Developer Behind Fairfax On line casino Effort Tried to Woo Ted Leonsis

Posted on: March 25, 2024, 08:24h. 

Final up to date on: March 25, 2024, 08:24h.

The actual property improvement firm behind an unsuccessful effort to deliver a industrial on line casino to Fairfax County within the Tysons space additionally didn’t lure billionaire Ted Leonsis to assist the initiative by providing the NBA Wizards and NHL Capitals proprietor a brand new enviornment.

Fairfax casino Ted Leonsis Potomac Yard
Billionaire Ted Leonsis sits courtside watching his NBA Washington Wizards in December 2023. Leonsis was unmoved by a pitch from the builders behind a attainable on line casino in Fairfax County to construct a brand new sports activities enviornment in Tysons. (Picture: ESPN)

Leonsis and Virginia Gov. Glenn Youngkin (R) are campaigning to make use of taxpayer {dollars} to assist relocate the billionaire’s DC skilled sports activities groups, which moreover contains the WNBA Washington Mystics, about 5 miles south to Potomac Yard in Alexandria. The venture is wildly unpopular amongst space residents, however Youngkin is urgent ahead in what many political observers consider is the Republican’s bid to create a legacy improvement.

The Washington Put up reported over the weekend that Comstock Corporations and Senate Majority Chief Scott Surovell (D-Fairfax) supplied Leonsis’ Monumental Sports activities & Leisure a sports activities enviornment to be included within the Tysons on line casino pitch.

As this [Potomac Yard] venture has imploded within the final three weeks … one of many ideas that I floated was the opportunity of merging the world with a Northern Virginia on line casino and utilizing the on line casino tax income to backstop the bonds as a substitute of the state’s common fund,” Surovell defined. “Monumental was not a fan, and that was the top of the dialog.”

The Potomac Yard Leisure District is being proposed simply south of Reagan Worldwide Airport. The $2 billion scheme features a multi-use skilled sports activities enviornment, observe services, a performing arts heart, and a media studio for Leonsis’ Monumental Sports activities Community.

DC for Alexandria

Leonsis is prepared to depart the nation’s capital and his Capital One Area in favor of Potomac Yard. Youngkin is dedicated to serving to Leonsis’ Monumental Sports activities & Leisure open a best-in-class advanced.

DC metropolis officers proceed to scramble to supply funds to enhance Capital One Area, a downtown venue east of the White Home. Leonsis owns the constructing although the town owns the land beneath it.

In December, District leaders, together with Mayor Muriel Bowser (D), made an Eleventh-hour pitch of $500 million for upgrades to the power, but it surely wasn’t sufficient for Leonsis to fold on Potomac Yard.

A lot of Alexandria, a rich impartial metropolis, is against the venture. Issues cited embrace elevated site visitors to the already congested space, monetary liabilities, and the environmental influence. One group against the venture — “Cease the Area” — additionally says taxpayer cash shouldn’t be used to “closely subsidize a billionaire.” 

On line casino Deal Breaker

Monica Dixon, the president of exterior affairs for Monumental, informed the Put up that Comstock and Surovell certainly reached out about contemplating an enviornment in Tysons adjoining to a on line casino resort. She mentioned it was a non-starter.

At no time, have we ever or would we ever think about working alongside a on line casino, interval,” Dixon mentioned. “Our proposal in Alexandria at Potomac Yard gives our followers, gamers, workers, and the folks of this area the perfect alternative for profitable groups and a fantastic financial influence. Whereas we’re upset in how this has performed out, we hope our proposal will get a good listening to.”

The Virginia Basic Meeting disregarded the $2 billion Potomac Yard venture from the 2024-2026 biennium finances it handed final week. Youngkin is predicted to name a particular session to finalize the spending blueprint, with the Potomac Yard scheme more likely to obtain additional consideration.  

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