Staff Reports
Gov. Glenn Youngkin (R-VA) is seeing red after Virginia lawmakers made a major blunder by axing funding for a sports arena from the state budget. The state Senate pulled the plug on the project, leaving Governor Youngkin frustrated and disappointed.
The proposed facility, a top priority for Youngkin, was set to become the new home for the NHL’s Washington Capitals and the NBA’s Washington Wizards. But thanks to the shortsighted decision of the state Senate, Virginia now risks losing out on the massive economic benefits that the sports teams would have brought to the state.
Youngkin slams ‘colossal mistake’ Virginia lawmakers made by not providing funds for $2 billion arena project https://t.co/iHTGvmPs90 via @dcexaminer
— Tie Swindell (@mirtropolis) March 7, 2024
Youngkin called the move a “colossal mistake” and expressed his disappointment at the missed opportunity to welcome the professional sports teams to Virginia. The governor had worked diligently to secure this unprecedented chance to boost the state’s economy and create thousands of jobs, only to see it snatched away by the misguided actions of the lawmakers.
The governor highlighted the potential increase in state revenue and the creation of 30,000 new jobs that would have accompanied the project, which he believes the state Senate foolishly overlooked. By turning their backs on this opportunity, the Senate is denying Virginia an estimated $12 billion in economic impact.
Youngkin emphasized that the project could have been executed without the need for upfront cash, new taxes, or any impact on the state’s borrowing capacity or credit rating. The deal would have involved the sports and entertainment state authority owning the land and entering a 40-year lease with Monumental Sports, providing a significant upfront payment.
Despite this setback, Governor Youngkin is not giving up on the project. He is exploring alternative avenues, such as proposing an amendment to the budget or calling a special session of the state legislature, to revive the much-needed economic opportunity for Virginia.
