Richmond Casino Property Acquired by City Government for $5.5 Million
Richmond, Va. has finalized its $5.5 million purchase of 96 acres of land located off Walmsley Blvd. south of downtown along Interstate 95, land that was previously considered for casino development on two occasions.
The city administration compensated Philip Morris, owned by Altria, with $5.5 million for the properties located at 2001 Walmsley Blvd. and 4700 Trenton Ave. in Richmond's Southside. The area was where the city aimed to permit a casino following the designation of the Virginia capital for a gaming resort opportunity by state lawmakers in 2020.
Richmond collaborated with Urban One, a Maryland-based media group that claims to represent “Black America.” Urban One lacked experience in constructing or managing a casino, although it held a minority stake in MGM National Harbor.
Urban One collaborated with Peninsula Pacific Entertainment and Live Nation to present city voters with ONE Casino + Resort, a $517 million venture promoted as the “sole Black-owned casino in the nation.”
In November 2021, residents of Richmond barely turned down ONE Casino with a local vote of 51% to 49%. City officials launched a second referendum, yet Richmond rejected the $562 million project from Urban One and new partner Churchill Downs by a vote of 62% to 38% in November 2023.
No Gambling, New Project
After residents of Richmond rejected the casino proposal once more, state lawmakers prohibited the city from holding additional referendums and relocated the license 25 miles south to Petersburg. Voters in that location approved a casino project by The Cordish Companies, known for its Live!-branded casinos in Maryland, Pennsylvania, and Louisiana.
The Richmond City Council and former Mayor Levar Stoney (D) stated that Richmond lost an economic chance by rejecting the casino.
The city announced it will proceed with soliciting proposals from interested developers for 45 acres of the property. An additional 45 acres will be allocated for a public park, while the rest of the land will be utilized for new roadway systems in and near the park and development area.
"We are thrilled to announce the purchase of this property in Southside,” said Sharon Ebert, Richmond’s deputy chief administrative officer for planning and economic development. “It marks a pivotal step in our commitment to accessible community green space, new economic development, and greater transit connectivity for generations to come.”
Philip Morris formerly had an operations center located on the property. As part of the $5.5 million deal, the tobacco company will tear down the building and prepare the site for future development.
Southside Economic Growth
Wealthier areas of Richmond, primarily situated to the north and west of downtown, were held responsible for rejecting the casino. City council members assert that the casino would significantly benefit the struggling Southside.
"When the casino failed, it was a council discussion to make sure we don’t lose sight of economic development in the Southside,” Councilor Kristen Nye (D-Southwest Richmond) said last fall in announcing the city's plan to buy the casino site.
Establishing a park on the site will create the Southside’s initial public green area in the predominantly industrial zone. City officials are optimistic that the property will attract a developer who can provide jobs that benefit the community.
