Richmond City Joins Gambling PartyPublished August 2, 2003 by OCR Editor
RICHMOND- According to a $100,000 feasibility study the City Council commissioned earlier this year, a casino could generate an annual economic impact of more than $500 million, with 4,462 local jobs. The report predicts a city sales-tax revenue of $1.9
The council discussed the report briefly Tuesday, during its last meeting until September.
The Colorado-based Innovations Group is considering four sites as ideal for a gaming enterprise: Port Terminal No. 3, Point Molate, the former Zeneca site, or an unnamed parcel off the Richmond Parkway.
The report determined that the average household income on a 75-mile ring around Richmond is $92,547 -- $105,745 in a ring 25 to 50 miles from the city -- enough to cultivate sport and leisure activities, including gaming.
Among the assumptions mentioned in the report is the fact that as the state budget deficit grows, the governor may be increasingly willing to permit, then tap, casinos as a revenue source.
The report does not address social impacts on Richmond directly. While it minimizes the down sides, it does state that many people move away when a casino comes to town citing "the desire not to live in a community with gaming."