Petersburg is inching closer to placing a monumental bet on its future, as the Lottery Department has recently given the green light for the city to host a casino. This pivotal decision certifies Petersburg as a potential casino city and paves the way for the next crucial round – a local referendum. The grand plan now awaits a nod from the Petersburg Circuit Court. Should everything roll as planned, the referendum will coincide with the general election on November 5.
Petersburgers Will Have the Final Vote
The Petersburg City Council has anteed up by scheduling a special meeting at 8:30 a.m. on Monday. The agenda? To pass a resolution seeking the court’s approval for the referendum. According to Joanne Williams, city spokesperson, an official statement will be released during this powwow, shedding light on the finer details of the casino venture.
This exciting casino project is being helmed by PPE Casino Resorts Petersburg, LLC, a dynamic partnership between the Baltimore-based Cordish Companies and Bruce Smith Enterprises, the brainchild of NFL Hall of Famer Bruce Smith. They’ve recently pulled back the curtain on their dazzling proposal for Live! Casino & Hotel Virginia and disclosed the estimated stakes.
The first phase of this ambitious development, contingent on a thumbs-up from voters in the fall referendum, involves a hefty ante of $142.63 million to erect a temporary casino that promises to be operational within a year of approval. The next phase sees an eye-popping wager of $454.22 million to build a five-star hotel resort decked out with multiple dining venues and amenities along with an expansive, permanent casino floor.
The Project Will Kickstart Petersburg’s Economy
PPE has its cards on the table to construct this glittering casino resort on a sprawling 92-acre site off Wagner Road and Interstate 95. The financing strategy, as per the Lottery Department’s filings, involves securing up to 50% of the construction costs through a loan from the New York-based M&T Bank, with the rest covered by PPE’s own cash equity. Not a dime of Petersburg’s public funds will be touching the construction pot.
This grandiose establishment is projected to employ around 7,500 people, with annual compensation averaging at a solid $70,000, perks and tips included. With Petersburg’s median household income in 2022 hovering around $47,000, this venture promises to deal some high-value hands to the locals in terms of desirable employment opportunities. Given the city’s unemployment rate of around 5%, there’s bound to be a full house when it comes to job applicants.
Big-picture projections estimate that the resort will inject an economic impact exceeding $200 million annually into Petersburg’s bloodstream – a major boost for the local community through substantial job creation and a surge in economic activity. Amidst all the glitter, however, there’s some apprehension. The specter of increased gambling harm could potentially weigh down the referendum’s chances.
