Colonial Downs touts projected economic impact

by Press Release | Jan 28, 2020 | Breaking, Business, Virginia, Virginia Business

English Bee held off Jais’s Solitude to win the 2019 G3 Virginia Derby. Photo by Coady Photography.

A new economic study has found that the investment in Virginia by the Colonial Downs Group, consisting of the Colonial Downs Racetrack in New Kent County and Rosie’s gaming facilities statewide, will support thousands of new jobs and generate millions in additional tax revenue to the Commonwealth and host localities over the upcoming year. That’s in addition to the cumulative $445 million in combined economic activity the locations will produce statewide. The study, conducted by Dr. Terry Clower, Northern Virginia Chair and Professor of Public Policy at George Mason University, specifically projects that company operations in 2020 will:

be responsible for the creation of 4,232 direct, indirect and induced permanent jobs;
generate $26.1 million in new tax revenue for the Commonwealth;
produce $17.9 million in new tax revenue for host localities; and
create $445 million in combined economic activity statewide.

Speaking about the study Aaron Gomes, Chief Operating Officer of the Colonial Downs Group, noted, “We are proud of our investment in the Commonwealth of Virginia and the good jobs, tax revenue and economic development that have resulted. This year our facilities will mean thousands of good jobs, $26.1 million in state tax revenue, $17.9 million in local tax revenue, and $445 million in overall economic activity in Virginia. That’s great news for our employees, our host localities and all of Virginia.”

Gomes continued, remarking, “In 2019 we focused on getting our facilities up and running and bringing live horse racing back to Virginia. We were thrilled to end the year by announcing we were raising the minimum wage for our employees to $15 an hour. Now, I have no doubt that 2020 will be an even more exciting year as we not only continue to build on our existing success in New Kent County, Vinton, Richmond and Hampton, but also add an additional three racing days at Colonial Downs Racetrack. When we came to Virginia, our promise was everyone would win with Colonial Downs and Rosie’s. This study proves it, and we are still just getting started!”