After Richmond failed to pass a referendum to build a casino, a neighboring city, Petersburg, is moving ahead with a $1.4 billion casino project.
Live! Casino & Hotel Virginia is a partnership between Bruce Smith Enterprise and the Cordish Companies.
Executives took part in a groundbreaking ceremony last month for the casino which will be located off Interstate 95.
“It has been a source of immense satisfaction and pride to partner in this incredible development,” said Bruce Smith, a pro football hall of fame member and founder of Bruce Smith Enterprise, based in Virginia Beach. “For far too long people have simply driven by the City of Petersburg, but today marks the beginning of a new era in which Petersburg will become a prime destination.
“This pivotal project will ignite tourism, create jobs and ultimately deliver on the promise of greater opportunity and upward mobility for local families. As a champion of Petersburg and its residents, I am happily confident that this historic development will uplift, empower and enrich this community for years to come.”
Temporary facility features
The temporary gaming facility will open by the end of the year.
- 75,000 square feet of gaming space
- 900 slots
- 33 live action table games
- Casino bar and quick service restaurant
Permanent facility features
Live! Casino & Hotel Virginia in Petersburg is slated to open in 2027.
- More than 450,000 square feet of gaming, hotel and dining space
- 75,000 square feet of meeting, convention and entertainment space
- 4,000 seat venue for concerts and special events
- 200-room hotel featuring 20 suites, resort pool and fitness center
- 1,600 slot machines
- 65 live action table games, including a 22-table poker room
- Sportsbook
- 10 food and entertainment options, including local partners
Project expectations: First 10 years in Petersburg
- Generate $2.8 billion in economic stimulus to the region
- $504 million in tax revenues including $240 million to the City of Petersburg
- $802 million in economic benefits during construction
- $201 million in annual economic benefits each year after opening
- 7,500 new jobs including 6,100 during construction and 1,400 new permanent jobs
The referendum for the Petersburg casino was approved overwhelmingly by voters in November. Petersburg City Council and Petersburg Planning Commission gave final approval for zoning permits approximately two months ago.
“The approval of the destination resort and casino in Petersburg marks a significant milestone for our city,” said Petersburg Mayor Sam Parham. “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.”
Richmond voters rejected a proposal for a casino resort twice – in 2023 and 2021.
Three casinos have already opened their doors to permanent casinos: Bristol, Danville and Portsmouth. Construction is also underway on a waterfront casino in Norfolk.
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For additional coverage in AFP, click here.
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Crystal Graham
