(276)466-2626601 STATE STREET, 6th FLOOR, BRISTOL, VA 24201 HOME CURRENT DEVELOPMENTS ALL PROPERTIES ABOUT NEWS CONTACT CHIEF SNEED SHARES COMMITMENT WITH WASHINGTON COUNTY VA SUPERVISORS Heather Hill 8127 Chief Sneed shares commitment with Washington County VA Supervisors ABINGDON, Va. — Chief Richard Sneed of the Eastern Band of the Cherokee Indians (EBCI) shared how the benefits of a planned $500 million investment by his tribe and Pinnacle developer Steve Johnson in a casino, lodging and entertainment complex at The Pinnacle with Washington County Virginia’s Board of Supervisors this week. The presentation helped clarify the intentions of the tribe and dispel misinformation about the initiative. “Gaming is how we’ve turned a five-county economically depressed region of western North Carolina into one that is thriving through employment and funding for much needed government and social programs,” said Sneed. “The funds that can be generated from our casino and entertainment complex at The Pinnacle can have the same positive impact for Washington County Virginia and the region.” Chief Sneed was joined by Pinnacle developer Steve Johnson and Greg Habeeb, an attorney for the two parties. “We are not asking the board of supervisors for anything here tonight,” said Habeeb. “We are here to share what this $500 million economic development project can give to the county and the region.” “Every other project in every corner of the state is a casino project. This is something is something totally different,” said Habeeb. “Ours is a major economic development project anchored by casino.” “Funds from gaming and lodging at our two casinos in North Carolina have enabled us to build a hospital, a drug and alcohol treatment center and fund more than 400 scholarships for our tribe members,” said Chief Sneed. “We do this through a foundation whose membership includes state and local government officials and not for profit organizations in our region. We would encourage the same for Washington County. We would like to see an emphasis toward funding programs for mental health, opioids abuse, obesity and workforce development.” The project includes a 50-acre casino and hotel, a 15,000-seat outdoor concert arena, a mountain coaster, golf entertainment venue, a luxury hotel with indoor waterpark and additional retail and dining facilities. The complex will create 3,300 jobs with a total annual economic impact of $305 million. Direct annual income to Washington County Virginia through property, sales and lodging taxes is estimated at $9.4 million annually. The Board of Supervisors would direct those dollars toward funding education, law enforcement and infrastructure improvements in the county and towns within. Sharing an aerial map of the Cherokee Casino/Pinnacle Virginia Development, Habeeb provided data on the economic impact the project will bring. “The 350-acre site adjoins an existing 250-acre shopping complex that drew 5.2 million visitors last year. Those visitors spent $200 million in taxable income in Tennessee. Our location is along Interstate 81 and two Federal interchanges that recorded 8.2 million vehicles last year. Our project is pre-loaded with proven success,” Habeeb said. The Cherokee casino and hotel are projected to generate $200 million in gaming and lodging sales and $100 million in annual payroll to the 2,000 employees of the Cherokee operation. The new Pinnacle development in Virginia will generate an additional $105 million in sales and employ 1,300 at its new venues. When asked by supervisor Saul Hernandez to address reports that the Cherokee were not serious about a Washington County Virginia casino, instead trying to block competition from another proposed casino nearby for the tribe’s North Carolina casinos, Habeeb said the statement was untrue. “Only three percent of visitors to the Cherokee casinos are from Virginia. The tribe views Virginia as a completely new market for its gaming and lodging operations.” When asked by Hernandez about the need for additional law enforcement, fire and emergency medical services and equipment because of the new complex Chief Sneed said that funding from the development would support those needs. Steve Johnson said that existing water and sewer infrastructure to the 350-acre site already exists. Johnson also said that a new access road to The Pinnacle Virginia development would be built. “We understand that the debate on making the right choice for communities like those in Washington County Virginia is just beginning here and in Richmond,” Habeeb concluded. “We welcome the debate and will respond to questions or concerns through the process. We wanted the Board of Supervisors to be the first to hear directly from Chief Sneed that his tribe is sincere in their vision for becoming a valued member of this community and being the anchor to a half-billion-dollar economic development project for the region.” Here are additional economic details on the development and for more information, visit CherokeePinnacle.com. Cherokee Indian/Pinnacle Development Stated Investment of Casino/Pinnacle Dev.: $500 million Cherokee Casino and Hotel: $250 million Pinnacle Hotel/Waterpark: $150 million Golf Venue: $20 million Mountain Coaster: $10 million Amphitheater: $20 million Retail & Dining: $50 million Total: $500 million Projected Casino Annual Revenue: $200 million Projected Annual Revenue from The Pinnacle Virginia Operations: $105 million Projected Annual Income to Washington County, VA Annual Real Property Tax Casino/Hotel: $1.4 million Hotel/Waterpark: $850,500 Retail & Dining: $283,500 Golf Venue: $113,400 Mountain Coaster: $56,700 Amphitheater: $113,400 Total: $2.83 million Annual Personal Property Taxes Casino/Hotel: $680,000 Hotel/Waterpark: $127,500 Retail & Dining: $42,500 Golf Venue: $17,000 Mountain Coaster: $8,500 Amphitheater: $17,000 Total: $892,500 Local Sales Taxes Casino/Hotel: $810,000 Hotel/Waterpark: $850,500 Retail & Dining: $400,000 Golf Venue: $120,000 Mountain Coaster: $20,000 Amphitheater: $150,000 Total: $1.82 million Local Lodging Taxes Casino/Hotel: $1.25 million Hotel/Waterpark: $1.13 million Total: $2.38 million Gaming Revenue Local: $1.5 million Direct Annual Income to Washington County VA: $9.42 million Additional Income and Economic Development Facts State Gaming Revenue: $38 million Payroll Economic Impact Casino/Hotel: $1.4 million annual Hotel/Waterpark: $850,500 annual Retail & Dining: $283,500 annual Golf Venue: $113,400 annual Mountain Coaster: $56,700 annual Amphitheater: $113,400 annual Total Econ. Payroll 3X Multiplier: $250 million per year Projected Year 1 Casino & Pinnacle Development Jobs: 3,300 Casino/Hotel: 2,000 Hotel/Waterpark: 800 Retail/Dining: 200 Golf Venue: 150 Amphitheater: 100 Mountain Coaster: 50 Projected Casino/Hotel Only Payroll: $ 100 million Total Acreage Involved: Cherokee Casino/Pinnacle Development: Pinnacle VA Development: 300 acres Pinnacle TN Development: 250 acres Cherokee Casino/Hotel: 50 acres Total Acreage: 600 acres 2019 Visitors to The Pinnacle Development: 5.2 million visitors 2019 Sales of Retailers at The Pinnacle, TN: $200 million Annual Main Access Road Traffic (I-81/11W): 18.2 million vehicles Projected Construction Jobs: 2,000 Cherokee/Pinnacle Development Reinvestment in The Community The Cherokee/Pinnacle Development reinvestment will revolve around regional concerns including: Mental Health Opioids Abuse Obesity SHARE THIS POST Heather Hill Administrator Type some keyword to look for blog content Recent Posts Johnson: Casino Holds Key To Further Pinnacle Development February 7, 2020 Chief Sneed Shares Commitment With Washington County VA Supervisors January 31, 2020 Three New Retailers Open Their Doors At The Pinnacle January 14, 2020 Plans To Build Entertainment Venue, Sports Complex Behind The Pinnacle Move Forward March 29, 2017 Indoor Trampoline Park Bounces Into Bristol March 7, 2017 ABOUT US Johnson Commercial Development is a full-service real estate development and management company based in Bristol, Virginia. (276) 466-2626 RECENT NEWS Johnson: Casino Holds Key To Further Pinnacle Development February 7, 2020 Chief Sneed Shares Commitment With Washington County VA Supervisors January 31, 2020 Three New Retailers Open Their Doors At The Pinnacle January 14, 2020 FEATURED PROPERTY Millers Landing 1548 Parkway, Sevierville, TN 37862 The Pinnacle Pinnacle Parkway, Bristol, TN 37620 © 2017 Johnson Commercial Development