search.noResults

search.searching

dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
Insight


COVID-19 UPDATE - US Virginia


Martin L Kent, President and COO, Te United Company


Contributor Martin is a licensed attorney and CPA in Virginia and serves as President and Chief Operating Officer of The United Company. The company pursues business acquisitions and seeks new opportunities for future growth around the country including the recently proposed Hard Rock Hotel & Casino in Bristol.


www.unitedco.net mkent@unitedco.net


Virginia: Timing of market expansion proves judicious


Most forms of gambling are illegal in Virginia except the state run lottery, charitable gaming and horse race wagering. Te state led the way in pari-mutuel horse race betting after it was legalised in 1988. Tere is one racetrack, Colonial Downs, but off track betting is legalised plus the more recent electronic betting terminals (HHR) introduced in 2018 or via simulcast wagering.


Meanwhile, sports betting was legalised in April 2020 and is expected to be launched in the state by the end of the year after it became the second state to legalise sportbooks. It will be available exclusively via mobile and online sportbook apps and will be overseen by the state lottery. Sports wagering could generate up to $55m in gaming tax revenues annually.


Tere are also provisions in the bills to allow for domestic casinos. A vote will be held in the relevant host cities during November’s General Election. Casinos could generate $969m in total net gaming revenue and around $260m in state gaming taxes annually and create around 5,000 total casino jobs.


State tourism revenues topped $26bn in 2018 and it provides $1.8bn to the state in revenues and supports 232,000 jobs and is the sixth largest employer (seven per cent of employment). The state expects to lose up to $16bn this year in visitor spend (a 60 per cent drop).


Te State of Emergency was declared on March 12 by Governor Ralph Northam and a stay-at-home order went into effect on March 30. Rules only allowed residents out to care for family, travel to child care facilities, exercise and travel to work. Tere were three phases to de-escalation. Phase three began on July 1, which included the loosening of restrictions on restaurants and bars, gyms and pools. Virginia showed a peak at the end of May and further mid-July. By August 3 there were 93,106 cases and 2,218 deaths.


Virginia’s tourism office spent a year making a summer marketing campaign only to halt it four days after its launch in March. Teir message is now, quite simply: “We’ll be waiting for you.” State tourism revenues topped $26bn in 2018 and it provides $1.8bn to the state in revenues and supports 232,000 jobs and is the sixth largest employer (seven per cent of employment). Te state expects to lose up to $16bn this year in visitor spend (a 60 per cent drop). Unemployment rate reached 11.2 per cent in April and 9.4 per cent in May – 6.6 per cent higher than May 2019. Te state’s racetrack Colonial Downs closed its four Rosie’s Gaming Emporium locations in Richmond, Hampton, New Kent County and Vinton on 15 March and didn’t re-open until July 1. Tere are now temperature checks on entry and face masks required for guests and staff. Te gaming area has been re-arranged to provide social distancing and sanitation equipment is in place.


Aaron Gomes, CEO for Colonial Downs Group said in early July: “We have witnessed unprecedented times. We have spent this time planning and preparing to welcome back guests and team members to our facilities. We have studied best practices across the country, consulted with public health officials and put together a thorough and rigorous system of actions and policies that should give our valued guests and team members peace of mind as they return to Rosie’s.”


During lockdown Rosie’s continued to pay staff in April whilst Rosie Kitchens provided 20,000 free ‘grab and go’ meals for community key workers. Rosie’s


P60 NEWSWIRE / INTERACTIVE / MARKET DATA


opened the four venues during 2019 and currently operates a total of 2,250 Horse Racing Machines (HHRs) and simulcast wagering. Colonial Downs track in New Kent County also operates 600 HHR terminals plus another four simulcast only off-track betting locations. Some 36,000 visitors attended live racing events at the track in New Kent County in 2019. Another two Rosie’s are expected to open in Danville and Dumfries. HHR total wagers April-Oct 2019 was $729.1m with $674.1 in prizes. Pari-mutuel handle was $24.3m with $17.5m in prizes. Te track originally opened in 1997 then closed in 2014 and re-opened in April 2019 under new ownership by Colonial Downs Group (division of Peninsula Pacific Entertainment) after the provision of HHR terminals. Revenues via these games not only provides tax revenue but helps fund purses at the track and revitalise the state’s horse industry.


Colonial Downs racetrack was poised to generate $26.1m in state taxes this year, $17.9m in local taxes and $445m in overall economic activity in Virginia. It provides for over 4,200 jobs. Despite closure the first four months of 2020 saw handle from Virginia horseplayers up to $31.6m in total (23 per cent higher last years figures) thanks to its four online betting partner wagering sites.


Meanwhile the legislation of the Sports Betting Bill came effective on July 1 2020 with a hard deadline for September 15 to declare the regulations and begin accepting applications for sports betting permits. Te legislation also allows for casinos to be constructed within Virginia’s borders but limited to the certain municipalities. Meanwhile the Virginia Lottery has been in operation for 25 years and helps fund the state’s public schools with lottery games and scratchcards. Tere are 5,300 retail partners. Te lottery remained running during the lockdown period. John Hagerty, Public Affairs Specialist at Virginia Lottery said: “We saw a sharp drop in sales from mid March to mid April. Ten, beginning in mid April we saw sales rebound rather quickly and since then lottery sales have trended back to about where they were prior to the pandemic.”


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132  |  Page 133  |  Page 134  |  Page 135  |  Page 136  |  Page 137  |  Page 138  |  Page 139  |  Page 140  |  Page 141  |  Page 142  |  Page 143  |  Page 144