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To sweeten the deal, Cordish is offering to establish a community benefit fund that would support community services, including infrastructure, education, health care, affordable housing, workforce training, and parks and recreation. Cordish says it would initiate the fund with a more than $13 million contribution. \u00a0<\/span><\/p>\n<\/div>\nUrban One is partnering with Colonial Downs for its $517 million casino scheme proposed for 100 acres in the South Side just off Interstate 95 at the former Philip Morris tobacco factory. If picked, the group says it will hand over to Richmond $60 million in the form of a one-time upfront payment and contribute $3 million a year to area nonprofits.\u00a0<\/span><\/p>\nMinority Involvement<\/b><\/h2>\n
The main goal of the casino resort is to use it to help revitalize Richmond’s economy. Along with an estimated $19 million to $21 million in yearly gaming tax revenue for the city, the resort is projected to generate $10.5 million in new property, meals, and lodging taxes.\u00a0<\/span><\/p>\nEach casino bid promises to hire a substantial number of minority residents, and also partner with black investors and minority-owned businesses.\u00a0<\/span><\/p>\nBally’s says its 2,000 permanent employees at its Richmond casino would receive an average salary of $52,000 per year. Cordish says its 3,000 workers would average $60,000. Urban One says its 1,500 employees would average $48,000, but would also be part owners and eligible for up to $5,000 per year in profit-sharing.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"The three Richmond casino finalists are offering the Virginia capital city varying gratuities should they be selected as the winner of the lone gaming permit. The Bally’s Corporation, Cordish Companies, and Urban One are the three contenders vying for the city’s casino license. Each company is trying to woo over residents and the city’s Evaluation […]<\/p>\n","protected":false},"author":25,"featured_media":169374,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,33810],"tags":[],"acf":[],"yoast_head":"\n
Richmond Casino Finalists Present Virginia Capital with Varying Windfalls<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n