Residents in the city of Petersburg, VA recently caught a glimpse of their potential new neighbor while awaiting further details about the upcoming casino, which could be disclosed within a month.
During a public gathering on October 25, the Petersburg City Council introduced their partner, Cordish Cos., and the Live! Casino brand. Additionally, State Senator Joe Morrissey provided the attendees with a policy update.
Legislative approval and resident support are crucial for the Petersburg project as it cannot simply be zoned in. The significance of politics in this matter cannot be underestimated.
For the time being, the meeting held at Petersburg’s library on Tuesday night did not provide any detailed information about the casino.
These questions remain unknown to the residents.
- What is the size of the project?
- In Petersburg, where will the casino be situated?
- What will be the cost?
- Which attractions are included in the plans?
- How many individuals will be employed by it?
Petersburg Mayor Samuel Parham appeared to be seeking additional information. Following the conclusion of the Cordish Cos. presentation, he directed a question to COO Zed Smith, expressing his desire for more details.
You have presented us with numerous opportunities in commercial, residential, and retail spaces in different cities. When do you anticipate being able to provide us with visual representations or renderings of the potential appearance of the Petersburg site?
Smith responded, saying, “We still have a considerable distance to cover. Currently, we are actively working on developing a definitive plan.”
A month from now, Smith mentioned that the company could potentially provide additional information.
Petersburg, VA casino needs politics before the payloaders
Sen. Morrissey provided the Peterburg City Council with an overview of the origins of Virginia casinos before the representatives from Cordish Cos. took the stage.
Legislation was passed by the Virginia General Assembly in March 2019 to establish five host cities, namely Bristol, Danville, Norfolk, Portsmouth, and Richmond.
The legislation held great importance as it marked the first instance of introducing such gaming activities in the Commonwealth. Following its enactment, several cities conducted referendums on the matter.
In 2020, four individuals departed from this world, as Morrissey aptly elucidated:
The city of Richmond organized a referendum last year, which unfortunately did not succeed. Although the specific reasons behind its failure need not be discussed, it is evident that, for some unspecified cause, the referendum did not achieve its intended outcome.
Richmond’s “no” vote paints 2022, 2025 sessions
After the casino was rejected by Richmond voters, Morrissey informed the audience that he had held discussions with city officials to redirect Virginia’s casino initiatives towards Petersburg. The senator wasted no time and commenced his efforts during the 2022 Virginia General Assembly session.
He stated, “I proposed a bill that would enable Petersburg to become the fifth host city in the Commonwealth. The Senate Finance committee agreed that conducting a study beforehand is necessary to determine if Petersburg has the capacity to sustain a casino.”
Furthermore, the study was assigned to a group that had previously conducted research for the other five cities. The JLARC study, which was commissioned by the Joint Legislative Audit and Review Commission, has recently concluded. The report released last week confirmed that Petersburg is indeed capable of accommodating a casino. In fact, it surpassed all the criteria by a significant margin.
According to the JLARC findings, adding a casino in Petersburg could result in the creation of 1,300 permanent jobs and generate $12.5 million in local revenue. The state senator, however, believes that these estimates are on the lower side and anticipates even greater benefits. “I believe the actual impact would surpass these figures,” he remarked.
I have recently proposed a bill, Senate Bill 780, which has already been submitted to the general assembly. This bill aims to include Petersburg as the fifth and last eligible host city.
Before Richmond has an opportunity to hold a referendum, the legislation mandates a casino vote in Petersburg, VA. Richmond is advocating for a fresh casino vote to take place in November 2025.
Morrissey stated that if the referendum is successful, Richmond will no longer be considered as a potential host city. Additionally, he confirmed that the Petersburg referendum is scheduled for November 2025.
He also added:
“I proudly represent Petersburg and Richmond, and I firmly believe that there is no other city in the entire Commonwealth that is more deserving of being a host city than Petersburg.”
Looking ahead with Cordish Cos. as a partner
Morrissey concluded his update by expressing his “enthusiasm” for the casino group responsible for the project. Parham expressed anticipation for a collaborative partnership with Morrissey.
“The mayor expressed his desire to push this project across the finish line, believing it to be an excellent opportunity for the city of Petersburg.”
Cordish Cos. will be the one to carry the ball to the end zone if the city successfully obtains its Virginia casino.
With over a century of expertise in real estate development, Cordish excels in the following areas of specialization:
- mixed-use, upscale entertainment
- and casino resort destinations.
Smith emphasized their commitment as long-term investors, highlighting the significance of this aspect to the listener. Unlike companies that engage in property flipping, their approach is different. They have a 100-year history of investing in communities where they conduct business, showcasing their dedication to these areas.
In 1999, the inaugural Live! Casino entertainment district was launched by Cordish. Since then, the company has embarked on significant ventures in Philadelphia, Louisville, Saint Louis, and its home base in Baltimore.
Under the Hard Rock brand, Cordish Cos. achieved successful casino projects in Tampa and Hollywood, FL as well.
If Petersburg is chosen as the location for the state’s fifth casino, keep an eye out for the Live! Casino brand, as Hard Rock already has a presence in Bristol, VA.
Related Articles
