The City Council of Petersburg, Virginia, has taken a momentous step towards establishing its first casino by choosing The Cordish Companies as the development partner. This significant decision came shortly after the Joint Legislative Audit and Review Commission released a study confirming the possibility of coexistence between casinos in Richmond and Petersburg. Mayor Sam Parham expressed the desire to finalize the developer selection before a potential referendum on the proposed casino in 2023, and the selection of The Cordish Companies aligns with the city’s vision for a world-class entertainment destination and mixed-use project.
A Transformative Project for Petersburg:
The Cordish Companies, known for its expertise in urban revitalization, was honored and excited to be selected as the development partner for Petersburg’s casino project. The proposed venture is expected to play a pivotal role in revitalizing the city and generating substantial tax revenues. By fostering spinoff economic development and creating numerous job opportunities, the casino is set to become a significant new tourist destination for Petersburg, benefiting the local community for years to come.
A Proven Track Record:
The Cordish Companies’ selection as the ideal development partner stems from its impressive history of developing and operating mixed-use and casino properties. With a long-standing legacy of revitalizing cities across the country, the company has demonstrated its commitment to community engagement practices. This alignment with Petersburg’s vision and the track record of successful projects solidified The Cordish Companies as the preferred choice for driving economic growth and transformation.
A Once-in-a-Generation Opportunity:
Mayor Parham emphasized that the development of a casino in Petersburg is a rare opportunity to shape the city’s economic growth for decades. The selection of The Cordish Companies marks a significant milestone in seizing this unique chance to elevate Petersburg’s stature as an entertainment and gaming destination. The proposed casino aims to serve as a catalyst for long-term prosperity, attracting visitors, and generating a positive impact on the local economy.
Casino Developments in Virginia:
With approval granted for casino developments in Bristol, Danville, Norfolk, and Portsmouth, the addition of Petersburg as a casino destination further cements Virginia’s emergence as a prominent player in the gaming industry. The strategic location of these casinos across the state is set to diversify Virginia’s economic landscape and offer compelling entertainment options for residents and tourists alike.
The selection of The Cordish Companies as the development partner for Petersburg’s proposed casino marks a defining moment for the city’s economic growth and urban revitalization. As Virginia’s gaming landscape continues to evolve, Petersburg is poised to become a significant player with a world-class entertainment destination and mixed-use project. The Cordish Companies’ proven expertise in urban revitalization and casino development aligns perfectly with Petersburg’s vision, ensuring a transformative project that will have a lasting impact on the community and attract visitors from near and far. With exciting times ahead, Petersburg is set to pave the way for a prosperous and dynamic future in the gaming and entertainment industry.