New Casino Approved
NEW RUSH STREET GAMING CASINO APPROVED BY VOTERS IN PORTSMOUTH, VIRGINIA
Rivers Casino Portsmouth will launch Victory Boulevard Entertainment District
Portsmouth, VA, & Chicago, IL—November 4, 2020—A great new place to work and play is coming to Portsmouth, Virginia. Chicago-based Rush Street Gaming will develop and operate the latest addition to its growing portfolio of gaming and entertainment venues—Rivers Casino Portsmouth.
On Nov. 3, Portsmouth voters greenlighted Rush Street’s $300 million casino project planned for Victory Boulevard. Rivers Casino Portsmouth will bring 1,300 permanent jobs and 1,400 temporary construction jobs to the currently vacant site.
NEW RUSH STREET GAMING CASINO APPROVED BY VOTERS IN PORTSMOUTH, VIRGINIA Rivers Casino Portsmouth will launch Victory Boulevard Entertainment District Portsmouth, VA, & Chicago, IL—November 4, 2020—A great new place to work and play is coming to Portsmouth, Virginia. Chicago-based Rush Street Gaming will develop and operate the latest addition to its growing portfolio of gaming. As of today - January 30, 2021: The Newest Online Casino is Las Atlantis Casino which rewards you with 100% + 21 FS upon your first deposit. However, the Grand bargain was recently derailed, and the gambling legislation required to institute these new casinos is currently held back by several other related bills which are yet to be approved. This new legislation would legalise licensed casino operators in Chicago, Rockford, Danville, Williamson County, and in various locations in.
As the anchor of Portsmouth’s up-and-coming Entertainment District, the new Rivers Casino includes plans for a hotel, indoor and outdoor concert venues, conference space, multiple restaurants and more. Rivers Casino’s gaming floor will feature a wide variety of slots, table games, a poker room, and a state-of-the-art BetRivers Sportsbook.
“This is a great day for Portsmouth,” said Portsmouth Mayor John Rowe. “The Portsmouth voters have said yes to a new economic opportunity – an opportunity that will not only create great new jobs, but also generate more than $16 million in new annual tax revenues for our community. With Rush Street Gaming, Portsmouth has secured an excellent developer and operator of world-class destination casinos, with a track record of keeping promises, community support, and job creation. We’ve chosen our partner very well.”
Rivers Casino Portsmouth’s estimated annual payroll will be $62 million with a Portsmouth First commitment to build a diverse workforce and to hire locally. Without exception, all Rush Street casinos have been voted a “Top Workplace” by their Team Members.
In July 2020, The Virginia Lottery Board pre-certified Rush Street Gaming to operate a casino in Virginia. With the referendum now approved by residents, application for licensing is the next step. Rush Street anticipates opening within two years of receiving a gaming license from the Commonwealth of Virginia.
“We thank the residents of Portsmouth, the City of Portsmouth, and the Portsmouth Economic Development team for their support,” said Neil Bluhm, chairman of Rush Street Gaming. “We’re eager to get construction underway, so this strong economic engine for the Commonwealth and the local community can start producing benefits.”
Rush Street Gaming is one of the fastest-growing gaming and entertainment companies in America. Through its affiliates, Rush Street owns and operates market-leading casinos in Des Plaines, Illinois (Chicago area); Pittsburgh and Philadelphia, Pennsylvania; and Schenectady, New York. Rush Street and its affiliates also developed the Fallsview Casino & Resort in Niagara Falls, Ontario, in close partnership with the Province; and Riverwalk Casino & Resort in Vicksburg, Mississippi, which was acquired by Churchill Downs in 2012.
Rivers Casino and Rush Street Gaming have a long and proud record of diversity and inclusion throughout all its business operations nationwide. Rivers Casino Portsmouth will utilize minority, women and veteran-owned small businesses in every phase of its construction and operation.
Rivers Casino Portsmouth will solicit local minority participation for 5% of the equity contribution or $5 million, whichever is greater, from minority-owned businesses or private investors who are minorities and, as required by securities laws, are accredited investors.
To avoid conflicts of interest, public-sector employees, elected officials at any/all levels of government, their spouses, dependents, and immediate family members are ineligible to participate as investors or owners.
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About Rush Street Gaming: Founded by Neil Bluhm and Greg Carlin, Rush Street Gaming and its affiliates have developed and operate successful casinos in Pittsburgh, Philadelphia, Des Plaines, IL (Chicago area) and Schenectady, NY. By placing an emphasis on superior design and outstanding customer service, Rush Street Gaming has become one of the leading casino developers in the United States. Existing casinos generate over $1 billion in annual gaming revenues, and all Rush Street Gaming casinos have been voted a “Best Place to Work” or “Top Workplace” by their team members.
Media Contacts:
Jack Horner
For Rush Street Gaming
jack@hornercom.com
412.600.2295
Robert D. Moore
Portsmouth Economic Development Director
Robert.moore@portsmouthva.gov
757.477.3458
Update: The state Division of Gaming Enforcement recommended that Caesars remove all existing deed restrictions on its former Atlantic City properties including Showboat, The Claridge Hotel and the former Atlantic Club. However, the Casino Control Commission excluded that condition from the final approval.
With an unemotional “yes” on Friday morning, New Jersey regulators signaled the creation of the largest gambling company in the United States. The NJ Division of Gaming Enforcement’s Casino Control Commission unanimously approved the conditional Eldorado acquisition of Caesars in its meeting.
The ramifications of the transaction, which could close as soon as Friday, will touch Atlantic City. The DGE prescribed some of that impact itself.
Inside the decision to approve the Eldorado acquisition of Caesars
Over three days, the two members of the commission heard testimony from many stakeholders. That included several Eldorado and Caesars executives.
New Casino Approved Cars
Among the primary concerns for the commission was Caesars, which the new joint company will bear the branding of, hasn’t invested in its Atlantic City properties in the past. Eldorado CEO Thomas Reeg addressed those specifically, doubling down on Eldorado’s commitment to Caesars.
“We wouldn’t be doing this transaction if we weren’t believers in Atlantic City, because it’s so important to Caesars as it sits today,” he said. “We understand that we acquire the positives and negatives of Caesars and we know that Atlantic City and New Jersey have had some difficulties with a lack of investment from Caesars, chiefly in the past, and we understand why the conditions are there.”
The requirements Reeg referred to were stated in a DGE report that the Commission used as a baseline. The study looked at the environmental and fiscal impact of the proposed merger and made several recommendations for conditional approval. Those now include:
- Removal of existing deed restrictions on three Caesars assets: Showboat Hotel Atlantic City, The Claridge hotel and the former Atlantic Club Casino Hotel
- Completing the sale of Bally’s Atlantic City within a three-year period
- Capital investments of $400 million for the Atlantic City properties the new Caesars will maintain within the next three years
- Assurances that Caesars will not close any Atlantic City properties for five years after the transaction closes
The approval’s many conditions will now be something that is on Caesars execs to satisfy and the DGE to enforce. As that plays out, it will mean some changes for casino patrons in Atlantic City.
What the merger means for Atlantic City gamblers
On the meeting’s second day, the newsworthy item wasn’t the testimony, but rather testimony that didn’t take place. Hard Rock Atlantic City and Ocean Casino filed petitions to join the fray.
Both wanted to express their concerns about the effect the sale would have on their businesses. The commission denied those petitions, however.
With Caesars spending $400 million to improve its Atlantic City holdings, the cost of competing in the market goes up. Eldorado CFO Brett Yunker said the company plans to reinvest 5% of its annual revenue into its Atlantic City properties as well. Other operators will have to spend to keep up as well.
Because Eldorado executives will largely retain their roles in the new company, a new approach to management may be visible. Eldorado has a reputation for letting local managers have more control over their operations.
Current Caesars customers should not worry about their rewards program points, however. Eldorado has already announced it plans to maintain that program.
While the exact specifications of improvements to Caesars, Harrah’s and Tropicana are unknown at this time, that scope may focus on renovations. Caesars has recently engaged in that activity at all three of those properties on the hotel side.
New Casino Approved
If the Eldorado acquisition does result in a “spending spree” by all operators to show off the greatest and latest, the winners in that situation may be casino patrons. New amenities and refreshed spaces should enhance those experiences.