The developers have said they are not seeking any publicly funded incentives or tax breaks, and city officials have said some of the revenue would be used to help promote affordable child care. The developers are also pledging $16 million in charitable donations over 10 years and expect the project will result in $30 million in annual tax revenue. Plans call for gambling options including slots, an on-site sportsbook and table games a 250-room hotel a 55-acre (22-hectare) outdoor park dining options and a 3,000-seat concert venue.īoosters estimate the casino will deliver 1,300 permanent jobs, and developers are promising big financial benefits.Īn agreement with the city calls for a one-time upfront $25.5 million payment if the referendum passes, with another $1 million after financing closes. It could also include local investors if the referendum passes.
It's a joint venture between Urban One, a media company, and Churchill Downs, the Louisville-based operator of the Kentucky Derby that also runs gambling establishments across the country. The project - this time branded the Richmond Grand Resort and Casino - would be located on the same former tobacco company site just off I-95 in south Richmond that was identified in the first proposal.
