Backers of a proposal for a $150 million resort casino to the independent town of Bristol in the Commonwealth of Virginia stated Thursday it might have a “transformative” effect on the state economy, in addition to the city and the area.
Bristol, Virginia is the oldest town of Bristol, Tennessee, situated just across the state line.
According to this Bristol Herald Courier…
The massive resort proposed by longtime Southwest Virginia business leaders, Jim McGlothlin and Clyde Stacy, could be situated on a 49-acre site where the former Bristol Restaurant sits vacant after closing on August 31, 2017.
To be named Bristol Resort and Casino, the approximately 100,000 square foot casino could be situated within the shuttered retail center, probably in one of the mall’s coming stores, like the former J.C. Penney or Sears locations.
Job plans and concerns :
There could also reportedly be an equivalent amount of space dedicated to entertainment and family-friendly attractions, 25,000 square feet for sports betting, an onsite resort with between 600 and 1000 rooms and 50 stores and restaurants, according to local broadcaster, News Channel 11.
Two-thousand folks are expected to be employed during the first year of operations at the resort casino. That number is expected to increase by upwards of 5,200 in seven decades.
McGlothlin, who is the Chairman and Chief Executive Officer for oil and gas exploration and development company, The United Company, and also the owner of Bobby Weed-designed golf course, Olde Farm, stated …
I have lived and worked here my entire life. Everyone in the area, and throughout the state, knows the major challenges we face, many of which are unique to Southwest Virginia. From the reduction of tasks, and limited career opportunities, into the opioid epidemic, these struggles have been well recorded. We wish to offer local residents a bright and stable future for many generations to come. Good-paying tasks are the secret to giving folks a reason to keep in the area and to proceed here. At the conclusion of the afternoon, this ’therefore I’m doing so, to help folks in this area I call home, Southwest Virginia.
Also commenting on the proposal, Stacy stated …
“Jim and I have been blessed with successful business professions here in Southwest Virginia. We’re putting that success behind this major endeavor to benefit the entire area, building the Bristol Resort and Casino here at the Bristol Mall. What that means in real terms is that we aren’t asking for any government assistance for this undertaking. Our aim is to build everything with private dollars. This is our chance to offer lasting, meaningful support to a community that has supported us for so many decades.
Potential conveniences :
Other amenities planned for the home include a gym, indoor and outdoor pools, spa, salon, spa suites, boutiques, event and meeting venues, go-kart racing, household arcade, mini golf, kid’s waterpark, golf and baseball simulators, museum of local history, virtual games and more.
McGlothlin stated, “Not 1 buck is coming out of the town of Bristol, the state of Virginia or the federal authorities. Clyde and myself will put all of the money up for this,” according to the Bristol Herald Courier.
While the annual tax revenue to Bristol, VA is estimated to be $26.8 million after seven decades, the Virginia General Assembly would have to legalize gaming in the commonwealth.
In addition to the neighboring countries of Tennessee and Kentucky, Virginia does not permit casino gambling, it does, however, have a state-run lottery and enables off-track betting and horse racing at four sites, according to the Virginia Equine Alliance as mentioned by the daily paper.
Local approval:
Before requesting state lawmakers to support amending the state law, McGlothlin and Stacy state they intend to seek out assistance from the City Council. They state without assistance from Bristol, there’s absolutely no undertaking.
“One of the things the legislators we’ve talked to have told us and they seem to be in favor — they all say it’s got to have local assistance. Should we don’t even have the local support, it’s not going to happen,” stated Stacy.
The City Council of Bristol is reportedly expected to consider a resolution of support for the mall project on September 11.
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