Posted on: July 25, 2024, 03:52h.
Last updated on: July 25, 2024, 03:52h.
The fate of Live! Casino & Hotel Virginia will be determined on Nov. 5 when voters in Petersburg make their voices heard on whether they approve of allowing a commercial casino resort to come to their city.
The Cordish Companies and Bruce Smith Enterprises are partnered on the $1.4 billion undertaking, a mixed-use development that would be built in several phases over many years. Last week, Petersburg Circuit Court Judge Dennis Martin approved the referendum’s language that will go before local voters during the November presidential election.
With Martin’s blessing, which came a week after the Virginia Lottery Board ratified Petersburg as an eligible host city for a commercial casino as directed by legislation passed by the General Assembly and signed into law by Gov. Glenn Youngkin (R) earlier this year, the casino question has officially been certified for the election.
Casino Resort Plan
Cordish, the Maryland-based company behind Live! casino and entertainment districts, released a statement this week on the referendum’s placement.
“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 at Cordish.
Casino.org reported last week about Cordish and Bruce Smith Enterprise’s plan to open a temporary casino while a second, larger construction phase is built. The $142.63 million temporary casino, the developers say, would include approximately 1,000 slot machines, 23 live dealer table games, and a 15-table poker room.
The temporary casino will allow the developers to begin generating revenue and jobs as the larger resort component endures.
The subsequent $454.22 million development is to include an upscale 200-room hotel, eight restaurants, with three reserved for local restauranteurs, a resort-style pool, 35,000 square feet of convention space, and a 3,000-seat concert venue. The second phase will also expand the casino with another 600 slots and double the number of table games. A sportsbook will also open upon completion of the permanent resort.
Once the approximately $600 million resort is complete, Cordish and Bruce Smith say they’ll invest another $800 million over the next decade to bring mixed-use real estate to the Live! Casino & Hotel Virginia destination. The developers say a nongaming hotel, office space, retail shopping, and residential units are likely.
Referendum First
For Live! Casino & Hotel Virginia to break ground, Petersburg voters must first sign off on the development in November. Local voters will be asked:
“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?”
If a simple majority vote “yes,” Cordish and Bruce Smith Enterprises will undergo a suitability review by the Virginia Lottery Board. If the companies and their key executives and stakeholders are deemed suitable to hold a casino license in the commonwealth, the project would be allocated a gaming concession and the resort would be officially greenlit.
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 Smith, the NFL’s all-time sack leader and a member of the Pro Football Hall of Fame who played at Virginia Tech.
“I am excited to personally engage with Petersburg voters to show them how this long-awaited economic opportunity will change the trajectory of their futures,” Smith concluded.
