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Voters in Virginia approve Cordish casino project6 November 2024(PRESS RELEASE) -- The citizens of Petersburg have spoken, and the historic casino referendum has passed with overwhelming support of over 80% of Petersburg residents voting in favor of the $1.4 billion Live! Casino Resort project, marking the highest support for a casino referendum in Virginia history. This marks a monumental step forward for the Petersburg community, as the approval paves the way for the development of a world-class casino and entertainment destination that promises to revitalize the local economy, create jobs, and invest in much-needed community services. Live! Casino Resort, which will be codeveloped by The Cordish Companies and Bruce Smith Enterprise, is projected to bring significant economic benefits to the region. This development will include not only gaming and entertainment options but also restaurants, hotels, and event spaces, making Petersburg a destination for tourism and entertainment in Virginia. Construction will commence after the vote is certified and all required approvals are received, with an anticipated opening date of the initial first phase casino in 2026. "We are deeply gratified by the community's affirmation of this project and very hopeful about the meaningful impact it will have on the city's future," said Bruce Smith, Owner of Bruce Smith Enterprise, Pro Football Hall of Fame Member, Developer and Community Leader, and codeveloper of the planned Live! Casino Resort in Petersburg. "The casino will not only create good-paying jobs for our residents but will also attract visitors statewide and beyond, stimulating local businesses and in turn producing an overall ripple effect of economic growth. Now that the voters have spoken, we look forward to working with the City of Petersburg and the Virginia Lottery to secure all of the necessary permitting, licensing and regulatory approvals for this project to move forward." The casino project is part of a larger revitalization plan for Petersburg, which has faced economic challenges in recent years. This initiative, alongside other investments in infrastructure and local businesses, will position the city for long-term growth and success. "The approval of the destination resort and casino in Petersburg marks a significant milestone for our City," said Mayor Sam Parham, City of Petersburg, VA. "Voter approval follows a three-year journey on this transformative project that will bring positive change to Petersburg for generations. This destination resort, casino, retail, and residential development will be the largest economic and tourism project in Petersburg's history. City Council and administration look forward to working with The Cordish Companies and Bruce Smith Enterprise to positively impact our community and its prosperity." Live! Casino Resort will be a catalyst for change and significant urban development, transforming the City through the creation of a thriving entertainment and hospitality destination. The project will set a new standard for gaming, hotels, and entertainment in the Commonwealth, and serve as a new world-class attraction for Petersburg and the greater Central Virginia region. The project site, ideally situated at the intersection of Wagner Road and Interstate I-95, has easy access on and off the East Coast's major north-south interstate. "Today is a new day for residents of Petersburg," said Zed Smith, Chief Operating Officer of The Cordish Companies. "This community has waited a long time for an economic development project of this size and scale, which will provide a huge boost for the City and the entire region. We cannot wait to start hiring local residents and partnering with local businesses and entrepreneurs. Thank you, Petersburg, for placing your trust and confidence in our team. We look forward to delivering results for you and being a part of this great community for decades to come." In its first 10 years, Live! Casino Resort will generate: - $2.8 billion in economic stimulus to the region - $504 million in tax revenues including $240 million to the City of Petersburg alone - $802 million in economic benefits during construction - $201 million in annual economic benefits each year after opening - Over 7,500 new construction and permanent jobs ranging from hospitality and gaming staff to administrative and management roles, providing opportunities for people across different skill levels. Upon completion, the world-class Live! Casino Resort destination will feature: - More than 400,000 square feet of first-class gaming, hotel and dining space - 35,000 square feet of meeting and convention space - An upscale 200-room hotel featuring 20 suites, resort pool and fitness center - 1,600 state-of-the-art slot machines - 46 live action table games, including a 15-table poker room - High limit slot and table areas and a sportsbook - A 3,000-seat state-of-the-art entertainment venue for top talent from across Virginia and the greater region, as well as for meetings, conventions and social gatherings - 8 best-in-class food and entertainment options, including 3 spaces that will be reserved for local Petersburg restauranteurs and businesses - Free surface parking Plans for the proposed project include opening an initial first phase casino one year after all applicable approvals to immediately begin creating jobs, vendor opportunities and economic benefits for the city. The initial phase will feature at minimum: - 1,000 state-of-the-art slot machines - 23 live action table games - A dedicated 15 table poker room - Casino bar and casual restaurant - Over 1,500 free guest and team member parking spots
Voters in Virginia approve Cordish casino project
is republished from Online.CasinoCity.com.
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