Virginia Casino Bill Awaits Governor's SignatureSSB 1126 Passed Virginia's General Assembly, Will Likely Be Signed By Gov. Ralph Northam |
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Gov. Ralph Northam’s signature is the only hurdle that stands between Virginia and its first casino.
On Saturday night, the state’s General Assembly passed SSB 1126 which would permit the development of casinos in Portsmouth, Danville and Bristol. Having passed both the House and the Senate, the bill now moves to the governor’s desk.
Northam has previously stated that he would support the development of commercial casinos in the state, making it very likely that the bill will become law very soon. He believes that signing casino legislation would help create more jobs and tax revenue in the struggling cities that are being targeted as possible locations.
Although the stroke of Northam’s pen would make the bill law, the final decision on the casinos would still lie in the hands of the city’s residents. In order for developers to break ground, the residents would have to approve it. The bill also allows the Pamunkey tribe to build casinos in Norfolk and Richmond should those communities agree.
Before the residents of each city can vote, Virginia’s Legislative Audit and Review Commission will need to conduct a study on the social and economic impacts of casinos in their perspective locations. The commission must present the findings of the study before Nov. 1, at which point the issue can be added to the ballot.
The bill would give the state’s lottery board the power to act as the regulatory body. The Virginia Lottery Board would begin creating those rules next year, and would present them by summer with licenses issued by July 1, 2020.
The bill will tax gambling revenue between 13-15 percent, depending on the casino’s adjusted gross revenue.
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