Voters in Virginia endorse casino development south of Richmond
Rewritten Article
By: Grant M.11/07/2024 06:00 Industry InsightsPhoto by Flickr, CC by-SA 2.0
Crucial Facts
- The soon-to-unveil casino spans a whopping 400,000 square feet, hefting a hefty price tag of $1.4 billion
- Forecasters predict this monster facility will spawn 10,000 jobs and create $1.1 billion in tax revenue for local and state governments
- Three other gambling temples are under construction in good ol' Virginia at the moment
Grant's no stranger to Virginia soil, a once-a-time scholar at Virginia Tech, a former NCAA track athlete, and a die-hard sports enthusiast and punter. He's got a knack for keeping folks in the loop on sports betting news, bringing fresh updates as they break. After grinding his way into the big leagues in 2021, he's worked impressive gigs with heavyweights like Forbes and VSiN and built himself a solid reputation. When Grant takes a break from the grind, you can catch him pumping iron, strolling around town, or glued to the screen catching the game of the day.
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The Live Casino & Hotel Virginia project, under construction in Petersburg, off Interstate 95, is no joke. This colossal endeavor, backed by Bruce Smith Enterprise and the Cordish Companies, is projected to be the city's largest economic and tourism milestone, aiming to establish Petersburg as a major attraction and provide a boost in job opportunities[1][3].
The $1.4 billion project encompasses some 400,000 square feet of gaming and entertainment real estate. The initial phase of development will see a $600 million investment, yielding a casino resort complete with 1,600 slot machines, 61 live dealer table games, a sportsbook, a 200-room hotel, eight restaurants, a resort pool and fitness center, a convention hall, a 4,000-seat theater, and more[3].
Prior to the grand opening expected in 2027, construction workers will construct a temporary gaming facility, slated to have 900 slot machines, 33 live-action table games, a bar, and a quick-service restaurant, available by the end of the year[1].
This upcoming casino is anticipated to create employment opportunities both directly and indirectly, as local contractors and businesses collaborate with the project[1][3].
Citing the Virginia tax structure, the casino's anticipated tax revenue for Petersburg and the state is expected to be substantial once operational[4]. With the voter-approved casino hotel proposal now a reality, this project is set to put Virginia on the map as the fourth state for the Cordish Companies in the gaming scene[1][2][3].
- The Live Casino & Hotel Virginia, a collaboration between Bruce Smith Enterprise and the Cordish Companies, is poised to become Petersburg's largest economic and tourism milestone, attracting thousands of visitors and creating job opportunities.
- With an investment of $600 million in the initial phase, the project will offer a casino resort featuring 1,600 slot machines, 61 live dealer table games, a sportsbook, a 200-room hotel, eight restaurants, a resort pool and fitness center, a convention hall, a 4,000-seat theater, and more.
- Before the grand opening in 2027, a temporary gaming facility will be constructed, offering 900 slot machines, 33 live-action table games, a bar, and a quick-service restaurant.
- The casino, operational by the end of the year, is expected to create both direct and indirect employment opportunities for locals, with contractors and businesses collaborating on the project.
- Citing the Virginia tax structure, the anticipated tax revenue for Petersburg and the state is expected to be substantial once the casino is operational.
- The project will further bolster the Cordish Companies' presence in the gaming industry, marking their fourth state involvement.
- Online casinos, sports betting, and progressive jackpot slot machines may soon become popular trends in the tech-driven casino industry, as they offer convenience and exciting gaming experiences.
- In finance and casino-and-gambling news, Mitchell, who once studied at Virginia Tech and built a reputation in sports betting news, has provided insightful updates on the development of casinos and casino games, including the Live Casino & Hotel Virginia project.
