By
Jerry Smith
Staff Writer Updated: 03/21/2020
Jerry’s greatest advantage is his extensive experience on the casino floor. His time as a casino manager taught him everything about what makes a player tick. Besides being a skilled poker player, he has deep knowledge of all live table games and gambling regulations in the US.
Poker chips, cards, dice, Photo by Pixabay
A few weeks ago, the Virginia State Assembly passed a gambling expansion legislature that allows developers to build five large casinos in five cities in the state, including Bristol, Portsmouth, Danville, Norfolk, and Richmond. Now, Gov. Ralph Northam (D), has to sign the bill so that a referendum can be held in the cities in November during the general elections.
Even before the bill was passed by the General Assembly, many gaming developers, including Caesars Entertainment and Hard Rock, showed a keen interest in Virginia. Apart from these developers, several tribes are also in the race to be awarded one of the five gaming licenses.
Among all 50 states in the US, Virginia is the twelfth-most populated and has a total of 8.5 million people. It also ranks at number eleven in the median income households at $72,577. The state clearly has an attractive market, but experts fear that the coronavirus pandemic, which has devastated the global and local economy, could be a major obstacle for Virginia’s gambling expansion efforts.
However, State senator Louise Lucas (D-Portsmouth) has assured everyone that there is no reason to worry. Expressing his hopeful outlook, the senator said that they have time on their side and that he is the “eternal optimist.” Lucas is the primary sponsor of the gambling expansion bill.
Due to the coronavirus pandemic that has affected almost 340,000 people worldwide and claimed more than 14,000 lives, stock prices, including that of casino operators, have experienced a significant drop.
This has led many experts to have questions about whether the industry is in a position to finance the sprawling and fancy casino resorts that have been envisioned and promised in Virginia. Some are even doubting as to whether operators interested in the licenses can afford the $15 million licensing fee that the state plans to charge.
Currently, lobbyists for hotels, resorts, and casinos are desperately seeking emergency financial aid from the federal government.
In a statement issued by the American Gaming Association, President Bill Miller said:
Gaming employees, their families, and communities are bearing the brunt of this economic standstill and will continue to suffer if Congress and the administration don’t take immediate action.
Despite these fears, pro-casino backers like Senator Louise Lucas and others have constantly reassured everyone that there is no reason to panic and that there is still time for the industry to rebound before the state of Virginia is impacted. Senator Lucas has spent about two decades of her career trying to convince other lawmakers in the state to legalize casinos.
Amidst all these doubts and fears, casino operators who had shown interest in obtaining the gaming licenses have said that they haven’t changed their plans. Caesars Entertainment spokesman, Richard Broome, said that the company will continue its efforts to win the Virginia gaming license and that it still has hopes to build and operate a casino in the city of Danville.
Other candidates haven’t announced any change in their plans for pursuing the licenses either. Besides, some of the proposed casinos in the state are backed by wealthy private investors who may be better equipped to weather an economic dip compared to publicly traded casino companies.
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