In a significant legislative move, the Virginia House of Delegates has given its approval to House Bill 1373, a bill that could potentially pave the way for a casino in Petersburg. The bill, sponsored by Del. Kim Taylor (R-Dinwiddie), was passed with a vote of 49-44, with one delegate abstaining. This legislative development marks a crucial step in the potential establishment of a casino in the region and now places the decision in the hands of the Virginia State Senate.
A Proposed Casino Venture:
The passage of House Bill 1373 opens the door for Petersburg residents to participate in a casino referendum. If approved, The Cordish Companies, a prominent entity in the gaming industry, would oversee the creation of a $1.4 billion casino in Petersburg, introducing its renowned Live! Casino & Hotel brand to southeast Virginia.
A Vision of Entertainment and Opportunity:
The proposed casino resort promises to be a multifaceted entertainment destination, encompassing more than 670,000 square feet of gaming, hotel accommodations, dining, and entertainment options. The establishment envisions a 200-room hotel with 20 luxurious suites, a rejuvenating pool, and a modern fitness center to cater to guests.
A Gaming Haven:
At the core of the casino’s offerings are its expansive gaming facilities. The venue is set to feature over 2,000 slot machines, an array of electronic table games, and a comprehensive collection of 60 live table games, including poker. The inclusion of a sportsbook adds a dynamic element, catering to sports enthusiasts. An event center promises to host a variety of engaging and exciting experiences for visitors.
Economic Impact and Potential:
Cordish Companies, the driving force behind the proposed casino, envisions significant economic contributions to the region. Over a span of 15 years, the project is anticipated to generate a substantial economic stimulus, projected at $3.60 billion. In terms of revenue, the casino is expected to contribute $675 million in gaming tax revenue, further bolstering the local economy. The annual economic benefits are estimated at $220 million, showcasing the potential positive impact on the community.
Expanding Sports Betting in Virginia:
In a parallel development, Betfred has launched online sports betting in Virginia, marking the company’s entry into its ninth state. Betfred’s partnership with Loudoun United FC is set to elevate its presence as the back-of-jersey sponsor for the upcoming 2023 USL Championship Season. The timing of the launch coincides with major sporting events, further adding to the excitement for sports enthusiasts.
The passage of House Bill 1373 by the Virginia House of Delegates signifies a pivotal step in the potential establishment of a casino in Petersburg. This legislative move opens the doors for residents to voice their preferences through a casino referendum. With the prospect of The Cordish Companies’ casino venture and Betfred’s entry into the online sports betting market, Virginia’s gaming and entertainment landscape continues to evolve, promising new opportunities and experiences for residents and visitors alike.