Petersburg VA $1.4B Casino Proposal seeks Richmond license

Live! Casino & Hotel Virginia

Wagner Road Exit of Interstate I-95
Petersburg, VA

Petersburg, Virginia is working with The Cordish Group to develop a $1.4 billion casino, hotel and entertainment district. The city hopes to obtain the Richmond casi no license, which was rejected by Richmond voters in Nov. 2021. The city is seeking to have the unused license reassigned by the state legislature from Richmond to Petersburg. Legislation has been introduced into both houses of the General Assembly.

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Live! Casino & Hotel Virginia

The City of Petersburg, Virginia is supporting a $1.4 billion casino project designed by The Cordish Companies to acquire the state-authorized casino license allocated to Richmond. The city wants the state legislature to reassign that license following the voter rejection of a Richmond casino.

The casino would be named Live! Casino & Hotel Virginia and located within the Live! Gaming & Entertainment District. The development is projected to add $10 billion to the economy, $1.1 billion to tax revenues, and 10,000 new jobs to Central Virginia.

See the Petersburg Casino Proposal.

News Headlines

Petersburg casino bill is effectively killed in Virginia Senate February 18, 2023 - The Virginia casino bill giving Petersburg voters a referendum in November to decide the fate of a $1.4 billion casino proposal has been stopped by the Senate Finance Committee ... Read more Petersburg Casino Bill Passes in Virginia House February 10, 2023 - The Virginia House of Delegates passed the Petersburg casino bill Tuesday by a vote of 49-44. The bill would allow Petersburg voters to accept or reject a casino proposal to build a $1.4 billion complex ... Read more Petersburg Casino Bill Fails in Virginia Senate February 4, 2023 - A bill to make Petersburg eligible for a casino was killed this week in the Virginia Senate. The Finance and Appropriations Committee voted 7-8 against the measure, which had been introduced ... Read more Petersburg casino bill takes first steps in Virginia Senate January 30, 2023 - A Virginia State Senate bill to add Petersburg to the list of cities eligible for a casino has taken its first key steps in the legislative process. Last week the bill was passed by the Gaming Sub ... Read more Petersburg Virginia's $1.4 Billion Casino Proposal December 17, 2022 - The City of Petersburg, Virginia is proposing to build a $1.4 billion casino, hotel and entertainment district. The casino named 'Live! Casino & Hotel Virginia' needs legislative approval ... Read more 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 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

Petersburg Virginia's $1.4 Billion Casino Proposal

The City of Petersburg, Virginia is proposing to build a $1.4 billion casino, hotel and entertainment district. The casino named 'Live! Casino & Hotel Virginia' needs legislative approval to reassign the unused Richmond casino license to Petersburg.

The total project will encompass 4 million square feet of mixed-use development including the casino, 500 hotel rooms, restaurants, entertainment venues, 600,000 square feet of retail and 1,300 residential units.

The project will be built in phases. Phase 1 will be the construction of Live! Casino & Hotel Virginia.

TOTAL SIZE: 670,000 square feet

CASINO: 2,000 slots, 60 table games, poker and a sportsbook

HOTEL: 200 guest rooms featuring 20 suites, pool and fitness center

ENTERTAINMENT CENTER: Live entertainment, concerts, meetings and conventions

RESTAURANTS: More than a dozen dining and entertainment venues

History

The Petersburg City Council formalized an agreement with The Cordish Companies in Dec. 2022 to build the Live! Casino and Hotel Virginia and entertainment district in the Wagner Road area off the I-95 Exit. Details of the project are pending.

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 Petersburg 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 Articles

Petersburg casino bill is effectively killed in Virginia Senate

February 18, 2023

The Virginia casino bill giving Petersburg voters a referendum in November to decide the fate of a $1.4 billion casino proposal has been stopped by the Senate Finance Committee. The bill, which was passed last week by the Virginia House of Delegate, was sent to the Senate this week. A similar bill was rejected by the same Senate committee earlier this month. On Thursday the Senate Finance Committee voted 10-6 against the bill making it effectively dead in this legislative session.

The City of Richmond is expected to move forward with a second referendum this November for its voters to reconsider the proposed One Casino + Resort project defeated in 2021. However, the Richmond referendum might be blocked by Virginia legislators who support the Petersburg casino alternative.

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Petersburg Casino Bill Passes in Virginia House

February 10, 2023

The Virginia House of Delegates passed the Petersburg casino bill Tuesday by a vote of 49-44. The bill would allow Petersburg voters to accept or reject a casino proposal by The Cordish Companies to build a $1.4 billion casino and hotel in their city. The bill would also delay Richmond from a second casino referendum this year.

House Bill 1373, which was introduced by Del. Kimberly Taylor (R-Dinwiddie), is similar to Senate Bill 104 introduced by Sen. Joe Morrissey (D-Richmond). The Senate bill was defeated last week in the Finance and Appropriations Committee.

The House bill will now be sent to the Senate where passage is expected to be difficult.

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Petersburg Casino Bill Fails in Virginia Senate

February 4, 2023

A bill to make Petersburg eligible for a casino was killed this week in the Virginia Senate. The Finance and Appropriations Committee voted 7-8 against the measure, which had been introduced by Sen. Joe Morrissey (D-Richmond). Petersburg was seeking legislative approval to build a $1.4 million casino named Live! Casino & Hotel Virginia by reassigning the failed Richmond casino allocation.

A similar bill by Del. Kim Taylor (R-Dinwiddie) is still alive in the Virginia House of Delegates. However, that bill is also unlikely pass given it will also require Senate approval.

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Petersburg casino bill takes first steps in Virginia Senate

January 30, 2023

A Virginia State Senate bill to add Petersburg to the list of cities eligible for a casino has taken its first key steps in the legislative process. Last week the bill was passed by the Gaming Subcommittee, and this week it heads for a vote in the General Laws and Technology Committee.

The bill also prevents Richmond from holding another casino referendum this November. Richmond voters rejected a 2021 casino referendum.

The Petersburg casino bill requires approval of the General Assembly and the signature of Gov. Glenn Youngkin before it can be placed on the ballot this fall for local voter approval.

The proposed Petersburg casino is named Live! Casino & Hotel Virginia and will include a casino with 2,000 slot machines and 60 table games, a hotel with 200 guest rooms, and an entertainment district.

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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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