Petersburg creates a board for Live! Casino Virginia funds
The seven-member board will recommend how to use 5 per cent of Cordish’s annual benefit payments, and City Council decides.
Key takeaways:
- Petersburg and The Cordish Companies announced on 23 October a seven-member Local Advisory Board to recommend how a portion of Live! Casino Virginia payments are invested locally.
- The city will reserve 5 per cent of Cordish’s annual benefit payments for projects beyond those funded through its regular share of casino tax revenue, such as education, housing, economic development and non-profit support.
- The temporary casino has generated more than US$105m in adjusted gross revenue and over US$16m in state and local taxes; the permanent venue is set to open in late 2027.
US.- Petersburg, Virginia, has established a seven-member Local Advisory Board to recommend how a portion of the payments linked to the Cordish Companies’ upcoming Live! Casino Virginia will be invested in the community. The city and casino developer, The board will review funding requests and submit recommendations to Petersburg City Council, which will make the final allocation decisions.
Under the Petersburg casino agreement, the city will reserve 5 per cent of Cordish’s annual benefit payments for projects beyond those funded through its regular share of casino tax revenue. Eligible priorities include education, housing improvements, economic development and support for local non-profit organisations.
The board brings together representatives from local government, the Virginia legislature, economic development and casino management. Its members are:
- Cordish Gaming Group President Rob Norton
- Vice Mayor Darrin Hill
- State Senator Lashrecse Aird
- Delegate Kimberly Pope Adams
- Former mayor and council member Annie Mickens
- Economic Development Authority Chair Sam Rhue
- Former authority member Richard Taylor.
Mayor Sam Parham said said the board would help direct funding towards projects and services for residents, including young people and older adults.
Under a 2024 agreement, Cordish is to pay Petersburg US$16m over 10 years. The company made a separate, one-time US$15m payment when the temporary casino opened in January. Located off I-95, the venue has 75,000 square feet of gaming space, more than 900 slot machines and over 30 table games. Since opening, it has generated more than US$105m in adjusted gross revenue and over US$16m in state and local tax revenue.
Construction is underway on the permanent venue set to open in late 2027 on the same 100-acre site. The venue will cover approximately 445,000 square feet. It will have a casino with 1,600 slot machines, more than 60 table games, including a 22-table poker room, high-limit slot and table areas and a sportsbook. It will also feature nearly 20 restaurants and bars, more than 70,000 square feet of meeting, convention, and entertainment space, a 200-room hotel featuring 25 suites, a pool and a fitness centre.
Frequently asked questions (FAQs)
- What will Petersburg’s Local Advisory Board do? It will review funding requests and send recommendations to City Council, which decides how the money is allocated.
- Who sits on the board? Cordish Gaming Group President Rob Norton, Vice Mayor Darrin Hill, state Sen. Lashrecse Aird, Del. Kimberly Pope Adams, former mayor Annie Mickens, EDA Chair Sam Rhue and former authority member Richard Taylor.
- When will the permanent casino open? Late 2027, on the same 100-acre site, with about 445,000 square feet, 1,600 slot machines, more than 60 table games, a sportsbook and a 200-room hotel.
