With the approval of the state lottery, Petersburg’s bid to host the casino has made significant progress. Authorities certified the city as the host city of the casino and authorized it to proceed with a local referendum. The next step in the process requires approval from the Petersburg Circuit Court. If things go as planned, the referendum will coincide with the Nov. 5 general election. 토토사이트 추천
Petersburgers will make the final vote
The Petersburg City Council scheduled a special meeting at 8:30 a.m. on Monday to adopt a resolution calling for the referendum to be approved. According to city spokesman Joanne Williams, the council will make an official statement during the meeting highlighting more details related to the project.
The proposed casino project in Petersburg is led by PPE Casino Resort Petersburg, LLC, a partnership between the Baltimore-based Kodish Company and Bruce Smith Enterprises, owned by NFL Hall of Famer Bruce Smith. The consortium recently released details about their proposed Live! Casino & Hotel Virginia, including estimated costs for the project.
The initial stage of the development is to invest $142.63 million to build a temporary casino, subject to voter approval in the fall referendum, and begin operations within a year of the success of the vote. The second stage is to invest $454.2 million in the construction of a five-star hotel resort with a wider permanent casino floor with diverse restaurants and amenities.
a project that will start Petersburg’s economy
PPE plans to build a casino resort on a 92-acre site off Wagner Road and Interstate 95. According to a filing with the Lottery Department, the company plans to raise up to 50 percent of the casino’s construction costs through loans from Buffalo, a New York-based M&T bank, with the rest through cash stakes in PPE. Public money from Petersburg will not be used for the construction.
The final resort will have to employ around 7,500 people and receive an average annual compensation of $70,000, including benefits and tips. For comparison, the median household income in Petersburg in 2022 was $47,000, indicating that the project should provide desirable work opportunities for locals. The city’s unemployment rate remains at around 5%, so casinos shouldn’t have a shortage of workers.
Developers expect the resort to bring economic effects of more than $200 million a year to Petersburg. Such significant economic effects will bring real benefits to the community through job creation and increased economic activity. However, the high-profile casino’s prospects have raised concerns about a potential increase in gambling damage that could affect the outcome of the upcoming referendum.
