Posted on: August 14, 2024, 01:58h.
Last updated on: August 14, 2024, 01:58h.
The developers behind the would-be Live! Casino & Hotel Virginia resort project in Petersburg have assembled their referendum campaign team.
The Cordish Companies, the Baltimore-based gaming and hospitality firm behind Live!-branded casinos and entertainment districts across the country, is the preferred gaming developer of the City of Petersburg.
In a little more than a month, early voting will begin in Virginia, with local voters in Petersburg being fronted with a ballot question asking them to approve a commercial casino project located off Interstate 95 at Wagner Road along Brasfield Parkway.
If a simple majority of the Petersburg vote backs the Live! casino pitch, Cordish and development partner Bruce Smith Enterprises will be cleared to move forward with applying for a gaming license from the Virginia Lottery, which regulates casinos and sports betting in the commonwealth.
Campaign Launch
Cordish and Bruce Smith recently announced plans to get out the vote in support of what the developers believe will electrify Petersburg’s economy. Per the United States Census Bureau, 22.2% of the city’s population lives below the federal poverty level, which includes individuals earning less than $15,000 per year or a family of four in a household with income below $32,000.
Cordish and Bruce Smith have brought on prominent local community activists Ja’Scotta Jefferson and Preston Page to serve as co-campaign managers for the 2024 Petersburg casino referendum. Two duo, Cordish and Bruce Smith said in a release, bring expertise and passion “with a proven track record in community engagement, strategic communication, and campaign management.”
Bringing this casino resort project to Petersburg is more than entertainment — it’s an opportunity to boost our local economy, create sustainable jobs, and generate much-needed revenue for community projects and services,” said Page. “For too long Petersburg has been overlooked by major economic development projects. I am excited to play a part in making this dream become a reality for Petersburg and continue to thoughtfully find ways to create community-changing opportunities for residents.”
Cordish and Bruce Smith hope to invest $600 million to open a 200-room hotel with eight restaurants, a resort-style pool, 35,000 square feet of convention space, a 3,000-seat concert hall, and a casino floor with approximately 1,600 slot machines, 50 live dealer table games, a 15-table poker room, and a sportsbook.
Economic Benefits
With the median household income in Petersburg less than $50,000 and per capita income below $30,000, the developers behind Live! Casino & Hotel Virginia say the resort will bring hope for a better life to thousands of city residents.
The casino would be expected to directly employ 1,500 people on average wages and benefits of $70,000. That influx of living-wage jobs, paired with revenue generated by the casino resort, would over the first 10 years of operation deliver $2.8 billion in economic stimulus to the region, Cordish and Smith claim.
“A project such as this will bring new positive change and economic benefits to the City of Petersburg,” said Jefferson. “Petersburg is a hidden gem. It’s time to let it shine.”
With its location along the Appomattox River, Petersburg’s economy first relied on the cultivation and manufacturing of tobacco. The British-American Tobacco Co. (BAT), which later became Brown and Williamson Tobacco Co. (B&W), were the city’s chief employers and taxpayers for many decades.
Petersburg’s economic downfall began in 1985 when B&W closed its Petersburg operations to consolidate its business in Georgia. Inner-city blight, increased unemployment, crime, and property abandonment, contributed to subsequent racial and social problems.
