Posted on: September 20, 2024, 09:45h.
Last updated on: September 20, 2024, 09:54h.
Voters in the Commonwealth of Virginia have started voting for the upcoming president of the United States, US Senate, US House of Representatives, and various local government positions. Additionally, voters in Petersburg are deciding whether to allow a commercial casino in their city.
Early voting in Virginia began Friday. Baltimore-based Cordish Companies is presenting Petersburg voters with a $1.4 billion mixed-use development highlighted by a Live!-branded casino resort.
Along with Bruce Smith Enterprises, Cordish’s proposed first development phase is a $600 million undertaking that would create Live! Casino & Hotel Virginia. The resort would be built off Interstate 95 at Wagner Rd. along the Brasfield Parkway.
If a simple majority of voters back the gaming development, Cordish and Bruce Smith would move toward the licensing process by undergoing suitability checks performed by the Virginia Lottery, which regulates casinos and sports betting in the commonwealth.
We are committed to ensuring that every voter in Petersburg has the facts they need to make an informed decision,” said Zed Smith, Cordish’s chief operating officer. “We believe that a ‘yes’ vote for the casino referendum is a vote for a brighter future for Petersburg.”
The $600 million blueprint includes a 200-room hotel with eight restaurants and bars, 35K square feet of convention space, a 3,000-seat concert venue, and a casino floor with 1,600 slot machines, 50 live dealer table games, a 15-table poker room, and a sportsbook.
How We Got Here
Virginia lawmakers passed legislation in 2020 to allow commercial casinos in five designated cities — Richmond, Portsmouth, Norfolk, Bristol, and Danville. The gaming law found support in the state that had been long opposed to casino gambling on reasons that the gaming resorts could help ignite those local economies that were in desperate need of an economic turnaround.
The 2020 statute required that each city hold a local referendum before the Virginia Lottery could consider issuing a gaming license. All but Richmond held successful referendums with majority support to authorize their casino opportunities.
After Richmond officials pleaded with constituents to vote in favor of a casino, a second vote was held in November 2023 that found even more opposition to a gaming development. As a result, state lawmakers barred Richmond from holding additional casino referendums and amended the 2020 law to allow Petersburg to mull a casino.
Petersburg picked Cordish and Bruce Smith as its preferred gaming development partners. Operating collectively as PPE Casino Resorts Petersburg, LLC, Cordish and Bruce Smith believe Live! will revive the distressed city where the median household income is below $50K and inner-city blight is rampant.
Future Developments
If Petersburg voters back Live! Casino & Hotel Virginia, the developers have big plans once the casino resort is up and running. Cordish and Smith say they’ll invest another $800 million over the following decade once gaming commences to bring a nongaming hotel, office space, retail shopping, and residential units to the destination.
The developers forecast that the Live! mixed-use complex will deliver a $2.8 billion economic stimulus during the property’s first 10 years. Cordish has pledged to pay an average salary, including benefits, of $70K per permanent resort worker.
Unlike Richmond where affluent neighborhoods tipped the vote against the gaming project, Petersburg is thought to be much more supportive of its casino referendum. However, there hasn’t been any public polling on the gaming question.