Summary
- The Virginia casino resort will be constructed in three phases.
- The location is on Interstate 95 and consists of 80 acres.
- There are contingencies the company must meet for the deal to finalize.
A new casino is hopefully coming to Petersburg, after the City Council voted unanimously to select The Cordish Companies for the development of a new venue. A casino resort will be constructed over a 15-year period with a price point of $1.4 billion.
The Virginia casino resort will be constructed in three phases with the development located at Wagner Road on Interstate 95. The property will reside on around 80 acres of land. The company will be allowed to create the casino if they fall in line with certain contingences set by the city.
No Done Deal Without Contingencies
When last night’s meeting was over, City Manager John March Altman stated that even though the city council voted in approval tonight, the deal is not complete. The developer must meet certain contingencies before the full go-ahead is given.
The biggest hurdle for the company is that the General Assembly must approve casino gaming within state law. Cordish also pointed out that the approval depends on preventing Richmond from moving forward with a proposed casino that was rejected in 2021 by voters. If the casino in Richmond gets the green light, it would be just 25 miles from the Cordish property, and a huge competitor.
Richmond was hopeful that Urban One would be able to bring its ONE Casino + Resort to life after the proposal was made public and a vote took place in November. However, residents decided to vote no and the casino plans were left in limbo.
A second voter referendum was tried for in 2022 but the effort was blocked. It will be interesting to see if plans are thwarted or if an effort will be made to try again.
Harming the Petersburg Casino Project
If the Richmond casino is able to gain approval, it would shrink the scope of the Petersburg casino. The property would only be able to bring in around $140 million in gaming revenues a year due to the local competition. This would also create a lower tax payment and less jobs. Estimates predict that $4 million in taxes would be lost and 300 less jobs offered within the property.
Originally study findings on the two Virginia casino projects showed that both cities can support a casino. Petersburg was estimated to be able to bring in $204 million by 2028 and Richmond a higher $300 million.
If the Richmond project is not allowed, then Petersburg would be able to benefit from travelers from the area, due to the closeness of the capital city. This would be highly beneficial to the project.
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