Wynn In Talks For Casino To Anchor Massive Tysons Development
A state lawmaker and a large developer are advancing efforts that could bring a casino to Tysons as part of a major mixed-use project near a Metro station.
Virginia Sen. Scott Surovell, the state Senate's majority leader, introduced a bill this week that would allow a casino to open in Fairfax County.
A rendering of the casino proposal, included in a one-page summary circulated to Virginia lawmakers and obtained by Bisnow, shows the logo of Encore, a casino brand of Wynn Resorts. The company has Encore casinos in Las Vegas and Boston, each with curved glass facades similar to the one in the rendering.
Wynn Resorts Chief Communications and Brand Officer Michael Weaver told Bisnow the company has “had conversations” about the Tysons proposal but isn't currently pursuing a license there.
Developer Comstock Cos. is pitching a casino-anchored development totaling up to 8M SF near the Spring Hill Metro station, a Comstock representative confirmed to Bisnow, but declined to provide further comment. The Washington Business Journal first reported the Comstock proposal.
Surovell's bill doesn't specify a site but includes parameters around proximity to a Metro stop and regional mall that effectively limit it to Tysons.
In addition to the casino, the developer, led by CEO Chris Clemente, is calling for a 6,000-seat performing arts venue, a 600-room hotel, a convention center, a Cosm sports viewing theater, apartments and retail.
Comstock is committing to setting aside at least 20% of the housing units as affordable workforce housing, according to the one-page summary. It also says the project would create 2,000 construction jobs and 3,200 permanent, “well-paying” jobs.
Comstock is seeking permission to build the project on the same site where Clemente Development received approval in 2019 for a 3M SF development featuring what would have been the region's tallest tower, according to the WBJ.
The 35-acre site, which Comstock is working to put under contract, includes a former car dealership at 8546 Leesburg Pike.
The property is still owned by Tysons Development LLC, a joint venture of Clemente Development and a Saudi capital partner, according to Fairfax property records. That entity acquired the first portion of the site in 2018 for $26M, and in February 2020 it paid $57M for another piece of the site, property records show.
The county is expected to go through a request for proposals process that would allow other developers to pitch sites for a casino, though Comstock's proposal is the only one that has emerged thus far, the WBJ reported.
Reston-based Comstock has two other large mixed-use developments along the Metro's Silver Line: Reston Station at the Wiehle-Reston East stop and Loudoun Station at the Ashburn stop.
Bringing a casino to Fairfax County would help the state compete for customer demand with neighboring Maryland, which has the MGM National Harbor casino that opened in 2016. The MGM casino last year brought in $262M in table game revenue and $224M in video lottery terminal revenue, according to state data.
Virginia does have a new $460M gaming resort in Dumfries, roughly 30 miles south of Tysons, with slotslike betting machines that opened last year. But state legislators and Comstock say Virginia is losing millions of dollars in tax revenues from its residents crossing the river to gamble at the MGM resort.
The one-page summary says 30% of MGM's revenue comes from Virginia residents, and passing the bill to allow a casino in Fairfax County would allow the state to “capture these losses.”
