Friday, business and community leaders are betting on Bristol with major plans for a resort and casino at Bristol Mall in Bristol, VA.
The vision for the property: 90,000 square feet of casino, 90,000 square feet dedicated to children’s activities, and 25,000 square feet for sports betting. In addition, business leaders plan to build a 600 to 1000 room hotel on site.
There are also plans for 50 stores and restaurants to be leased out on the property.
The economic opportunity is expected to bring thousands of jobs to the Bristol, VA and the region.
It’s expected that the resort casino would employ 2,000 people during the first year of operations and is expected to grow to more than 5,200 in seven years.
“This is personal for me. I have lived and worked here my entire life,” said Jim McGlothlin, Chairman and CEO, The United Company and the owner of Olde Farm. “Everyone in the region, and across the state, knows the major challenges we face, many of which are unique to Southwest Virginia. From the loss of jobs, and limited career opportunities, to the opioid epidemic, these challenges have been well documented. This project is our chance at a ‘moon-shot’. We want to give local residents a bright and secure future for many generations to come. Good-paying jobs are the key to giving folks a reason to stay in the region and also to move here. At the end of the day, that’s why I’m doing this, to help folks in this place I call home, Southwest Virginia.”
Some of the amenities planned for the resort casino are indoor and outdoor pools, restaurants, suites, fitness center, live entertainment, spa, salon, shops, boutiques, goods from artisans and craftsmen, wedding and event venues, family arcade, go-kart racing,a kid’s waterpark, business center, miniature golf, museum of local history, golf and baseball simulators, convention and conference center and even virtual games.
“Jim and I have been blessed with successful business careers here in Southwest Virginia,” said Clyde Stacy, President, Par Ventures, LLC. “We are putting that success behind this major project to benefit the entire region, building the Bristol Resort and Casino here at the Bristol Mall. What that means in real terms is that we are not asking for any government support for this project. Our plan is to build it all with private dollars. This is our chance to provide lasting, meaningful support to a community that has supported us for so many years.”
Business leaders say all funding will be provided by local investors. They said there will be no city, county, or state funding and no incentives required.
Bristol, VA city council is expected to consider a resolution of support for the Bristol Mall project on Tuesday, September 11.
It’s estimated that the yearly tax revenue to Bristol, VA will be $26.8 million after seven years.
Some business highlights below:
- JOBS: From 2,000 during the first year of operations to 3,000 or more by the fifth year, and over 5,200 by year seven with a projected annual average salary of $46,000.
- BRISTOL YEARLY TAX REVENUE: $26.8 million estimated after year seven.
- LOCAL/STATE ECONOMIC IMPACT: Growing from $567 million in year one to over $1.5 billion by year seven for local Southwest Virginia and $1.9 billion total for Virginia.
- ANNUAL GUESTS: 1 million initially, to more than 3 million within five years, with 80% expected to be from out of state.