Entrepreneur Wants To Build A Casino In South Carolina

There’s been a lot of talk about sports betting in South Carolina. It’s one of 11 states without a legal sports betting market, and many inside the state are saying that shouldn’t be the case — especially given the success of North Carolina sports betting.

But amid all that chit-chat, another betting idea flew under the radar. It’s not about sports gambling, however. No, no we’re talking about a brand-new casino in the state. You’re going to want to keep reading cause this is a pretty bold idea that might just have some legs to it. Let us explain.

$1 Billion Casino Up For Consideration

Meet Wallace Cheves, he is a Greenville businessman and casino developer. Cheves is behind the latest proposal and yes, the title is correct, it’s for a $1 billion casino. He wants to build it in the Santee area of South Carolina. With that price, you know it’s a casino and resort hybrid too so there will be a hotel component to all this.

It’s not happening yet though. Cheves needs to get the state’s General Assembly on board with the idea because only lottery, bingo, and off-shore casino boats are allowed legally inside the state. We’ll revisit this in the next section but let’s keep detailing Cheves’ ambitions.

Here’s the key to Cheves’ plan: there will be no funding coming from the state or taxpayers. Seriously, no incentives, infrastructure subsidies, or public assistance of any kind. Wallace didn’t say whether he’s footing the bill or there’s a group of investors (more likely), but he’s adamant the state won’t be on the hook for anything.

“We strongly believe that this investment should be driven by private enterprise, not taxpayer dollars, ensuring no financial risk to the public sector,” Cheves, representing the Santee Development Corporation, stated Thursday night.

Not only will locals be saved on the cost of the resort, but they’ll benefit from the construction — if approved. Of course, a project of this scope is going to bring thousands upon thousands of workers, both to get it up and to run it once it opens. Per independent analysts, the casino could inject $8 billion into South Carolina’s economy over the first decade. Thousands of jobs, a tourism boom, and a surge in local business opportunities are all part of the promise.

The investment will “revitalize and transform an economically challenged region of our state through the development of a world-class, billion-dollar destination resort and casino,” Cheves said. “As discussions move forward, we remain dedicated to transparency and collaboration with state leaders, local officials, and community stakeholders to ensure that this project benefits all South Carolinians.”

Casino Could Fund Education Initiatives

Obviously, not all the money made off the casino would go to Cheves (or investors’) pocket. Nope, he’s also talked about funneling some money to the state’s education fund. The South Carolina Lottery is set up that way, and it’s been a boon to the state. The lottery has generated more than $8 billion for education since its launch in 2002. Cheves is selling that as proof that regulated gaming can create lasting, positive change.

The buzz around the proposal has already reached local leadership. At a recent Vance Town Council meeting, Mayor Pro Tem Carolyn Bush shared that plans are underway to bring the resort and casino to the former Santee Outlet Mall — also known as Santee Village Square — with an opening anticipated in 2026 or 2027.

But they might be getting ahead of their skies. Ultimately, the project’s fate will rest on legislative approval and community backing. If history is any indication, this is going to be a challenge. You see, South Carolina has long held a hard line against most forms of gambling. As mentioned earlier, outside of the state lottery, bingo, and a few off-shore casino boats, legal gambling is virtually nonexistent. And when past attempts have been made to expand gaming in the state, they’ve crashed and burned — sometimes spectacularly.

Take video poker, for example. At its peak in the late 1990s, video poker machines were everywhere, with more than 30,000 machines operating across the state. But in 2000, lawmakers pulled the plug, banning poker machines outright in one of the most aggressive anti-gambling moves in the country. Even recent efforts to legalize sports betting have gone nowhere, despite neighboring states cashing in on the industry.

Proposals for full-fledged casinos have fared even worse. Over the years, developers have floated various plans for land-based casinos, but none have even come close to passing legislative hurdles. In 2022, a bill to legalize sports betting and casino gaming didn’t even make it out of committee, a sign of how deep opposition runs in the statehouse.

With that history in mind, Cheves’ billion-dollar casino faces an uphill battle. While the economic benefits might be compelling, convincing South Carolina lawmakers to take a gamble — pun fully intended — on this project could be the hardest bet of all. We seriously doubt it happens, but we’d love to be proved wrong.