Calling All Aspiring Casino Owners: Buy A Piece Of Bally’s Richmond Casino

Written By Dann Stupp on April 19, 2021 - Last Updated on June 1, 2021
Why stop at voting for the proposed Bally's Richmond casino? Turns out you can also have an ownership stake in the proposed project.

Why stop at voting for the proposed Bally’s Richmond casino? Turns out you can also have an ownership stake in the proposed project.

Bally’s Corporation is one of three companies that are finalists for the Richmond casino project.

Bally’s has proposed Bally’s Richmond Casino Resort, a $650 million casino-resort.

First, though, Richmond voters will decide the fate of the city’s casino referendum on Election Day in November. If it passes, Richmond will join four other Virginia cities that passed such referenda in 2021: Bristol, Danville, Norfolk and Portsmouth.

But what if you want some skin in the game? Bally’s officials recently announced a way for Richmond residents to become partial owners of the Bally’s casino.

Want to own Bally’s Richmond Casino?

Fancy yourself a casino mogul? Did you watch “Ocean’s 11” and somehow find yourself rooting for Terry Benedict instead of Danny Ocean?

If so, maybe a piece of casino ownership is for you.

Bally’s executives recently announced that Richmond residents will have the opportunity “to purchase an equity interest in, and become partial owners of, Bally’s Richmond.”

Bally’s is teaming with local entrepreneur David Walton, who’s perhaps most known for founding the Black Pages of America. He will help Bally’s roll out and generate awareness of the crowdfunding round.

Walton said:

“Bally’s has promised that its casino proposal will be a community-focused project that places Richmond first, and the equity crowdfunding program represents one way for Bally’s to live up to that promise. The purpose of the program is to allow all Richmond residents, not just those who may be more fortunate, the opportunity to invest in Bally’s Richmond, and I look forward to working with Bally’s and supporting that effort.”

Curbing Richmond casino opposition?

Bally’s officials are on the defense. They have to be.

After all, though the opposition was minimal in other VA cities, many Richmonders have taken a staunch stance against a casino. And it’s not just against Bally’s, but also the other two finalists:

  • The Cordish Co.: $600 million Live! Casino & Hotel Richmond
  • Urban One and Colonial Downs: $517 million casino-resort (name TBA)

Much of the pushback is the result of general anti-casino sentiment. However, potential Richmond casino operators are also dealing with objections over each casino’s potential host site.

Bally’s has even hosted a series of “listening” events to engage the local community. The fourth event took place on Monday.

Bally’s officials say many others not only support the project but want to become a part of it.

As Michael Monty, the senior project manager of Bally’s Richmond, said:

“Once Richmonders better understood the proposal, many expressed interest in becoming a part of it. By allowing Richmond residents to own a part of Bally’s Richmond, we are further demonstrating our dedication and commitment to RVA and this project. We look forward to partnering with David Walton on this program and are excited about the opportunity for Richmonders to own a piece of Bally’s Richmond and benefit from its success as a true stakeholder.”

Bally’s will announce details of the equity investment program in the coming weeks.

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Dann Stupp

Dann Stupp is a longtime sports journalist who’s written and edited for The Athletic, USA Today, ESPN, and other outlets. He lives in Lexington, Virginia.

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