Virginia Developers Announce Plans for $150M Casino Resort
The two Virginia businessmen behind the plan to build a $150 million casino resort in Bristol came forward with the details last week. Jim McGlothlin and Clyde Stacy say they want to give back to the community where they built successful business careers with a project with will benefit the entire region.
The developers say they plan to fund the entire casino resort with private dollars. They vow not to seek funding from the city of Bristol or the state of Virginia. McGlothlin, who says he has lived in Southwest Virginia his entire life, promotes the casino as a way to mitigate job loss in the region and make up for the limited career opportunities.
McGlothlin called the plan a “moon-shoot,” saying the casino could secure bright futures for the region for generations. The development firm CEO said it is his desire to benefit the people of the region that drives his push to legalize casino gambling in Virginia.
Par Ventures LLC, a company owned by Stacy, purchased the proposed location for the casino – the shuttered Bristol Mall – for $2.6 million in June. The two men plan to convert the property into a 100,000-square-foot casino and resort, complete with hotel suites, spa, salon, go-kart racing, miniature golf, and much more.
The developers estimate the casino would generate $26.8 million in tax revenue for Bristol over its first seven years. However, to get that money Virginia must first legalize casino gambling. The Bristol City Council is reportedly scheduled to discuss a resolution in support of the casino project on Tuesday, September 11.