A new $150-million resort casino for Bristol, Virginia has won the favor of the community. Bristol essentially straddles the Virginia-Tennessee border, with a city of the same name found just across the state line. Backers believe that it will have a “transformative” effect on the city’s economy, as well as that of the region and the state.

The resort, with a working name of Bristol Resort and Casino, is a proposal created by two prominent Virginia business leaders, Jim McGlothlin and Clyde Stacy. It is expected to be located on the site of the former Bristol Mall, which occupied a 49-acre tract of land before it closed at the end of August last year. It will offer a casino with around 100,000 square feet, which will be integrated into one of the former primary stores, such as Sears or J.C. Penney.

A comparable amount of space would be allocated for entertainment and “family-friendly” attractions. There will also be a 25,000-square-foot sportsbook, a hotel with as many 1,000 rooms and retail and restaurant spaces. The resort could employ as many as 2,000 area residents the first year and more than 5,200 within seven years.

Stacy purchased the property this past June for $2.6 million. He explained, “Jim and I have been blessed with successful business careers here in Southwest Virginia. We are putting that success behind this major project to benefit the entire region, building the Bristol Resort and Casino here at the Bristol Mall. What that means in real terms is that we are not asking for any government support for this project. Our plan is to build it all with private dollars. This is our chance to provide lasting, meaningful support to a community that has supported us for so many years.”