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CEO, PAR VENTURES, BRISTOL
Virginia Business// August 29, 2024//
Stacy, a former coal mining executive who headed Rapoca Energy, founded Par Ventures in 2000. In 2018, he purchased the vacant Bristol Mall for $2.6 million through Par Ventures and partnered with high school chum Jim McGlothlin to build Virginia’s first casino. Stacy and McGlothlin were instrumental in changing state gambling laws to allow casinos in economically challenged Virginia cities.
The temporary Bristol casino opened in 2021. The approximately $515 million permanent Hard Rock Hotel & Casino Bristol, now scheduled to open in late fall, is expected to create an estimated 1,400 jobs and draw 4 million visitors annually.
Stacy was an investor in Dharma Pharmaceuticals, a licensed medical cannabis processor that was acquired in 2021 by Chicago-based Green Thumb Industries for $80 million. In October 2020, the company was the first in Virginia to dispense medical marijuana after the General Assembly loosened cannabis laws. Dharma Pharmaceuticals’ founders filed a lawsuit against Par Ventures, claiming Dharma is owed more than $7 million in relocation expenses for moving out of the Bristol Mall in 2021.
