The plan for the $1.4 billion
Casino plans call for 670,000 square feet of gaming, accommodation, restaurants, and entertainment space. It is projected to house 200 hotel rooms, more than 2,000 slot machines, electronic table games, 60 live-action table games (including poker), and a bookie. Also, to crown that, an event center, a couple extra restaurants and bars, and a free parking area. The proposed name is Live! Casino & Hotel Virginia.
The benefits of this project
The Live! Gaming & Entertainment District can catalyze change and considerable urban growth. The city will flourish in the leisure and hospitality sector in the entire region. The casino and hotel will play a massive role in creating thousands of new employment for residents in the area.
The live casino and hotel will introduce first-class facilities for the surrounding community while producing spin-off economic progress.
Cordish has promised that over the next 15 years, it will bring in $1.1 billion in taxes. Also, they would generate 10,000 new jobs and add over $10 billion to the city’s economy.
If the development is approved, the business says it will create 4,000 new jobs, including 2,500 construction jobs and 1,500 long-term jobs, paying an average of $60,000.
There is only one casino in the state of Virginia at the moment. The temporary location of Hard Rock Bristol opened in July after receiving a license from the Virginia Lottery. Construction on the permanent location has just begun.
Voters in Bristol, Portsmouth, Norfolk, and Danville approved four of the five casinos proposed by the Virginia General Assembly in 2020.
This leaves one city open for casino construction. Although, there has been speculation that Richmond may get the last license. After a failed referendum in 2021 to bring a casino to Richmond, Petersburg stepped up to the plate. At the same time, Richmond is trying to conduct a second referendum on the issue.
When announcing its plan, Cordish clarified that a casino in Petersburg’s approval depends on a few things. The legislative consent by the Virginia General Assembly, Governor, and accreditation by relevant Commonwealth authorities, such as the Virginia Lottery.
Why choose Cordish?
Petersburg Mayor Sam Parham echoed that they prioritized finding a development partner with extensive experience during their search. Cordish is the only business that presented Petersburg with a strategy to reinvigorate the city with more than just a casino.