The Virginia General Assembly lately showed its support for a bill that sought to legalized casino gambling and also the establishment of casinos in particular areas of the state. To get a lengthy time, this almost seemed impossible because Virginia was among the states that have been holding out on the gambling industry. Fortunately, this is no longer the case and casino enthusiasts can now appear forward to fun and thrilling moments in the casinos within the near future.
All that remains now is for Ralph Northam, the state’s governor, to sign the bill into law – this final stage is fairly crucial and when the situation more than in Michigan is something to go by, then it is going to become important to the future of gambling in Virginia. Luckily, Governor Northam assured the residents that he would assistance gambling expansion in Virginia if it is advantageous towards the state. Hopefully, the proponents from the gaming expansion bill will probably be able to convince him that the business has a lot to offer.
The approval from the bill will be the very first time that a significant gambling expansion endeavor has survived the Virginia Legislature – the state’s lawmakers, in current years, have usually opposed any and all gambling legislations brought their way. SB 1126, the bill, bears a number of similarities with a various bill that was becoming championed by Senators Louise Lucas and Bill Carrico earlier this year. This bill sought to authorize referenda in Norfolk and Richmond, two places which are becoming eyed for tribal casinos by the Pamunkey Indian Tribe.
Senate Bill 1126 authorizes the establishment of casinos in Danville, Bristol, and Portsmouth. This really is fantastic news especially for some Bristol-based businessmen who recently presented a proposal to create a $250 million casino resort in the site previously occupied by the Bristol Mall. The 3 cities are all possible places for Virginian casinos because they satisfy the circumstances lay about by the bill. These consist of:
Getting least 40 % from the land area exempt from local genuine property taxation, or 24 % supplied that a Virginia Indian Tribe conducts such casino gaming.
Having unemployment rate of a minimum of five percent in November 2017 (or 4 % if situated adjacent to a state which has adopted a Border Region Retail Tourism Improvement District Act), a poverty rate of at least 20 percent in 2016, and a population decrease of a minimum of four percent from 1990 to 2016.
Getting a population greater than 200,000, based on the 2017 population estimates.
The bill also stipulates that the Virginia Lottery Board will probably be charged with crafting rules and regulations for the operation of state’s casinos that will be charged a tax rate of between 13 and 15 % on their gaming revenues. These tax rates will probably be determined primarily based on a licensed casinos annual adjusted gross revenue.