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Mars Inc. names new CEO
McLean-based Mars Inc. will have a new CEO in September and the news comes at a time when the privately held global candy and pet food manufacturer is experiencing major growth. Grant F. Reid, who has served as CEO of Mars since 2014, will step down in September, with plans to fully retire by the […]
Report: Va. data center projects totaled $6.8B in 2021
Data centers are a primary driver of economic growth in Virginia, comprising $6.8 billion or 62% of all major economic investments announced last year by the Virginia Economic Development Partnership, according to a new report released Thursday by the Northern Virginia Technology Council (NVTC). While the total for 2021 represents a decrease from 2020, when […]
RIR president to head Henrico sports/entertainment authority
Henrico County officials on Wednesday named longtime Richmond Raceway President Dennis Bickmeier to lead its new sports and entertainment authority. Bickmeier’s last day with the raceway, where he has led for more than a decade, is April 15. He will begin working in his new role on April 18. “With Dennis Bickmeier serving as our executive […]
Virginia ABC reports $1.4B in FY 2021 revenue
The Virginia Alcoholic Beverage Control Authority (ABC) reported $1.4 billion in gross revenue for fiscal year 2021, up $163 million over the previous fiscal year. It’s the third year in a row the state authority has surpassed $1 billion. As a division of state government, ABC sends its profits — $616.4 million — to the […]
Va. hotel revenues increased by 178% in May
Virginia hotel revenues for May 2021 increased by 178% compared with May 2020, according to data released Tuesday by STR Inc., a CoStar Group division that provides market data on the U.S. hospitality industry. During the same period, rooms sold went up by 96%. The average daily rate (ADR) paid for hotel rooms rose 42% […]
Online games made up 21% of Va. Lottery income
The Virginia Lottery raked in $436 million from online lottery games between their July 1, 2020, launch and the end of February, making up 21.8% of the state lottery’s total $2 billion revenue during that period. According to a news release Wednesday, 163,000 players have won prizes playing the lottery online, including the Mega Millions, […]
Northam announces $730.2M state revenue forecast increase
Gov. Ralph Northam’s revised budget released Monday shows that the commonwealth expects a $730.2 million increase in this year’s revenues forecast over December 2020, from $46 billion to more than $46.7 billion during the next two years. “These revised budget numbers tell us that Virginia’s economy continues to thrive, in spite of the pandemic,” Northam […]
Va. hotel revenues remain 51% lower than last year
Virginia hotel revenues continue to decline by more than 50% when compared with last year, according to data released Wednesday from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry. Hotel revenues in Virginia dropped by 51% and rooms sold declined by 33% last week, compared with the […]
Va. hotel revenue is still down by more than 50% from 2019
Despite the fast-approaching holiday season, Virginia hotel revenues continue to decline when compared with last year, according to data from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry. While COVID-19 cases spiked during the week of Nov. 29 through Dec. 5, hotel revenues in Virginia dropped by […]
Va. hotel revenues remain low during increased COVID-19 restrictions
With COVID-19 cases mounting, Virginia hotel revenues continue to decline when compared with last year, according to data from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry. For the week of Nov. 22 through Nov. 28, hotel revenues in Virginia decreased by 34% and rooms sold declined […]
Va. hotel revenues likely to remain low through holidays
With the holiday season looming, Virginia hotel revenues continue to decline when compared to last year, according to data from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry. For the week of Nov. 1 through Nov. 7, hotel revenues in Virginia decreased by 53% and rooms sold […]
Hotel revenues stay low as pandemic enters eighth month
Moving into the eighth month of the pandemic, Virginia hotel revenues continue to decline when compared to last year, according to data from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry. For the week of Oct. 25 through Oct. 31, hotel revenues in Virginia decreased by 45% […]
