Petersburg, Virginia, is poised for a significant transformation following the overwhelming approval by local voters of the Live! Casino Resort, a $1.4 billion project expected to spur economic growth and revitalization. With an approval rate exceeding 80%, this initiative marks a historic move for the city, reflecting widespread community support for what will be one of the most substantial economic developments in Petersburg’s history.
Broad community support and economic projections:
According to WRIC ABC8 News, Petersburg Mayor Sam Parham expressed immense satisfaction with the voter turnout and results, noting, “It’s really gratifying. It really shows what can happen when mayor and city council come together as a unit.” This project, spearheaded by The Cordish Companies in collaboration with Bruce Smith Enterprise, is anticipated to yield significant economic benefits, including an injection of $2.8 billion into the local economy over the next decade and creating over 7,500 new jobs.
Situated on a 92-acre site near Wagner Road and Brasfield Parkway, just behind a local Sheetz convenience store, the planned development is expansive. It includes over 400,000 square feet of premium gaming, hotel, and dining facilities, alongside 35,000 square feet of meeting and convention space. The luxury hotel comprises 200 rooms, including 20 suites, a resort-style pool, and a fitness center. Gaming enthusiasts will have access to 1,600 state-of-the-art slot machines, 46 table games, and a sportsbook, complemented by a 3,000-seat entertainment venue and eight dining and entertainment options, three of which are reserved for local Petersburg businesses.
Bruce Smith, Pro Football Hall of Fame member and co-developer, emphasized the positive outcomes expected from the project: “The casino will not only create good-paying jobs for our residents but will also attract visitors statewide and beyond, stimulating local businesses and producing an overall ripple effect of economic growth.” According to WWBT, this sentiment is echoed by Zed Smith, Chief Operating Officer of The Cordish Companies, who highlighted the long-awaited economic upliftment for the region, “This community has waited a long time for an economic development project of this size and scale.”
Regulatory path and future developments:
With the voter mandate secured, the focus now shifts towards obtaining the necessary permits and licenses to commence construction. The initial phase of the casino is slated to begin construction in early 2025, with doors expected to open in 2026. Mayor Parham is particularly enthusiastic about the impact this project will have on local employment, noting the importance of preparing city residents to take full advantage of the job opportunities that will arise.
Beyond the immediate economic and employment benefits, a portion of the revenues from the casino operations will be allocated to fund critical community services, such as education, infrastructure improvements, and public safety. These contributions are seen as vital to enhancing Petersburg’s community resources and supporting public health and safety initiatives.
The approval of the Live! Casino Resort represents a pivotal moment for Petersburg, setting the stage for a future characterized by robust economic activity, enhanced community services, and a vibrant entertainment and hospitality sector. As the project moves forward, it holds the promise of redefining Petersburg as a key destination for tourism and entertainment in Virginia, bringing long-term benefits to the city and its residents.
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Vanja Mitic 2024-11-07 14:21:39
