by Jon Baliles
The casino project proposal in Petersburg was unveiled this week and it is a big one. In poker terminology, it could be considered an “all-in” proposal. The Progress–Index reports that The Cordish Companies propose a $1.4 billion “‘city within a city’ of entertainment, retail, office and residential property. Its centerpiece would be Live! Casino & Hotel Virginia, a 670,000-square foot complex that would include more than 200 hotel rooms, an entertainment arena, and more than 2,000 slot machines and 60 gaming tables.”
The proposal got the nod from Petersburg City Council this week as they formalized the partnership, but it still has to run the gauntlet at the General Assembly, and then a referendum of the voters in Petersburg. It also has to survive a chess-match of lobbying against Richmond as they try to get their casino off of life support and back to the ballot for the third time after it was rejected by voters in 2021, and then blocked by legislation in the state budget, and then withdrawn from consideration in 2022. Third time is the charm!
The Petersburg project location at Wagner Road and Interstate 95 has a lot of room to grow and the proposal even has a few (but smaller) similarities to the Green City Project in Henrico, except with a casino instead of an arena as its focal point. It, like Green City, will be built in phases and have two hotels and a large retail and residential component.
Cordish envisions building out the development in three phases, with the casino and hotel going up first. The second phase would be growing more retail businesses and possible entertainment amenities such as movie theaters around the casino and hotel. The third phase, according to Cordish, would be development of around 1,300 residential units and an eventual second hotel toward the back of the property. Continue reading
