Virginia Passes Casino And Sports Betting LegislationFive Cities Will Vote This November On Whether Casinos Will Break Ground In Their Locales |
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Virginia’s legislature voted in favor of Gov. Ralph Northam’s amendments to a bill that would bring brick-and-mortar casino gambling and sports betting to the state.
The Senate approved the changes in a 30-9 vote, while the House voted in favor of them by a 66-29 score.
Both SB 36 and HB 4 were on Northam’s desk weeks ago, but instead of signing, he proposed amendments that would slightly alter the way in which tax revenue from casinos would be distributed throughout the state.
With his alterations approved by lawmakers, the bill becomes law and five economically depressed cities in Virginia will be able to vote whether their locale becomes home to a casino. This November, residents of Bristol, Danville, Norfolk, Portsmouth and Richmond will vote on the issue.
A simple majority vote in each city will pave the way for a casino in its locale. Before the passage of this bill, Virginia was one of the few states that banned casinos.
The new industry is expected to bring a windfall of tax dollars to the state. A 2019 study conducted by Virginia’s Joint Legislative Audit and Review Commission concluded that tax revenue could surpass $900 million over five years if a casino is built in each of the five cities.
The legislation laid out a tiered tax plan that will tax operators anywhere between 18 and 30 percent, based on the total gross revenue.
Along with the casino aspect of what is now law of the land, it also legalized sports betting. Currently, the bill only legalizes online betting, since there is no guarantee that residents of the five cities will vote in favor of casino construction. If casinos are built, there will likely be a separate bill passed that allows those businesses to build retail sportsbooks at their casinos.
The lottery commission will oversee Virginia’s new industries.
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