Bally's Richmond Casino Resort

Bally's Corporation (NYSE: BALY), a leading U.S. omnichannel provider of land-based gaming and interactive entertainment, today submitted a proposal to the City of Richmond to develop and operate the "Bally's Richmond Casino Resort," a world class, destination resort, hotel and casino. The project, which will span more than 1.6 million total square feet, will include a casino, sportsbook, hotel, resort-style pool, dining and retail outlets, and a flexible space for live entertainment and conferences.

To ensure that the project fosters significant opportunities for Richmond's local organizations and minority-owned businesses, Bally's has entered into strategic partnerships with multiple leaders of the greater Richmond community, including Willie Lanier, Sr. and the Lanier Family, Darrell Green, Founder of the Darrell Green Youth Foundation, and Warren Thompson, Founder, President and Chairman of the Board of Thompson Hospitality Corporation. Bally's has also started discussions and begun forming partnerships with several small business enterprises including the Carolinas-Virginia Minority Supplier Development Council and the Virginia Asian Chamber of Commerce, each of which has committed their support to the proposed project.

Bally's has proposed construction of the Bally's Richmond on a 61-acre parcel located North of Powhite Parkway / East of Chippenham Parkway, on the western border of Richmond, Virginia. This central location will make the Bally's Richmond an attractive destination, providing convenient highway and transit access, as well as connectivity to downtown Richmond, which is only six miles away, and neighboring suburbs. Bally's carefully selected this wooded site located at the city's edge because it will provide the greatest economic benefit to Richmond without causing any disruption to nearby communities.

As detailed in the proposal, construction of the Bally's Richmond is projected to take approximately 18 months, with an anticipated opening in 2024. Bally's estimates that construction, which will supply Richmond with several years of contractor and sub-contractor work, will cost approximately $650 million, including a one-time, $100 million upfront payment to the City of Richmond after selection. Upon completion, Bally's estimates that the property will attract approximately 3.7 million visitors annually, generating approximately 1,700 full-time equivalent (FTE) employment opportunities and approximately 2,000 total employees with FTE payroll. The project is also estimated to generate approximately $415 million in total gross revenue annually.

A World-Class Destination Resort

Among other amenities and offerings, the Bally's Richmond would include:

• a casino, curated to celebrate Richmond's diversity, consisting of 2,500 slot machines, 90 table games, 30 poker tables, a High Limit Gaming area and VIP lounge;
• a 4-star, 250-room hotel that will provide the Richmond market, including the Richmond Convention Center, with an advantage in attracting meeting, incentive, convention and exhibition (MICE) activities and revenue;
• a 3,000 square foot indoor/outdoor pool area that will include a stage, access to the B3 Bar (an outdoor food and beverage venue), and adjacency to local food trucks as well as local beer, wine and other distilled options from around Richmond;
• a 16,000 square foot multi-dimensional spa, salon and health club offering a variety of curated wellness treatments, customizable therapies and massages, advanced skincare options, and wet and dry facilities;
• a 45,000 square foot multi-use event space with 3,000 high-quality stadium seats, a permanent stage and a state-of-the-art sound system that will be available for headline entertainment, art exhibitions, large catered, community, MICE and sports events, and other performances;
• 13 premier food and beverage venues, including a branded steakhouse, The Bally Sports Bar & Grill, and a rooftop bar overlooking the James River and downtown Richmond, as well as a commitment to incorporate local, VA-based food and beverage vendors to the property; and
• a visitor center providing a full-range of services for guests seeking to access sites, museums, and other attractions throughout the city.

Hotel website