The newest casino in Virginia is now officially under construction.
A groundbreaking ceremony was held in Petersburg for the much-anticipated Live! Casino Resort and Hotel.
Bruce Smith, founder of Bruce Smith Enterprise and former NFL star, was part of the groundbreaking ceremony. He is a Norfolk, Virginia native and played football at Virginia Tech. He captured the project's potential impact, stating, "No longer will people drive past Petersburg; instead, they will make plans to drive to Petersburg."
Construction of Petersburg Casino To Happen in Three Phases
The development got the final green light for zoning permits less than a month ago. The enthusiasm from local residents was hard to ignore, as approximately 80% voted in favor of the casino last November.
The first phase of construction will be the casino, which will open in 2026. Later phases will add the entertainment center, hotel, and conference center.
The project is expected to generate a staggering $2.8 billion, with $240 million directly benefiting Petersburg.
What Will The Live! Casino Offer Visitors?
The Live! Casino Resort's ambitious plans include more than 400,000 square feet of premium gaming, hotel, and dining spaces. It will also feature 35,000 square feet dedicated to meeting and convention areas. Visitors can look forward to staying in an upscale 200-room hotel equipped with 20 luxurious suites, a resort pool, and a state-of-the-art fitness center.
Gaming enthusiasts will not be disappointed with the casino. Its amenities include:
- 1,600 state-of-the-art slot machines
- 46 live-action table games
- 15-table poker room
There will also be high-limit slots, a sportsbook, and a 3,000-seat entertainment venue.
New Virginia Casino Expected To Generate Revenue and Jobs
The developers predict that within its first ten years, the casino resort will create over 7,500 construction and permanent jobs, significantly boosting the local economy.
Virginia lawmakers originally selected Richmond for a new casino resort, with Urban One set to operate it. However, residents voted against the proposal in both 2021 and 2023. As a result, the legislature shifted the casino project to Petersburg.
This groundbreaking marks a new chapter for Petersburg and will be added to Virginia's already booming casino industry.
Online Casinos in Virginia Could Be Legal Soon
But more revenue generating opportunities may be on the way.
Currently, Virginia does not have any legal online casinos, but that could soon change if Senate Bill 827 is approved. This bill, if passed, would legalize and regulate online casinos.
If it passes, the Virginia Lottery Board will oversee the online casino industry, granting gaming licenses to Virginia's four active casino operators: Caesars Virginia,Norfolk, Hard Rock Bristol, and Rivers Casino Portsmouth. With these licenses, each operator could run up to three legal online casinos in Virginia.
Casinos applying for a gaming license will need to pay a $1 million application fee. The state will impose a 15% tax on online casino revenue, with 2.5% of that allocated to responsible gambling programs. The rest will go into the state's general fund.
In a unique move compared to other states, Virginia's proposed bill also allows live dealer games for online casinos. We’ll wait to see how it all plays out.
