Cordish Companies Get Green Light for Virginia Casino Resort

In a momentous win for The Cordish Companies, market access to Virginia has finally been granted after years of persistent efforts. Following a local referendum, Petersburg voters overwhelmingly backed a mixed-use development that incorporates a $600 million casino resort.

Petersburg’s Voting Outcome

A staggering 82% of the city’s residents voted in favor of the casino project, signaling strong community support for this development initiative. The proposed resort, known as Live! Casino & Hotel Virginia, marks a pivotal moment not only for The Cordish Companies but also for economic revitalization in Petersburg.

Economic Impacts and Project Overview

• Investment and Job Creation: The $600 million investment aims to create thousands of jobs with average annual compensation around $70K, contributing to economic uplift in the area.
• Project Features: The casino will feature a 200-room hotel, eight restaurants and bars, extensive convention facilities, a 3,000-seat concert hall, and a casino floor equipped with 1,600 slot machines and 46 live dealer table games.

Over its first decade, the project is expected to generate an economic impact of $2.8 billion and significant tax revenue for state and local governments.

Background on Virginia’s Casino Legislation

The journey to secure this casino has been challenging. Originally, in 2020, Virginia designated specific cities for casino development, which omitted Petersburg. However, after seeing community advocacy, lawmakers amended the 2020 gaming statute, allowing Petersburg to explore new gaming options.

Conclusion

The approval of the Live! Casino & Hotel Virginia represents a transformative opportunity for Petersburg. It promises not only to enhance the local economy through job creation and tourism but also stands as a testament to the successful collaboration between the Cordish Companies and the community.