Obtaining a Virginia EIN number is one the requirements that business must apply for before they start operations. Instead of using the social security number that is considered private and personal, the EIN will be a better option when performing business-related activities.
Virginia is one of the states that have successfully resisted any form of gambling. In the 1990’s, the conservative legislature rejected riverboat gambling. In the 2000’s internet gambling cafes were closed. A casino bill remains bottled up in the Senate committee for the past years. However, it seems that Virginia can no longer resist the temptation of gaming revenue.
Two weeks ago, plans were announced by a Chicago-based company that it is going to buy and reopen the dormant Colonial Downs horse racing track. This is the only facility in Virginia where major thoroughbred events are held. The $200 million deal was made possible because the General Assembly has legalized a type of video horse racing game that is similar to slot machines.
A few days earlier, the Pamunkey Indian tribe has disclosed that they are interested in a piece of land that is just a short hop away from the highway in Colonial Downs which could be a possible site for a $700 million resort casino. While it would still take years for the casino to come true, the tribe has the right to seek the casino based on a federal recognition that it won in 2016.
The momentum is gaining a strong push due to the popularity of MGM Grand casino which is just across the Potomac River in Maryland. Based on estimates, 40% of the business is generated from Virginia. According to Virginia Governor Ralph Northan, if Virginia wants to participate in gambling, it might as well be in Virginia instead of going to other states. However, horse racing is easier to sell than casinos that have always met strong opposition.
If you are going to engage in business in Virginia, it is important to obtain Virginia EIN number that is a requirement in the application for business licenses and permits, financing and business bank account. Application for the tax ID is simple as long as you have all the necessary information.