Virginia state Senator Bill Carrico and state Delegate Israel O’Quinn recently announced a timeline for legislation regarding the proposed Bristol Resort and Casino in the former Bristol Mall. The legislators said they will introduce a measure in the upcoming session, and if it’s approved in both houses, it could be enacted as early as July 1, 2019. The noted the legislation must include a public referendum, to be held November 5, 2019.
O’Quinn said, “If this fails at the ballot box, it all kind of poofs into thin air. Bristol is a small city. We want the people to be able to decide their future.” Carrico added, “I will say the investors have bent over backwards to address our major concerns.” He emphasized the project would be funded strictly through private investment.
Carrico noted Bristol and surrounding Southwest Virginia area face challenging financial picture. As a result, he said the idea of a project that could create 5,000 jobs and have a $1 billion economic impact over seven years was hard to ignore. “We’re the last two lawmakers you would think would carry a gambling bill,” Carrico commented.
In a statement, the developers, Jim McGlothlin and Clyde Stacy, said, “We want to thank Senator Carrico and Delegate O’Quinn for their leadership on this important issue benefiting the residents of Bristol, Southwest Virginia and the entire region. As patrons of the legislation that will allow the Bristol Resort and Casino project to go forward, Senator Carrico and Delegate O’Quinn are helping to bring an unprecedented number of new jobs and additional tax revenue to the region for much needed public services. These dollars will fund a host of critical local needs, including more money for public safety, education, transportation and other key public services.”
McGlothlin and Stacy added, “As part of this legislation, voters in Bristol, Virginia will have an opportunity to approve the project in a local referendum. Local residents will be able to cast a vote to bring long-term, secure career opportunities to the city and region. As life-long residents of Southwest Virginia, we look forward to working with our elected leaders at the local and state levels to make this significant economic development project a reality.”
Meanwhile, two bills will address sports betting in the next legislative session. One was pre-filed in the House of Delegates by state Del. Mark Sickles, and another will be introduced by state Senator Chap Petersen.
Under Sickles’ bill, sports wagering would include betting on professional and college sports, but not Virginia college sports. Players would have to be at least age 21. The measure would allow sports betting permits with a 15 percent tax on permit holders; 2.5 percent of tax revenue would go into a new Problem Gambling Treatment and Support Fund. An estimate indicated the legislation could generate $380 million in annual revenue.
Petersen said his bill would not require sports betting to occur in a casino, and it also would exclude Virginia sports teams.
The Reason Foundation, a libertarian-oriented organization, recently issued a report stating sports betting could boost Virginia’s gross domestic product and create jobs, if fees and taxes are kept to a minimum. Reason Foundation Director of Consumer Freedom Guy Bentley said, “According to Oxford Economics, if sports betting were legalized nationwide, GDP would increase by $11.6 billion to $14.2 billion, 125,000 to 152,000 additional jobs would be created and tax revenues spread across state, federal and local municipalities would rise by $4.8 billion to $5.3 billion. Taxes on gambling are an inevitable part of legalization. But if licensing fees or taxes are too high, states will fail to realize the full benefits of legalization.”
Bentley continued, “High-tax states will also lose out to low-tax states with businesses and patrons flocking to more attractive competitors. High tax states will fail to generate the revenues desired or eliminate black market competition. Regarding how states use the revenue generated from gambling taxation, a portion should be devoted to services to help problem gamblers, the rest should be devoted to whatever priorities the state deems appropriate.”
Bentley cautioned Virginia’s ban on sports betting has not been effective and people will continue to place black-market wagers unless legalization occurs. “Around 30 percent of people say they have bet on sports. Whether it’s online, office pools or bookmakers, a significant number of Americans continue to bet on sports every year regardless of its legal status in their state. The federal ban on sports betting was hopelessly ineffective and fostered an enormous black market, estimated at the high end to be worth as much as $150 billion a year.”
