PETERSBURG, Va. (WRIC) — Petersburg City residents will be able to officially place their bets on a proposed casino come this November’s General Election.
Co-developers of the proposed project, Bruce Smith Enterprise and Cordish Companies, announced the $1.4 billion Live! Casino Resort destination certification for this November’s election on Wednesday, July 25.
“I hail from Virginia, and I’m so gratified to be able to bring such an impactful project to a place I care about so deeply,” said Bruce Smith, Pro Football Hall of Famer, Prominent Developer and Community Leader.
“ We could not be more excited to embark on this next major step with the people of Petersburg with whom we look forward to being great neighbors,” said Zed Smith, Chief Operating Officer of The Cordish Companies.
Petersburg voters heading to the polls will see this question on their ballot: “Shall casino gaming be permitted at a casino gaming establishment in Petersburg, Virginia located on an approximately 92.5-acre development site located off Interstate-95 at Wagner Road along Brassfield Parkway in the City of Petersburg as may be approved by the Virginia Lottery Board?”
“This has been a multi-year effort to go All In for new and better schools, All In on great paying jobs for Petersburg residents, All In for safer communities, All In for creating a better quality of life for all Petersburg citizens, and All In to bring people from around the world to experience what makes Petersburg such a special place,” said Sam Parham, Mayor of Petersburg.
The City along with developers were able to begin preparations for the project with the General Assembly’s approval of Governor Glenn Youngkin’s change to a bill allowing the casino referendum on November’s election ballot.
Governor Youngkin had the re-enactment clause removed from the bill which would make for the need of a second vote to put the legislation into effect.
If approved by voters, within the first 10 years, the project is projected to generate over 7,500 new construction and permanent jobs along with:
- $2.8 billion in economic stimulus to the Region
- $504 million in tax revenues including $240 million to the City of Petersburg alone
- $802 million in economic benefits during construction
- $201 million in annual economic benefits each year after opening
Upon potential completion, the project is said to feature:
- More than 400,000 square feet of first-class gaming, hotel and dining space
- 35,000 square feet of meeting and convention space
- An upscale 200-room hotel featuring 20 suites, a resort pool and fitness center
- 1,600 state-of-the-art slot machines
- 46 live action table games, including a 15-table poker room
- High limit slot and table areas and a sportsbook
- A 3,000-seat state-of-the-art entertainment venue for top talent from across Virginia and the country, as well as for meetings, conventions and social gatherings
- Eight best-in-class food and entertainment options, including three spaces that will be reserved for local Petersburg restaurateurs and businesses
- Free surface parking
State-of-the-art slot machines, live action table games and more will be included in the initial phase for vendor opportunities, tax revenues and economic benefits.
The 7,500 new jobs will be broken down to 6,000 construction jobs and 1,500 new living-wage jobs averaging at $70,000 in annual wages.
Petersburg residents will decide the fate of the proposed project on Nov. 5.
Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to WRIC ABC 8News.
Most Popular
Comments / 0