Last November, voters in Richmond, Virginia narrowly defeated the ONE Casino and Resort, 51 percent to 49 percent. However, Mayor Levar Stoney and council members revived the proposal and it will be on the ballot again this November.
In the meantime, Stoney and council members are discussing how to spend the estimated $30 million the casino would generate in annual tax revenue.
Stoney has proposed a 2-cent reduction in the city’s real estate tax rate. The current rate is $1.20 per 100 dollars of assessed value. Stoney said, “We’ve seen everything is going up. The price of gas, the price of your Oreos, all are going up across the country, and so, we think right now, people are deserving of that two-cent tax cut on the real estate taxes.”
Another proposal would direct one-third of casino tax revenue to public schools. However, Stoney said his budget will fund public schools and infrastructure. “When you talk about school funding, that’s obviously going to be there. That’s already in our plan. And so I don’t think both are necessary,” Stoney said. The city’s public schools stand to lose about $7 million in state funding next year due to decreasing student enrollment and soaring property values.
Councilman Mike Jones said both proposals are worthwhile. “The mayor’s paper has merit. It just simply does if you look at the nuts and bolts of it. The concern is, is it out in front of the vote? I don’t think it is. It’s just letting us know where we’re going in the event it happens.”
The November referendum is not a given, however. A provision included in the state budget amendment pending in the Virginia General Assembly could prevent Richmond from voting on casino gambling until November 2023.
