Colonial Downs Holdings Inc. Announces Economic Projections for Proposed Dumfries Facility
NEW KENT, Va.--(BUSINESS WIRE)--Aug. 4, 1999--Colonial Downs Holdings, Inc. (NASDAQ-SmallCap: CDWN) which through its subsidiaries holds the only unlimited licenses to own and operate a pari-mutuel horse racing course and satellite wagering facilities in Virginia, released projections today regarding the economic impact and tax revenue that the Company anticipates the Dumfries racetrack facility will generate for the Town of Dumfries and Prince William County, Virginia.
The projections are based the one-time impact of project construction, and recurring payroll, local purchases of goods and services, visitor spending, business and pari-mutuel taxes.
Based on the economic impact study, the estimated recurring annual economic impact on the Town of Dumfries and Prince William County will range from approximately $5.8 million to $9.7 million per year. The Company estimates that total taxes generated for the Town of Dumfries and the Prince William County will range from approximately $900,000 up to $1.5 million annually. The facility is estimated to cost approximately $20 million. The construction process will create between approximately 167 and 279 jobs with local spending ranging from $4 million to $6.5 million. On an ongoing basis, the facility is projected to generate an annual payroll of $1.3 million and purchase approximately $700,000 in local goods and services.
Ian M. Stewart, President of Colonial Downs, commented, "We believe this facility will provide a solid economic benefit for Dumfries as well as creatively solve a future land use issue that the town will face. In addition, this will provide Colonial Downs with a critical entry into the Northern Virginia market." The Company anticipates filing a license application for the Dumfries facility with the Virginia Racing Commission later this month. |
