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VCU Health plans to add 16-story hospital tower

At its downtown medical center campus in , the hopes to soon construct a major tower that would eventually be 16 stories tall and feature 576 beds.

The health system has recently issued requests for proposals for both project management services and architectural and engineering services related to the project, to be located at the corner of East Leigh and North 12th streets.

The first phase of the project would involve building a tower eight stories above grade, featuring 240 beds, 10 operating rooms and one procedure room, supported by 28 prep, recovery and post-anesthesia care unit rooms, according to the .

The site plan for ‘s planned new medical facility. Image Courtesy VCU Health

It would also include the construction of a 73,500-square-foot central utility plant, north of Leigh Street and adjacent to the VCU School of Nursing. The three-story facility would heat and cool the new hospital tower, as well as house equipment for building utilities and services.

The project’s second phase would bring the new hospital facility to 16 floors above grade and add 336 beds.

To make room for the new building, VCU Health plans to relocate and demolish its Health Sciences Library, the Strauss Research Building and an 800-space visitor parking deck.

The deadline to respond to the project management services request was July 15, while the deadline to reply to the A&E services RFP is Wednesday. Both contracts are expected to be awarded in November.

The health system’s vision statement for the project says the new patient tower “will serve the community and be a destination for high acuity specialized care. Organized around service line excellence, this new tower will provide resources for advanced education and research, expanding our local and national reach as the preferred academic health system.”

A preliminary timeline for the project, as outlined in the RFP, calls for the design phase to occur between 2026 and 2028, with construction to occur from 2027 to 2032 and occupancy to begin in 2032 or 2033.

“While we are still in the planning phase, this effort reflects our broader commitment to increasing access and better serving the people of the commonwealth through thoughtful, long-term investment in the health of our communities,” said VCU Health spokesperson Danielle Pierce in a statement.

Based in Richmond, VCU Health has more than 800 physicians. It reported $3.54 billion in revenue for the 2023-2024 year, with net income of $442.5 million

Wellmore to lay off 72 coal workers in Southwest Virginia

 

SUMMARY: 

to lay off 72 workers in Southwest Virginia
to impact , Hurley, and Big Rock operations in Buchanan County
• Job cuts begin Sept. 6 and continue through mid-October

Wellmore Energy Co., a company, plans to lay off 72 workers in Buchanan County, according to notices sent to the state in compliance with the Worker Adjustment and Retraining Notification (WARN) Act.

A subsidiary of , a Tennessee-based metallurgical coal company, Wellmore’s operations include two company-operated underground mines, one company-operated surface mine, seven contract mines, three shops, two preparation plants, rail-loading facilities, a lab and an administration office, according to United Coal’s website.

In a notice dated July 7, which the state received July 8, Gary Prater, a human resources director for United Coal Co., stated that six Wellmore Energy Co. employees who work at a surface minerals operation in Grundy are expected to lose their jobs

In a second letter dated July 7, which the state received Aug. 4, Prater stated 27 employees are expected to be laid off at Wellmore’s Elk Creek Operation in Hurley. The 33 employees at the two locations are all expected to lose their jobs beginning Sept. 6, with all separations completed by Sept. 19.

In a third notice dated Aug. 4, which the state received the same day, Tammy Fields, a human resources representative for United Coal Co., stated Wellmore expects to lay off 39 employees from the surface minerals operation in Grundy and a preparation plant in Big Rock. Those employees are expected to lose their jobs beginning Oct. 4 with separations completed by Oct. 16.

Employees will not have bumping rights to another position and are not represented by a union, according to the notices.

A page on the Virginia Department of Workforce Development and Advancement and Enforcement, also known as Virginia Works, which posts layoff notices received by the state reports that 17 Wellmore Energy Co. employees in Big Rock will lose their jobs with an impact date of Oct. 4 and that 27 Wellmore Energy Co. employees in Hurley will lose their jobs with an impact date of Sept. 6.

A request for comment to United Coal Co. was not immediately returned Monday.

In May, S&P Global, a New York-based market intelligence firm, described the metallurgical coal market as weak due to “low steel demand, exacerbated by recent uncertainty around global trade policy.”

Pennsylvania-based Core Natural Resources, a producer and exporter of coals, including metallurgical and high calorific value thermal coals, in June informed 200 workers in Wyoming County, West Virginia that they’d be losing their jobs in August.

Wellmore produces approximately 1.8 million tons of coal, according to United Coal’s website. Metinvest Group, a mining and steel company based in Ukraine, bought United Coal in 2009.

GreenCity developers and ASM Global settle $1.5M suit

SUMMARY:

  • A $1.5 million dispute between the developers of the failed project and was settled Friday
  • is slated to repurchase the 93-acre site from the developers on Sept. 5
  • Henrico supervisors are expected to select a new plan for site by December

With legal disputes over the failed $2.3 billion GreenCity development nearly resolved, Henrico County is preparing to move forward on reacquiring the former Best Products corporate headquarters campus where developers had formerly planned to build the mixed-use development and 17,000-seat arena.

On Friday, the GreenCity developers and the arena’s would-be operator, ASM Global, reached a agreement in their $1.5 million legal dispute.

Announced in late 2020, GreenCity was supposed to be a sprawling, environmentally-friendly development anchored by an arena, all to be built on the county-owned former Best Products campus just off Interstate 95. The project was pitched to include two hotels, approximately 2.2 million square feet of office space, 280,000 square feet of retail space, 2,100 residential units, plus green space and plazas.

But GreenCity failed after its developers — Michael Hallmark of Los Angeles-based Future Cities and Susan Eastridge of Falls Church-based Concord Eastridge — were unable to make more than $5 million in overdue payments to Henrico by a March deadline.

The county initially said in March it would reacquire the property from the developers, a process anticipated to take about 30 days. However, the land transfer never occurred, and in April, the Henrico Authority sued two LLCs linked to the GreenCity developers, trying to force them to convey the 93-acre disputed property back to the county.

According to the lawsuit, the EDA agreed to sell the 93 acres at the intersection of Interstate 95 and Parham Road to the developers in a November 2022 agreement for $6.2 million, and the sale took place on Feb. 28, 2023.

After paying the county $1 million in two installments on time in 2023, the developers failed to pay the remaining $5.2 million due Feb. 28, the complaint says. In March, the EDA sent a notice of default, giving the developers until March 13 to make the payment. When they failed to pay, the EDA notified Hallmark and Eastridge that the county would exercise its repurchase option of $1 million on April 15.

While that legal dispute was happening, the GreenCity developers faced legal trouble from another front. ASM Global, which was set to be the operator and manager of the GreenCity arena, sued the developers, saying that the developers owed an ASM subsidiary more than $1.5 million, including interest and attorney’s fees.

A Henrico County Circuit Court judge issued a summons to the EDA in April, seeking to garnish the $1 million repurchase fee. The developers filed a motion to vacate the judgment, and they’ve “refused to convey the property to the EDA … unless ASM agrees that the EDA may pay some or all of the repurchase price to [the developers] rather than to ASM,” Henrico said in its complaint.

ASM Attorney Jeff Miller confirmed to Virginia Business on Monday that ASM and GreenCity had settled their lawsuit. However, he declined to provide any further details, describing it as a “confidential resolution.”

County Attorney Andrew Newby wouldn’t comment on any of the terms of the ASM settlement. However, he said that Henrico County has reached an agreement with the GreenCity developers to repurchase the property, although he noted it hasn’t been signed yet.

“I’ll say that we’re pleased that we’re able to repurchase the property for that $1 million that we had originally agreed to,” Newby said. “We expect to close by Sept. 5, and we have a court date of Sept. 12 in case it doesn’t close as planned.”

Legal representatives for the developers could not be immediately reached.

The county released a new call for developers in May to submit plans for an arena-anchored development in place of the GreenCity development. Prospective developers were required to submit their plans by July 28.

Henrico’s board of supervisors is expected to approve a selected plan in December. After that, the 93-acre property would be conveyed to the winning development team in January 2026, with a 17,000-capacity arena expected to open in 2028.

Construction of residences on the adjoining 110 acres, known as Scott Farm, is set to start later this year, under the development of a Markel|Eagle Partners subsidiary, according to the county.

Retired Marine Corps Lt. Gen. named VMI superintendent

Members of ‘s board have appointed retired U.S. Marine Corps Lt. Gen. , a member of the Class of 1987, as the Institute’s 16th superintendent, succeeding retired Maj. Gen. Cedric T. Wins, the school’s first Black leader, who left in June after the board elected not to renew his contract.

A history major at , Furness served in the Marine Corps for 36 years before retiring in 2023. Sometimes referred to as the “West Point of the South,” VMI is the nation’s oldest state military college.

“Lt. Gen. Furness distinguished himself among a strong field of candidates,” VMI Board of Visitors President Jamie Inman said in a statement. “His impeccable military record, passion for the VMI experience and proven record advancing the mission of complex organizations make him the right person to lead the institute in this next chapter of its history.”

VMI’s board announced Wins’ ouster in February, weeks after the inauguration of President Donald Trump, who made abolishing efforts a central part of his presidential campaign. Since July 2024, Republican Gov. Glenn Youngkin’s appointees have made up a majority of the members on the boards of visitors at every state university, including VMI. In 2023, Youngkin’s chief diversity officer, Martin D. Brown, notably declared, “DEI is dead,” during a speech at VMI.

Wins joined the school as an interim superintendent in November 2020, a role that was made permanent in April 2021, just a couple months before before the findings of a state-funded independent investigation into VMI were released, reporting that institutional racism and sexism had been tolerated at VMI. During his tenure, Wins launched DEI initiatives that were not well received by some students and alumni.

“This decision was not based on my performance or the tangible progress we achieved,” Wins said in a statement issued in March. “It is the result of a partisan choice that abandons the values of honor, integrity, and excellence upon which VMI was built.”

Currently residing in Florida, Furness will move to Lexington with his wife, Lynda, and a daughter, according to a Friday news release.

“My selection as the 16th superintendent of the VMI is the highest professional honor of my lifetime,” Furness said in a statement.

A three-star general, Furness has one master’s degree in military studies from the Marine Corps University at Quantico and another in national security and strategic studies from the National Defense University in Washington, D.C.

As legislative assistant to the Commandant of the Marine Corps from 2013 to 2017, Furness served as liaison between the Marine Corps and Congress. From 2017 to 2018, he was the senior U.S. military officer on the African continent for Combined Joint Task Force–Horn of Africa. Next, Furness was commanding general of the 2nd Marine Division, leading a combined organization of 17,000 that supported operations in the Indo-Pacific, European, African, Middle Eastern and South American regions.

From 2020 until his retirement, Furness served as deputy commandant for plans, policy and operations at the Marine Corps headquarters in the Pentagon. Since then, Furness has been an executive vice president of defense programs for J.A. Green & Co., a Washington, D.C.-based government relations firm.

VMI’s newest cadets, known as rats, matriculated Saturday. This year’s “rat mass” totals 469, with 75 female cadets.

Wall Street holds near its record heights

SUMMARY:

  • S&P 500 dips 0.1% after hitting three straight records
  • Investors await Fed Chair Powell’s Jackson Hole remarks on rates
  • Major retailers including Walmart, , reporting this week

NEW YORK (AP) — is holding near its record heights on Monday, ahead of a week likely to be dominated by updates from the head of the Federal Reserve and from some of the biggest U.S. retailers.

The S&P 500 slipped 0.1%, coming off its first loss after setting an all-time high in three consecutive days. The Industrial Average was up 27 points, or 0.1%, as of 10:45 a.m. Eastern time, and the Nasdaq composite dipped 0.2%.

‘s stock that trades in the United States rose 4.8% after the Danish company said U.S. regulators approved its drug as part of a treatment for a liver disease found in many overweight and obese people.

, a membership club with locations around the world, jumped 15.5% after announcing a deal where an investor group led by hotel-operator MCR would pay $9 in cash for its shares.

Several of the country’s largest retailers, meanwhile, were mixed ahead of their profit reports that are scheduled for later in the week. Home Depot, which will report on Tuesday, slipped 1%.

Target rose 2.8% ahead of its report on Wednesday, and Walmart added 0.4% before its report on Thursday.

They, along with companies like Estee Lauder and Ross Stores, could offer a look at how different types of U.S. households are holding up when the job market seems to have morphed into one where relatively few workers are getting fired but also hired.

Just like a small group of wealthy households are separating from the rest of the country, a handful of Big Tech companies are dominating the U.S. stock market, in part because of a boom in spending around artificial-intelligence technology.

This separation of “haves” and “have nots” in the stock market could be increasing the risk, with many companies potentially facing trouble if the economy stagnates and inflation is high, according to Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management. The danger is that investors could look at how much the broad S&P 500 has surged since its low point in April and “extrapolate the success of the few to the gains of the many.”

On Friday, the focus will swing to Jackson Hole, Wyoming, which has been the home in past years of many big policy announcements from the . There, Fed Chair will give a speech, and investors are hoping to hear how his mind has changed about interest rates since he said last month that he wanted to wait longer before cutting interest rates.

The fear at that time was that President Donald Trump’s tariffs could push inflation higher. Now, though, the bigger fear could be the slowing U.S. job market following a disappointingly weak report on employment that arrived just after the Fed’s last meeting.

The Fed’s twin jobs are to keep the job market healthy while also maintaining a lid on inflation, and helping one can often hurt the other in the short term. Lower rates can boost the economy by making it cheaper for U.S. households and businesses to borrow to buy houses, cars or equipment, for example, but they also risk worsening inflation.

Inflation data since the Fed’s last meeting has come in mixed, further muddying the picture, but traders are nevertheless strongly expecting the Fed to cut its main interest rate for the first time this year at its next meeting in September. The hope is that Powell could give a nod to that.

Hopes for lower rates have pulled lower lately, and they largely remained there on Monday.

The yield on the 10-year Treasury held at 4.33%, where it was late Friday.

In stock markets abroad, indexes fell slightly in Europe in their first trading after Trump’s inconclusive summit meeting with Russian President Vladimir Putin on Friday about the war in Ukraine. Trump is set to meet later in the day with Ukrainian President Volodymyr Zelenskyy and other European leaders.

In Asia, indexes were mixed, with Japan’s Nikkei 225 rising 0.8% and South Korea’s Kospi falling 1.5%.

FDA’s new expert panels are rife with financial conflicts and fringe views

SUMMARY:

  • forming informal “expert panels” outside normal advisory process
  • Critics say panels lack , include conflicted experts
  • Moves align with Health Secretary ‘s priorities

WASHINGTON (AP) — When the Food and Drug Administration needs outside guidance, it normally turns to a trusted source: a large roster of expert advisers who are carefully vetted for their independence, credentials and judgment.

But increasingly, the agency isn’t calling them.

Instead, FDA Commissioner Marty Makary has launched a series of ad hoc “expert panels” to discuss , menopause drugs and other topics with physicians and researchers who often have contrarian views and financial interests in the subjects.

Former agency officials worry the meetings are skirting federal rules on conflicts of interests and transparency, while promoting fringe viewpoints that align with those of Health Secretary Robert F. Kennedy Jr.

“These meetings are a chance to advance RFK’s pet peeves — talc, antidepressants, fluoride — with people who have been handpicked,” said Dr. Peter Lurie, a former FDA official who is now president of the Center for Science in the Public Interest. “Nobody would put forward these panels as representing the general scientific opinion on these topics.”

A spokesperson for Kennedy did not answer specific questions about the panels, but said they represent an effort to “apply rigorous, evidence-based standards to ingredient safety and modernize regulatory oversight.”

The panels kicked off in May with a meeting on , the soft mineral sometimes added to makeup, baby powder and other consumer goods. The meeting echoed thousands of lawsuits alleging talc has contributed to ovarian cancer and other illnesses, and included two experts who testified in those cases.

Under FDA regulations, the ingredient is still considered safe when carefully tested for the presence of asbestos. And federally funded studies haven’t shown a link to cancer.

A July meeting on the safety of antidepressants during pregnancy also featured doctors who have testified in class action lawsuits, alongside other experts who allege the drugs cause autism, birth defects and other conditions — links that are not supported by science.

The meeting concluded with all but one of the experts calling for a new boxed warning — the most serious type — about antidepressant risks for mothers and developing babies.

A meeting on estrogen-based drugs for menopause took the opposite approach: Experts urged the removal of a long-standing warning.

Most of the physicians at that meeting prescribe the hormones or are involved with a pharmaceutical industry campaign opposing the warning label.

Nearly 80 researchers sent a letter to the FDA this month objecting to the “two-hour meeting of hormone proponents” and calling for an official advisory committee meeting.

operate under strict rules

The FDA has more than 30 panels composed of experts specializing in various drugsvaccines, food ingredients and other products.

Their meetings are subject to strict government transparency rules in terms of scheduling, panel composition and disclosure of any financial conflicts. A comment period open to the public is also required. Additionally, FDA scientists usually publish a detailed memo explaining their position on the topic.

The latest FDA meetings haven’t included those elements.

Former FDA lawyers say the agency could expose itself to challenges if it tries to use Makary’s informal panels as the basis for regulatory decisions.

But that may not be the aim of the meetings.

“They seem more designed as a forum to put a stamp of approval on predetermined opinions,” said Genevieve Kanter, a specialist at the University of Southern California. “The information in these panels could be used in litigation and presented as coming from experts or representing some intellectual consensus that doesn’t exist.”

Antidepressants meeting aired unfounded claims

Antidepressants have long been a of Kennedy, an attorney and outspoken critic of pharmaceutical companies. During his confirmation hearings he suggested, without evidence, that the drugs contribute to school shootings.

The FDA’s recent session cataloged many unsubstantiated theories about the drugs, often based on animal studies, including that they contribute to autism, birth defects and miscarriages.

Several participants had served as expert witnesses against drugmakers, including in lawsuits alleging that they cause homicidal behavior. All but one of the other panelists have criticized the drugs in books, articles, interviews or other forums.

“It’s never been possible to identify a group of people who do particularly well on antidepressants,” said Dr. Joanna Moncrieff, a British psychiatrist, author and co-founder a group critical of mainstream psychiatric medicine.

The American College of Obstetricians and Gynecologists called the panel “alarmingly unbalanced” and full of “outlandish and unfounded claims.”

Antidepressants carry pregnancy warnings about risks of excess bleeding and lower birth weight for newborns.

But psychiatric experts say those risks are far outweighed by the well-documented harms of untreated depression in mothers, which can lead to pregnancy complications, substance abuse and suicide.

“I tell people I’m working with that the best thing they can do for themselves and their baby is to get the treatment that they need,” said Dr. Nancy Byatt of University of Massachusetts’ Chan Medical School.

Financial conflicts at menopause meeting

FDA has not disclosed how panelists were selected for the meetings. Last month’s session on hormone therapies for menopause included doctors who consult for drugmakers or promote the medications in their practices.

The views they expressed largely echoed those of Makary, who has argued that current warning labels overstate hormone therapy risks and don’t reflect possible benefits for some women, such as reducing heart disease and cognitive decline.

“Hormone replacement therapy for women is basically a modern-day miracle,” Makary told a podcast host last year.

But guidance from the FDA and other top federal authorities specifically advises against using the drugs to prevent chronic conditions due to a lack of clear benefit. The drugs are only FDA-approved for specific menopause symptoms, including hot flashes.

Discussions around hormone therapy reflect ongoing debate about a landmark study of two different hormone regimens in more than 26,000 postmenopausal women. The research was halted more than 20 years ago because scientists discovered that the risk of serious health problems outweighed the benefits. All estrogen drugs still carry boxed warnings about the higher rates of stroke, blood clots and cognitive problems among women taking the medications.

But some doctors — including those at FDA’s meeting — say the warnings are exaggerated and should be removed from at least some products, such as low-dose creams typically used for vaginal dryness. Makary raised the possibility of also removing the warning from higher-dose pills, patches and sprays.

It’s unclear whether the FDA will move ahead with those changes or heed calls for an official advisory meeting — a step that Kennedy’s critics say would be in keeping with his pledge for “radical transparency.”

“If you really wanted to be transparent about these issues you’d put together a balanced panel of experts, who have been carefully screened for conflicts and you’d invite the public in,” Lurie said. “But that’s the antithesis of what’s going on in these cases.”

___

The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Group and the Robert Wood Johnson Foundation. The AP is solely responsible for all content.

Cable’s MSNBC will change its name later this year as part of corporate divorce from NBC

SUMMARY:

  • to change name to later this year
  • Network drops NBC branding and peacock logo
  • Part of spinoff into new company,

Television’s MSNBC news network is changing its name to My Source News Opinion World, or MS NOW for short, as part of its corporate divorce from NBC.

The network, which appeals to liberal audiences with a stable of personalities including , and Nicole Wallace, has been building its own separate news division from NBC News. It will also remove NBC’s peacock symbol from its logo as part of the change, which will take effect later this year.

The name change was ordered by , which last November spun off cable networks USA, CNBC, MSNBC, E! Entertainment, Oxygen and the Golf Channel into its own company, called Versant. None of the other networks are changing their name.

MSNBC got its name upon its formation in 1996, as a partnership then between Microsoft and NBC.

Name changes always carry an inherent risk, and MSNBC President Rebecca Kutler said that for employees, it is hard to imagine the network under a different name. “This was not a decision that was made quickly or without significant debate,” she said in a memo to staff.

“During this time of transition, NBC Universal decided that our brand requires a new, separate identity,” she said. “This decision now allows us to set our own course and assert our indepedence as we continue to build our own modern newsgathering organization.”

Still, it’s noteworthy that the business channel CNBC is leaving “NBC” in its name. MSNBC argues that CNBC has always maintained a greater separation and, with its business focus, is less likely to cover many of the same topics.

Still, the affiliation between a news division that tries to play it safe and one that doesn’t hide its liberal bent has long caused tension. President Donald Trump refers to the cable network as “MSDNC,” for Democratic National Committee. Even before the corporate change, NBC News has been reducing the use of its personalities on MSNBC.

Some NBC News personalities, like Jacob Soboroff, Vaughn Hillyard, Brandy Zadrozny and Antonia Hylton, have joined MSNBC. The network has also hired Carol Leoning, Catherine Rampell and Jackie Alemany from the Washington Post, and Eugene Daniels from Politico.

Maddow, in a recent episode of Pivot, noted that MSNBC will no longer have to compete with NBC News programs for reporting product from out in the field — meaning it will no longer get the “leftovers.”

“In this case, we can apply our own instincts, our own queries, our own priorities, to getting stuff that we need from reporters and correspondents,” Maddow said. “And so it’s gonna be better.”

Virginia casinos report $84.7M in July revenue


SUMMARY:

  • Virginia earned $84.7 million in July, up $6.2 million from June
  • in led with $35.06 million in revenue
  • For the month of July, taxes from adjusted gaming revenues totaled about $16.64 million

July gaming revenues from Virginia’s three casinos totaled $84.7 million, up $6.2 million from June according to a Friday report from the Virginia Lottery.

The state’s newest permanent casino, Danville’s Caesars Virginia resort, led the field with $35.06 million in adjusted gaming revenues (wagers minus winnings). About $24.56 million came from its 1,474 slots and roughly $10.50 million from 100 table games.

In Southwest Virginia, Hard Rock Hotel & Casino reported about $22.9 million in adjusted gaming revenues, of which about $18.64 million came from its 1,400 slots and about $4.26 million came from its 73 table games.

generated about $18.88 million in July from its 1,422 slots and about $7.89 million from its 84 table games, for total adjusted gaming revenues of about $26.77 million.

Virginia assesses a graduated tax on a casino’s adjusted gaming revenue. For the month of July, taxes from totaled about $16.64 million.

Under Virginia law, 6% of a casino operator’s adjusted gaming revenue goes to its host locality until the operator passes $200 million in AGR for the year, at which point the host locality’s tax rate rises to 7%. If an operator passes $400 million in AGR in the calendar year, that rises to 8%.

For July, Portsmouth received 6% of the Rivers Casino Portsmouth’s AGR, getting nearly $1.61 million. Danville received 7% of the Caesars Virginia casino’s adjusted gaming revenue, amounting to roughly $2.38 million. For the Bristol casino, 6% of its adjusted gaming revenue — more than $1.37 million last month — goes to the Regional Improvement Commission, which the General Assembly established to distribute Bristol casino tax funds throughout Southwest Virginia.

The Problem Gambling Treatment and Support Fund receives 0.8% of total taxes — about $133,151 last month. The Family and Children’s Trust Fund, which funds family violence prevention and treatment programs, receives 0.2% of the monthly total, which was approximately $33,288 in July.

Two more casinos are on the horizon in Virginia.

Construction began on the long-awaited $750 million Norfolk casino by development partners Boyd Gaming and the Pamunkey Indian Tribe in February. A temporary casino, dubbed The Interim Gaming Hall, is expected to open in November. Developers named Ron Bailey as vice president and general manager for the forthcoming casino earlier this month.

In November 2024, more than 80% of Petersburg voters said yes to the city’s casino referendum. Baltimore-based The Cordish Cos. and Virginia Beach developer Bruce Smith Enterprise broke ground on the $1.4 billion casino in March.

In May, Rivers Casino and Chicago-based Rush Street Gaming announced they are planning to break ground on a $65 million hotel in Portsmouth this summer, more than two years after the casino first opened.

Former Tyson Foods plant in Hanover sells for $5M

The former chicken processing plant in has sold for $5 million.

Cushman & Wakefield | Thalhimer announced on Tuesday the sale of the property at 13264 Mountain Road, which is located close to the Hanover- line near Glen Allen.

Hanoverlovestheproperty LLC bought the 208,000-square-foot industrial/manufacturing building from Tyson Farms. Hanoverlovestheproperty is registered to the address of Sweetie Boy Transportation in .

Tyson closed the plant in May 2023, laying off 692 employees. It also closed a plant in Arkansas at that time, eliminating 969 jobs.

Graham Stoneburner, Danny Holly and Chrissy Chappell from Cushman & Wakefield | Thalhimer represented the seller in sale negotiations.

TowneBank to close on $203M Old Point deal Sept. 1

Suffolk-based expects to close Sept. 1 on its $203 million acquisition of Hampton-based National Bank of Phoebus and its parent company, Old Point Financial Corp., according to a Thursday announcement.

The deal, which will firmly cement TowneBank’s position as the bank with the most market share in , has received regulatory approval from the Federal Deposit Insurance Corp. and the Virginia State Corporation Commission’s Bureau of Financial Institutions.

Following the closing of TowneBank’s Old Point acquisition, the combined company would have total assets of $19.5 billion, loans of $13.1 billion and deposits of $16.3 billion based on financial information reported as of Dec. 31, 2024.

Under the terms of the merger , Old Point shareholders can elect to receive either $41 in cash or 1.14 shares of TowneBank common stock for each share of Old Point outstanding common stock. Shareholders can elect cash or a stock consideration, as long as the total stock consideration issued represents between 50% and 60% of the total consideration. Elections must be made by 5 p.m. on Aug. 26.

Old Point has 13 bank branches, three commercial lending offices and three wealth management offices throughout the Hampton Roads area, as well as a commercial lending office in the area. As of the end of March, Old Point reported $1.45 billion in assets, $1 billion in loans and $1.26 billion in total deposits.

TowneBank announced the completion of its acquisition of Midlothian’s Village Bank and its parent company Village Bank and Trust Financial in April. That deal was valued at about $120 million.

Minnesota-based Piper Sandler & Co. served as the financial adviser for the Old Point acquisition deal while New York-based Wachtell, Lipton, Rosen & Katz served as lead counsel, with Richmond’s Williams Mullen as local counsel to TowneBank in the transaction. New York-based Keefe, Bruyette & Woods, a Stifel Company, served as the financial adviser to Old Point, with Pennsylvania-based Troutman Pepper Locke serving as legal counsel.

Acquisition-related expenses for TowneBank totaled $18.74 million in the second quarter, according to financial filings.

Founded in 1999, TowneBank has 58 locations across Central and Eastern Virginia and North Carolina. It had total assets of $17.25 billion as of Dec. 31, 2024.