Source Link: https://news.worldcasinodirectory.com/cordish-companies-plans-a-1-4-billion-casino-resort-in-petersburg-106552
The initial stage of the project would include a 200-room hotel and dining and retail facilities in the 230,000-square-foot casino building. Subject to state approval of Petersburg as an eligible host city allowing casino gaming, the first phase of the project would be completed in about two years. In 2020, the General Assembly approved casino gaming in five other cities following the voters’ approval.
Regulator’s assessment:
Voters in Richmond approved only one casino resort proposed in South Richmond in 2021. After the revision sought by Richmond, Joint Legislative Audit and Review Commission found that both cities could support casinos. The Commission’s study, released on October 17, said that the proposed casino in Petersburg could annually generate $204 million in gaming revenue and create about 1,300 jobs. The study also assessed that a casino in Richmond would generate about $300 million and 2,000 jobs within the same time frame.
If both cities develop casinos, the Commission said that the Petersburg facility would reduce the annual gaming revenue by $64 million and local taxes by around $4 million. Such a situation would also create 300 fewer jobs at the Petersburg casino.
