"Washington Wizards and Capitals plan to leave district for Northern Virginia"
Washington's NBA and NHL teams plan to abandon their longtime home in the nation's capital and move to a new base in northern Virginia.
Virginia Gov. Glenn Youngkin (right) and team owner Ted Leonsis announced plans on Wednesday to build a new arena complex for the Washington Wizards and Capitals in Alexandria, Virginia, a short distance from the team's Long time home just a few miles away. Capital One Arena.
If all goes according to plan, construction of the new venue will begin in 2025 and the team will move in in 2028. There are still many hurdles to overcome before that can happen, including state and local approvals. As the government in Washington, D.C. is still trying to convince Leonsis to change his mind.
Monumental Sports and Entertainment, the company led by Leonsis that manages the team and arena, said it wants to keep Capital One Arena open year-round as the home of the WNBA's Washington Mystics as well as for concerts and events.
Most Profitable Sports Betting Operator in Washington, DC
It's unclear what the news means for Caesars Sportsbook at Capital One Arena. Representatives for Caesar and the monument did not respond to requests for comment Wednesday.
Sportsbook is the most profitable retail sportsbook in the District of Columbia.
According to reports in Washington, D.C.this October, the most recent month for which data is available, Lottery Commission bettors placed nearly $6 million in bets at Caesars Sportsbook at Capital One Arena. By comparison, the city's second-biggest revenue this month was $3.3 million from Bet MGM sportsbook at Nationals Park, home of the city's MLB team.
If the sportsbook remains open, the loss of its anchor tenant could lead to a drop in traffic to the site. The venue is conveniently located near Washington's Central Business District. However, it should help ensure that a certain level of pedestrian traffic is maintained.
Even during the NHL and NBA offseasons, in-person bettors are more likely to travel to Capital One than anywhere else in Washington, DC. In July, the weakest month of the year, Caesars bet nearly $2.7 million on Capital One, $1.2 million. Betting on the MGM at Nationals Park.
A new sports betting outpost in Virginia?
The proposed Virginia facility, touted as a "world-class entertainment district," would include a new arena, headquarters for monumental sports and entertainment companies, team practice facilities, performing arts venues and other developments.
The announcement made no mention of plans to open a sportsbook at the venue. But sports betting is legal in Virginia, so it’s no surprise that this site offers sports betting. Caesars has been an authorized provider in Virginia since 2021, but is only available online.
While in-person sports betting has become relatively common in the five years that sports betting has increased in the United States, it has not yet been considered in the Old Dominion states. Virginia is currently the largest state in the country without a major professional sports franchise.
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Source: www.casino.org
