Hospitality/Tourism: CLYDE STACY
PRESIDENT, PAR VENTURES LLC, BRISTOL
Published
In 2018, Stacy purchased the failed Bristol Mall for $2.6 million, intending for it to become an economic driver for the depressed region. He partnered with high school friend and United Co. Chairman Jim McGlothlin on a high-stakes gamble to transform the vacant property into a casino and resort. The two hired Richmond lobbying and public relations firm Alliance Group Ltd. to help make the case to lawmakers.
The bet paid off, with the Virginia General Assembly legalizing casinos in select economically challenged cities in 2020. In July, the Hard Rock Hotel & Casino Bristol became the first of four casinos to open in the state, albeit in a temporary location in the mall’s former Belk store. The permanent $400 million casino, which is scheduled for a July 2024 opening, is expected to generate as many as 1,500 jobs. It will also include a 3,200-seat performance venue and an outdoor entertainment space with capacity for 20,000 people.
Stacy, a former coal mining magnate, headed Rapoca Energy Co. LLC and also invested in Dharma Pharmaceuticals LLC, a licensed medical cannabis processor that was acquired in 2021 by Chicago-based Green Thumb Industries Inc. for $80 million.
