Recent legislative developments in Virginia’s casino landscape have propelled bills enabling the establishment of a casino resort in Petersburg. Senate Bill 780 and House Bill 1373, both aimed at permitting the hosting of a casino resort in the region, have successfully passed committee votes. These bills, championed by Senator Joe Morrissey (D-Richmond) and Del. Kim Taylor (R-Dinwiddie), respectively, pave the way for The Cordish Companies to bring their renowned Live! Casino & Hotel brand to southeast Virginia.
Petersburg’s Casino Resort:
The proposed $1.4 billion casino resort by The Cordish Companies aims to revitalize the city of Petersburg. The development envisions a sprawling complex encompassing over 670,000 square feet of gaming, hotel accommodations, dining, and entertainment. The resort plans include a 200-room hotel with suites, a pool, and a fitness center. With over 2,000 slots, electronic table games, and 60 live table games, including poker, the resort promises a dynamic gaming experience. Additionally, a sportsbook and an event center for entertainment, meetings, and conventions are part of the project’s offerings.
Economic and Job Prospects:
The Cordish Companies foresee substantial economic benefits for the region over the initial 15 years of operation. The project is projected to generate a noteworthy $3.60 billion in economic stimulus, $675 million in gaming tax revenue, and $220 million in annual economic benefits. The development’s impact extends to employment opportunities, creating more than 4,000 jobs. This encompasses 2,500 construction jobs during the development phase and 1,500 permanent positions spanning various domains such as hotel operations, finance, marketing, and more.
Transformational Urban Development:
Zed Smith, Chief Operating Officer of The Cordish Companies, underscores the transformative nature of the proposed Live! Gaming & Entertainment District. The project aims to be a catalyst for urban revitalization, fostering economic growth while enhancing the region’s entertainment and hospitality offerings. Beyond its economic contributions, the development also seeks to collaborate with the local community, empowering minority, women-owned, veteran-owned, and local businesses.
Broader Casino Landscape in Virginia:
Virginia’s 2019 legislation paved the way for the establishment of up to five brick-and-mortar casinos in various cities across the state, including Bristol, Danville, Norfolk, Portsmouth, and Richmond. While residents of Richmond previously rejected a casino proposal, the passage of House Bill 1373 could signify the conclusion of any potential future referendums for a Richmond casino.
The progression of Senate Bill 780 and House Bill 1373 marks a significant stride in Virginia’s evolving casino landscape, particularly in Petersburg. The Cordish Companies’ envisioned casino resort not only holds the promise of economic revitalization but also seeks to enrich the local community and contribute to urban development. As Petersburg inches closer to welcoming the Live! Casino & Hotel brand, the legislative advancements underscore the intricate balance between economic growth, entertainment, and community collaboration.