Virginia: Temporary casino site to open within a year should Petersburg voters approve it on November's referendum

The co-developers of Petersburg's proposed $1.4 billion casino complex, The Cordish Companies and Bruce Smith Enterprise, said that should voters greenlight their plans on a November 5 referendum, a temporary site will go on Brassfield Parkway off Wagner Road in the city’s southern end while the final project is being built there. The developers shared details of what the first phase of the project entails. 

According to a statement released Wednesday morning, the developers say the interim gaming parlor will include 1,000 slot machines, 23 live-action table games, a 15-table poker room, a casino bar and casual restaurant, and more than 1,500 free guest and employee parking spots. Once the permanent complex is completed, the temporary casino will be incorporated into the venue.  

"The partners intend to quickly open an initial first phase casino within a year of voter approval to begin creating jobs, vendor opportunities, tax revenues, and many economic benefits immediately for the city of Petersburg and its residents," the statement read, as reported by The Progress Index. 

Wednesday's statement from Cordish and BSE was their first about the project since the referendum was approved and put on the ballot. 

For his part, Zed Smith, Cordish's Chief Operating officer, said: "We are thrilled to bring this scale of economic development to the community of Petersburg and look forward to working with the city and commonwealth to deliver a game-changing destination that will benefit Petersburg for generations to come."

Earlier this month, the Virginia Lottery Board approved Petersburg’s request for a referendum. Last week, Petersburg Circuit Court Judge Dennis Martin authorized placement of the referendum on the November 5 ballot that will also include elections for president and U.S. Senate and House of Representatives; and three seats each for City Council and School Board.

Long-range annual revenue projections for the completed development are $240 million for Petersburg and as much as $2.8 billion for central Virginia within the entire development’s first decade. 

The project will be managed by Petersburg Community Development Investors, LLC with a 50% equity stake. Cordish and BSE say it will be the largest minority-run gaming partnership in the country. 

The permanent casino complex will include over 400,000 square feet of gaming, hotel, and dining space; 35,000 square feet of meeting and convention space; an upscale 200-room hotel featuring 20 suites, a resort pool, and a fitness center; 1,600 state-of-the-art slot machines; 46 live-action table games, including a 15-table poker room; a high limit slot and table areas and a sportsbook; a 3,000-seat state-of-the-art entertainment venue; eight best-in-class food and entertainment options, including three spaces that will be reserved for local Petersburg restauranteurs and businesses; and free surface parking. 

Petersburg and the developers plan for the complex to be the anchor of a multi-use business and residential community stretching across the entire 92-acre parcel. Cordish and BSE expect it to generate more than 7,500 jobs in both construction and business operations. 

Petersburg joins Bristol, Danville, Norfolk, and Portsmouth as Virginia's casino hosts. It replaced Richmond after voters there twice rejected a casino referendum. Bristol and Danville opened temporary casinos while their partners Hard Rock and Caesars, respectively, get final locations ready for opening later this year. Rush Street Gaming-owned Rivers Casino opened its permanent site on Victory Boulevard in Portsmouth.