On Tuesday, the Petersburg City Council approved a substantial $1.4 billion development endeavor, with the proposed Live! Casino & Hotel Virginia serving as the main attraction.
However, Petersburg faces several significant obstacles that need to be overcome. Currently, the city lacks the necessary state authorization to proceed with a casino vote. This is a crucial initial requirement that must be fulfilled before any construction plans can be implemented.
Live! Casino & Hotel Virginia plans
At the intersection of Wagner Road and I-95, The Cordish Companies will undertake the development of a massive 4 million square feet, which will encompass:
- 1,300 residential units
- 500 hotel rooms
- There is a total of 600,000 square feet dedicated to retail, dining, and entertainment areas.
Live! Casino & Hotel Virginia is proud to present:
- There is an extensive gaming, hotel, dining, and entertainment area that spans over 670,000 square feet.
- A luxurious hotel with 200 rooms, including 20 elegant suites, complemented by a magnificent resort pool and a state-of-the-art fitness center.
- There are more than 2,000 slots and electronic table games available.
- There are a total of 60 table games available, which include poker.
- Sportsbook
- A versatile venue offering entertainment, meetings, conventions, and social gatherings.
- There are more than twelve dining and entertainment choices available.
- Free surface parking
Live! Casino & Hotel Virginia pitch
In a phased approach, The Cordish Companies have announced the development of the Live! Gaming and Entertainment District. Anticipating a fully-developed district, the company foresees a remarkable $10 billion boost to the local economy over a span of 15 years.
According to Petersburg Mayor Sam Parham, Cordish has demonstrated success in the development and management of mixed-use and casino properties.
Out of all the companies we consulted with, Cordish was the only one that presented Petersburg with a comprehensive plan that goes beyond just a casino. They have provided us with a clear path to rejuvenate our city. We are fully convinced that The Cordish Companies are the perfect partner to help us bring our vision to life.
Zed Smith, the CEO of Cordish, expressed anticipation for collaborating with city officials as the district transforms into a “driving force for transformation and substantial urban progress.”
Lean on the golden shovels for now
Petersburg will encounter bureaucratic hurdles prior to the ribbon-cutting ceremony, hence, it is advised to mark the 2025 calendar for updates.
Starting on Wednesday, Jan. 11, the Virginia General Assembly is set to commence a scheduled 30-day session. Within this timeframe, there is a possibility that lawmakers and Gov. Glenn Youngkin may grant permission to Petersburg for a casino vote in November 2025.
However, Live! Casino & Hotel Virginia recognizes that it is only part of the equation.
Petersburg advocates are also aiming to hinder rival endeavors in Richmond, situated 25 miles away. The capital city is seeking a November 2025 referendum to pursue its own ambitious casino project.
Richmond, on the other hand, is making a second attempt as it was the only city among the five that initially received state approval for a casino referendum to reject the measure. In contrast, Bristol, Danville, Norfolk, and Portsmouth all gave their approval to the proposed casino plans.
If competition in Richmond is uncomfortably close, Cordish will not proceed with its $1.4 billion investment in Petersburg.
Petersburg has a senate ally
During a meeting on October 25th, state Sen. Joe Morrissey informed the Petersburg City Council about his prior introduction of legislation, aimed at prioritizing the city.
Senate Bill 780 aims to designate Petersburg as the fifth and last eligible host city.
The legislation mandates a casino vote in Petersburg, VA and at the same time, prohibits Richmond from conducting its own casino vote until after Petersburg voters have had the opportunity to express their opinion.
In the event that Petersburg succeeds in the referendum, Richmond will no longer be considered as a potential host city. Additionally, it confirms that the referendum in Petersburg is scheduled to take place in November 2025.
According to a 77-page report submitted to Virginia’s Joint Legislative Audit and Review Commission, it is indicated that both cities have the potential to accommodate a casino. However, if such plans were pursued, they would need to be reduced in size, which would not align with the Live! Gaming and Entertainment District’s current proposals.
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