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Petersburg VA Casino Proposal

Live! Casino & Hotel Virginia

Petersburg, VA

Petersburg, Virginia hopes to obtain the Richmond casino license rejected by Richmond voters in Nov. 2021. The city wants the unused license to be reassigned by the state legislature from Richmond to Petersburg. A formal casino proposal for Petersburg is in development by The Cordish Companies.

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In a Virginia casino study announced October 19, 2022 by the state's Joint Legislative Audit and Review Commission (JLARC), Petersburg was declared a "suitable" city for the Richmond casino license. The study says the first-year operating revenues of a Peterburg casino are estimated to be $204 million, which will generate 25 million in taxes. The casino will create 1,300 permanent jobs.

Following the release of the JLARC casino study, Petersburg officials announced the selection of a casino partner to develop a proposal for the city. City official voted unanimously to partner with The Cordish Companies, which own and operate Live! Casino brands in Maryland, Philadelphia and Pittsburgh.

In 2021 The Cordish Companies proposed building a Live! Casino & Hotel in Richmond, but lost the bid to Urban One. The Cordish proposal for Richmond was a $600 million casino resort with a 250,000-sq-ft casino, a 300-room hotel and a 4,000-seat event center.

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News Virginia study cites feasibility for both Petersburg and Richmond casinos October 26, 2022 - A Virginia casino study released by the state's Joint Legislative Audit and Review Commission (JLARC) last week evaluated the feasibility and financial impact of buiding ... Read more News Petersburg selects casino developer to compete for Richmond license October 24, 2022 - Petersburg, Virginia hopes to obtain the Richmond casino license rejected by Richmond voters in Nov. 2021, and has partnered with a major casino developer to design ... Read more

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Virginia study cites feasibility for both Petersburg and Richmond casinos

October 26, 2022

A Virginia casino study released by the state's Joint Legislative Audit and Review Commission (JLARC) last week evaluated the feasibility and financial impact of building a casino in either Richmond or in Petersburg, Virginia.

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REPORT: Richmond and Petersburg casinos could coexist, but other casinos would take a hit
Courtesy of WRIC ABC 8News, Oct 18, 2022. Available from YouTube

The report studied three scenarios: A casino in Petersburg, a casino in Richmond, and a casino in both Petersburg and Richmond.

1: Petersburg-only casino
A Petersburg casino would generate more than $200 million in annual revenue by 2028 and create more than 1,200 jobs. The Petersburg casino would decrease the revenues of the other four Virginia casinos under construction in Norfolk, Portsmouth, Danville, and Bristol. However, Virginia would see an overall increase in gaming tax revenues.

2: Richmond-only casino
A Richmond casino would generate $300 million in annual revenue by 2028 and create hundreds more jobs than a Petersburg casino.

3: Both Richmond and Petersburg casinos
The Petersburg casino would be significantly smaller than the Richmond casino. Revenues would be larger for the Richmond casino. The four Virginia casino under construction and the Petersburg casino would have a significant decrease in revenues.

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