Gaming revenues from Virginia’s two casinos open in April totaled $35.4 million last month, according to data released Monday from the Virginia Lottery.
Rivers Casino Portsmouth, which received its casino license in November 2022 and opened Jan. 23, reported $21.3 million in adjusted gross revenue (wagers minus winnings) in April. Of that, $13.8 million came from its 1,420 slots, and the remaining $7.5 million came from its 81 table games.
The Virginia Lottery Board approved the casino license for the HR Bristol operator in April 2022, and the Hard Rock Hotel & Casino Bristol’s temporary facility opened on July 8, 2022. Its permanent facility is expected to open in July 2024. HR Bristol reaped $14 million in adjusted gross revenue (AGR) in April. The casino reported $11 million in AGR from its 888 slots and $2.7 million from its 29 table games.
Last month, Virginia took in almost $6.37 million in tax revenue from casino gaming activity — $3.8 million from the Portsmouth casino and $2.5 million from the Bristol casino. For Rivers Casino Portsmouth, 6% of its AGR (about $1.28 million) will go to Portsmouth, while 6% of the Hard Rock Bristol’s AGR (about $842,000) will go 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 will receive $30.7 million from Rivers Casino Portsmouth’s taxes and $20.2 million from Bristol casino taxes for a total of $50.9 million. The Family and Children’s Trust Fund will receive about $12,700 from April taxes, of which about $7,700 comes from the Portsmouth casino. The remaining $4.18 million in taxes will stay in the Gaming Proceeds Fund.
Virginia’s third casino, Caesars Virginia’s temporary casino, opened Monday in Danville. The temporary facility has 740 slot machines, 25 live table games and 28 electronic table games.
Dugan started with the regional SBDC as a part-time program manager in 2014 and became a business adviser in 2015, adding the title of assistant director in 2019. She took on the leadership role May 1, after serving as interim director since March 27, replacing Joyce Krech, who retired after more than two decades.
Dugan said that she plans to leverage the SBDC’s network for resources, including host institution James Madison University, the regional SBDC’s advisory council and other regional business programs to identify and develop services needed to build small businesses.
“The Shenandoah Valley SBDC is very adept at one-on-one advising that can be customized for each individual business,” Dugan said in a statement. “We want to continue to enhance those services by listening to what businesses and localities truly need, finding gaps in services and then using the expertise and resources available throughout our extensive network to drive business opportunities and skills to the next level.”
The regional SBDC is one of 27 Small Business Development Centers across Virginia. They provide no-fee, confidential advising, business training and connections to resources for new and existing businesses. Formed in 1989, the organization is hosted by JMU in partnership with George Mason University and is funded in part through a cooperative agreement with the U.S. Small Business Administration and local governments.
Rappahannock Electric Cooperative has named Lee Brock as its principal engineering manager, the Fredericksburg-based utility announced Tuesday,
In the new role, Brock will lead and coordinate engineering, design and construction for REC’s large-scale power projects and focus on response and service to new members in the large commercial and industrial space. Her team will also work closely with REC’s economic development team to ensure consistent response and processes for smooth transition from project concept to completion.
“With Ms. Brock’s transition into this new role supporting REC’s service projects, we have a winning team to support economic growth in the communities we serve, maintain member focus from initial application through project completion, and ensuring grid health and reliability,” said John Arp, REC’s chief engineering and grid operations officer.
Brock previously served as REC’s managing director for engineering and power supply. In that role, her responsibilities included leadership and oversight of the electrical system planning, engineering and technical services, ensuring the successful implementation of the cooperative’s strategic plan while carrying out REC’s mission of providing reliable electric service.
Brock has a bachelor’s degree in electrical engineering from the Stevens Institute of Technology and has 43 years of experience in the electric utility industry. Prior to coming to REC in 1995, she worked for 15 years for Atlantic City Electric Co. in New Jersey as an electrical engineer in the bulk power planning, distribution planning and technical services departments.
REC provides electric service to more than 174,000 connections in parts of 22 Virginia counties. It operates and maintains more than 18,000 miles of power lines through its service area, which ranges from the Blue Ridge Mountains to the Chesapeake Bay.
The change is to “provide greater definition around the nature of [the] holding company, which includes three engines of insurance, investments and a group of diverse businesses in Markel Ventures,” according to a news release.
The company will also launch a new website, mklgroup.com, but continue trading under the stock ticker symbol MKL on the New York Stock Exchange. There won’t be any significant structural or organizational impacts, executives said.
“Over the last 93 years, Markel has evolved from a regional transportation insurer to a global Fortune 500 family of companies and investments,” CEO Tom Gayner said in a statement. “Given the nature of this evolution, we have used the name Markel to refer both to our specialty insurance business and our holding company. This new name for our entire group of companies will help us create greater clarity as we continue to grow each of our three engines.”
Markel’s global specialty insurance business will continue as Markel, and its primary website will stay markel.com.
Sam Markel started the firm in 1930 to insure jitney buses. Over nearly a century, it has grown with various acquisitions and in 1986 became public, with a listing on the NASDAQ exchange. It was first listed on the Fortune 500 in 2016.
“We chose the name Markel Group because even though we have many different businesses powered by 20,000 people around the globe, we are all part of the same team and we share the values of the Markel style,” Gayner said. “Together, our three engines form a connected system that is uniquely equipped to help our customers, colleagues and shareholders win in the long term.”
Markel has about 20,300 employees and reported $11.67 billion in 2022 operating revenue, down from $12.84 billion in 2021. Its total 2022 assets were $49.79 billion.
RICHMOND, Va. – A former Virginia medical cannabis employee initially got into the business to help his wife with her multiple chronic ailments, including multiple sclerosis.
For the past five years, Bart Dluhy has grown plants and made extracts to see what might help ease his wife’s pain, he said. He began his cannabis career as a budtender in a Las Vegas medical facility, where he helped patients select products for particular ailments.
Dluhy completed online cannabis certificate programs through Syracuse University in 2022. He is certified in cannabis health care and medicine, and cultivation. Dluhy is also an official “ganjier” — think sommelier, but for cannabis.
His experience led him to work in a Virginia medical facility operated by Jushi, Dluhy said, where he made cannabis edibles, vape cartridges and various extracted products. Dluhy left after about three months on the job.
“Part of the reason why I left is I didn’t feel good about myself working for a company that was not taking care of the patients that were their consumers,” Dluhy said.
The medical cannabis market is the only way to legally purchase cannabis in Virginia. But, current Virginia patients point to the program’s shortcomings, and cannabis advocates say top state officials and lawmakers are actively suppressing it. The main issues reported range from registration fees, inconsistent supply, high prices, low potency, and overall access.
Virginia lawmakers decriminalized cannabis possession in 2021, with specific parameters. When the General Assembly adjourned this March, they did so without creating the anticipated recreational cannabis market that lawmakers have discussed for years.
“Virginia started as a medical state, and technically, we’re still in a medical state,” Dluhy said. “You can’t go and purchase it legally unless you get a prescription from a doctor.”
How it works: Buying cannabis
Virginia residents must first obtain a written certification from a registered practitioner, for a cost upward of $100, depending on the provider. The certification must be renewed annually. Medical cannabis patients are no longer required as of July 2022 to register with the Board of Pharmacy for a card to access medical dispensaries.
But the card, which costs $50, can help verify a patient is approved to use cannabis for medical treatment, which can be a factor in employment. It also has to be renewed annually.
Approximate cost then would be $150 annually for a patient, in addition to any purchases. Cannabis is still considered illegal by the federal government, and patients could run into issues with insurance plans covering referrals and medical cannabis purchases.
There are 18 dispensaries located in Virginia. A government-issued ID must be presented at the dispensary with the certificate in order to make the first purchase.
Sales: Climbing, but losing Virginia patients to D.C.
The estimated number of patients with a medical card in Virginia is approximately 50,000. That’s based on BOP-provided information of the number of cards issued as of June last year before the card was not required, and the total number since 2018. Otherwise, the number of medical patients with just a certificate could not be provided, according to the BOP.
Virginia medical cannabis purchases are tracked through the state Prescription Monitoring Program.
The number of products dispensed last year increased 156% from 2021, when a medical card was required. The information is tracked by “dispensations.”
There were almost 562,000 “dispensations” in 2021, according to info provided by the BOP. That total was over 1.44 million, in 2022. The BOP did not provide a total cash sales figure from the medical program by time of publication.
Maryland’s medical program had almost 163,000 patients at the end of December. Its program officially launched in December 2017, after years of figuring out standards and regulations. Washington D.C. has just under 30,000 currently registered patients as of March, but the population is smaller and there is a thriving “gifting market” as a work around to district law.
The small size of the Virginia medical market limits what processors can produce and sell, Dluhy said.
“It’s expensive for what you get, and when I don’t have some of my own growing, I’ll actually drive to Washington D.C. because they have much better products, much better regulations on their products, and have a better variety,” Dluhy said.
Washington-area medical dispensaries can sell to Virginia customers who have a certification and valid state ID. They used to require a BOP card.
There were over 1,200 unique Virginia patients served in Washington in March, according to the city’s Alcoholic Beverage and Cannabis Administration.
It is easier to find out exactly how many Virginia patients were served in D.C. in March than it is to get a detailed overview of the state’s own medical program. Both D.C. and Maryland post numbers on the managing authority’s website and compile public-facing reports.
The Cannabis Control Authority will begin tracking patient sales and totals when it takes over from the BOP next January, the Authority told Capital News Service. It will make that type of “data transparent and accessible” like the district and Maryland.
Control: Three out-of-state companies own the market
When Virginia lawmakers introduced medical cannabis in 2016, they allowed for one pharmaceutical cannabis processor per each one of the five Virginia Department of Health’s designated health service areas. Pharmaceutical processors are facilities with permits to grow cannabis plants, as well as produce and dispense medical products to patients.
“The biggest issue is that there are only four companies in the entire state and each company has its own specific region, and what that does is that limits competition,” Dluhy said.
The state’s four licensed pharmaceutical processing firms are actually now owned by three out-of-state companies valued at hundreds of millions and traded on the stock market, based on Capital News Service analysis in 2022.
JM Pedini is the developmental director of NORML, the National Organization for the Reform of Marijuana Laws Virginia chapter. Policymakers and advocates alike increasingly consider the state’s limited licensure vertical models outdated, though the model is not unique, according to Pedini.
Patients in health district one, in the Northwest area, have to travel or rely on cannabis delivery. No medical processor has been assigned to the district because of a legal roadblock involving the company PharmaCann Virginia. The lawsuit was recently finalized, allowing the VBOP to re-open applications for patients in the area.
Patients are impacted by the lack of access in health district one, and some have medical conditions that make it laborious to travel, according to Dluhy.
“Either they get fatigued or their back is gonna ache from being in the car for so long,” Dluhy said. “Or maybe they just have troubles with vision or lightheadedness and they don’t want to be on the road on [Interstate] 66 on a big highway for two hours out of their day.”
Patient complaints: Product cost, quality and offerings
There are many registered medical patients who complain about low product quality and limited offerings. A Reddit channel dedicated to Virginia medical cannabis users features regular posts about customer issues. The subreddit has over 6,000 people subscribed to it.
There are also posts where patients state they prefer the current medical system over illegal sales.
“There are certain things that a medical facility would do to optimize the product as medicine as opposed to recreation, and a lot of those things that should be done aren’t being done,” Dluhy said, who is active on the subreddit.
Virginia also offers a limited number of product types compared to other states, according to Dluhy. Virginia products can contain THC, or CBD, or a combination. Many other cannabis compounds can be medicinally helpful, according to Dluhy.
Cannabis compounds such as CBG have proven to be anti-inflammatory in mice and helped to slow the growth of colorectal cancer, according to Harvard Health. THCV has shown promise in test trials to help stabilize insulin levels and facilitate weight loss.
“All of these compounds have excellent medical value and different ones are good for different ailments,” Dluhy said.
Other states offer products with different ratios of these compounds, something Dluhy said is important because everyone tolerates cannabis differently. Some medical programs can offer 20-to-1 ratios, or even 5-to-1 ratios of different THC and CBD combinations. This can make it easier for patients to find the exact product to help their ailments, Dluhy said.
Virginia dispensaries are owned by corporations that operate in other states, but the same company in California can legally offer more variety due to demand and stronger products. Virginia medical cannabis sales are currently capped at 10 milligrams of THC per dose.
Other frequent complaints include pricing and inconsistent product availability, which can be hard for a patient who finds a medicine that helps but can’t find it again.
Gleaf dispensary in Henrico County was the second dispensary to open in the area. Photo by Chloe Watson, VCU Capital News Service.
Similar products offered at a Virginia dispensary can cost less at the same company’s dispensary in another state, according to a Capital News Service review of products matched by brand, potency and sales tier. A product that costs $60 in Virginia costs $35 for the same amount in Philadelphia, Pennsylvania — from the same parent company.
Medical patients turn to the black market, and use apps like Telegram to buy cheaper products that may also be better quality, according to Dluhy. However, this can be especially risky for medical patients, as black market products are not screened for heavy metals, pesticides, or other contaminants that would be found through state-mandated testing, he said.
Dluhy blamed these widespread issues on government restrictions and lawmaker delay to create a legal recreational market.
“The longer they wait, the longer people are putting themselves at risk, wasting money, not getting the medicine that they legally should have access to,” Dluhy said. “I really put the fault of this on the government.”
“No one wants to sell crap, but they are restricted because of the legislation,” he added.
Legislation: Does Virginia stay or does it grow?
The Virginia medical program needs to evolve, and the governor’s administration needs to help facilitate that growth and expansion, according to Pedini.
There were some failed legislative efforts this session to expand the medical program.
Sen. Adam Ebbin, D-Alexandria, introduced Senate Bill 1090 to increase the number of allowed cannabis processor permits from one to two for each health service area.
Del. Dawn Adams, D-Richmond, introduced House Bill 2369 to increase the annual number of cannabis dispensing facility permits from five to 12. It also removed the requirement that dispensaries must be owned by a pharmaceutical processor.
That would have allowed more competition in the market, which could help drive down product costs.
The legislation also allows for registered cannabis products to have slightly more THC than the allowed amount per dose by increasing the allowable product deviation from 10% to 15%, without having to submit a new registration to the BOP.
Companion bills SB 788 and HB 1598 transfer oversight of medical cannabis to the Cannabis Control Authority. The Authority was created in 2021 with the anticipation it would regulate aspects of recreational sales.
The medical program will still operate the same, but patients will be better suited under an agency where regulators have an expertise in this area of policy, according to Pedini.
Jeremy Preiss is the acting head of the Virginia Cannabis Control Authority. It will oversee the medical program starting January 2024. The Authority plans to connect with “patients, practitioners, and providers” closer to the date to provide “full awareness” of transfer details, Preiss stated.
“Legislation was passed this session to address this and other patient-specific concerns,” Pedini stated in a follow-up email. “While improvements were made, many more are still needed in order for Virginia’s program to meet the expectations of patients and practitioners.”
Capital News Service is a program of Virginia Commonwealth University’s Robertson School of Media and Culture. Students in the program provide state government coverage for a variety of media outlets in Virginia.
Virginia’s third casino opened its doors Monday in Danville to hundreds of guests lined up to take a look inside Caesars Virginia‘s 40,000-square-foot temporary casino.
While the $650 million permanent resort, which is expected to open in late 2024, is being constructed next door, the temporary facility will offer guests eight sportsbook betting kiosks; 740 slot machines; 25 live table games, including blackjack, roulette and baccarat; 28 electronic table games of blackjack, roulette and craps; and a quick-service restaurant, Three Stacks. Resembling a large white tent on the outside, the temporary facility looks like other casinos inside, with flashing lights and seemingly endless rows of gaming machines.
At Monday’s opening ceremony, Caesars officials said that when they learned it would take longer than planned to open the permanent casino, they started making plans to open the temporary one at the former Dan River Inc. Schoolfield mill site where the permanent casino is also being built.
Barron Fuller, regional president with Caesars Entertainment, said they’ve been talking about opening a casino for five years and said getting the temporary casino open was “easier said than done, but great people came together less than a year ago.”
“It’s great day for Eastern Band, a great day for Danville,” said EBCI Chairman Richard French. “We’re trying to do everything to help build [Danville] better,” he said. “It’s the citizens of the towns that make the town, it’s not the buildings, it’s the people and we just want to thank you all for taking a chance and giving us an opportunity to help you grow and have this casino here.”
Del. Danny Marshall, R-Danville, talked about the referendum approved by Danville voters in November 2020. “Monday, May 15, 2023, is going to be one of those dates that will be remembered as a turning point in [Danville’s] history,” he said.
The temporary casino will have 400 employees, about a quarter who are table games dealers.
The permanent casino is expected to have 500 hotel rooms, a spa, a pool, bars, a 2,500-person entertainment venue and 40,000 square feet of meeting and convention space. It will also feature at least 1,300 slots, 85 live game tables, 24 electronic table games, a poker room and sportsbook.
Virginia’s first casino, the Hard Rock Hotel & Casino Bristol, opened in July 2022 in a temporary space at the former Bristol Mall after receiving licensing approval less than 90 days earlier. In December 2022, developers began construction nearby on the $400 million permanent Hard Rock casino, which is slated to open in July 2024. The $340 million Rivers Casino Portsmouth, which received its license in November 2022, opened its permanent space in January.
Falls Church-based Northrop Grumman Corp. has received a $244.6 million modification to a previously awarded contract to continue work on ballistic missile defense system capabilities, the Pentagon announced May 9.
The indefinite-delivery/indefinite-quality contract continues development, integration, testing and fielding of complex advanced discrimination techniques, operation and sustainment of complex modeling, and simulation techniques and tools to model the system’s capabilities. Work will be performed in Alabama, Colorado and California and is expected to be complete by March 4, 2026.
Residential inventory in Hampton Roads has risen slightly from last year, although active listings remain below pre-pandemic levels, according to April data from the Real Estate Information Network Inc. (REIN).
Active listings in April were down 0.97% year-over-year from the 3,187 listings that REIN recorded in April 2022. Pending sales stood at 2,363, down 21% from last year. Settled sales were down 27% from April 2022, with 2,053 sales last month.
The month’s supply of inventory (MSI), a calculation of how long there would be homes on the market if no new inventory was added, was 1.32 in April, up from 1.01 in April 2022. The MSI in March was 1.27.
“Interest rates continue to fluctuate, and that’s causing hesitation for some potential buyers, but the lack of inventory remains our biggest challenge here in Hampton Roads,” Jon McAchran with AtCoastal Realty and president of the REIN board of directors said in a statement. “Consumers are still looking to buy. They just need more homes, and the right homes, for them to choose from.”
The median sales price (MSP) in Hampton Roads remained at $320,000, the same MSP as March. That’s a 0.20% increase from April 2022, which had an MSP of $319,375. Last month, the South Hampton Roads MSP was $330,000, while the Virginia Peninsula’s MSP was $297,512. In South Hampton Roads, Virginia Beach had the highest MSP, at $365,000. James City County had an MSP of $480,000.
Residential listings spent a median of 12 days on the market in April, down from 15 days in March and up from seven days last year.
“Buyers are becoming increasingly discerning in their choices, mostly due to the increased costs due to the higher interest rates, but they’re also acting quickly when a home that matches their criteria comes on the market,” McAchran said in a statement.
Residential new construction sales numbered 277, down 7.58% from the 306 recorded in April 2022.
Compared with March, the region’s active residential listings rose slightly from the 3,124 recorded then. Pending sales in April dropped 11.8% from March’s 2,578. Settled sales dropped 9.9%, down from 2,277 in March.
Founded in 1969, REIN is a regional multiple listing services that covers an area stretching from Williamsburg east to Virginia Beach and south across the North Carolina border.
Harvey Lindsay Commercial Real Estate President Robert M. King will add chairman of the board to his responsibilities, and Robert M. Beasley Jr. is now executive vice president for brokerage services, the Norfolk real estate firm announced Monday.
Beasley will lead the company’s sales and leasing team. He succeeds Craig Cope, who is leaving the company on June 30.
“We thank Craig Cope for his contributions to the company, and we wish him well in his new endeavors,” Beasley said in a statement. “Bob and I are very excited about our new leadership roles at HLCRE, and we are dedicated to honoring the memory of Harvey by continuing to grow the company based on the integrity and values he instilled in us.”
Beasley has been with the firm for more than 36 years and was previously senior vice president for industrial leasing and sales. In his new role, he will oversee all incoming producing divisions, including sales and leasing, property management, asset management and new business initiatives.
Washington Commanders owner Dan Snyder has reached an agreement for the reported $6 billion sale of the Ashburn-based NFL team to a group led by Bethesda, Maryland-based billionaire Josh Harris.
News of the sale was posted on the team’s website and on Twitter Friday afternoon.
“We are very pleased to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners,” Dan and Tanya Snyder said in a statement. “We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years.”
Harris co-founded Apollo Global Management and owns the NHL’s New Jersey Devils. He and a group including NBA legend Earvin “Magic” Johnson and Danaher Corp. co-founder Mitchell Rales reached an agreement April 13 for a record-breaking $6 billion sale of the team. Actual terms of the sale were not immediately released Friday afternoon.
Shortly before the team posted the statement to its own account, Johnson tweeted about his own excitement regarding the deal.
“I could not be more excited to be a partner in the proposed new ownership group for the Washington Commanders,” Johnson said in his tweet. “Josh Harris has assembled an amazing group who share a commitment to not only doing great things on the field but to making a real impact in the DMV community. I’m so excited to get to work on executing our vision for the Commanders and our loyal fanbase!”
Snyder, the team’s owner since 1999, and the team’s head office have come under scrutiny by the NFL and Congress for alleged sexual harassment and fostering a hostile work environment. His wife, Tanya, took over as co-CEO of the team in 2021, after the NFL’s $10 million fine of the team for an “improper” and “highly unprofessional” workplace culture. At the time, there seemed to be little appetite among team owners to force the Snyders to sell. According to NFL bylaws, it would take the agreement of 24 team owners to oust another owner.
But in November 2022, Dan and Tanya Snyder hired Bank of America Securities to consider potential sales, the Ashburn-based NFL team announced. Any sale would require approval of three-fourths of the 31 team owners. According to The New York Times, the Harris group must submit its proposal for approval to the NFL’s finance committee, followed by the entire group of owners, who are next set to meet May 22-23 in Minneapolis.
Harris and Rales’s investment group made a failed bid to buy the Denver Broncos last year. That team went to Walmart heir Rob Walton for $4.65 billion, setting a sales record for an NFL sports team.
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