury casinos and prestigious locations than a racetrack that has been seen, used and has no hope of raising its game or services that it provides. Other losses within the area are estimated within the state lottery. It is predicted the revenue yearly will take a hit of around 3.6% and projection could be higher depending on the response of the resorts.
There are positives from the building of the resorts however, it is estimated it will generate 24% greater economical value within the communities. Employment rates and rejuvenation of the area will most definitely flourish and cause a multichain of positivity. There is talk of a raise within minimum wage for the prospective employees of the resort, but of course, more details will be released closer to the time of execution.