The city of Petersburg, Virginia, has announced the creation of a Local Advisory Board (LAB) to screen requests and make recommendations for funding set aside from Live! Casino Virginia revenue for community projects and city initiatives.
Petersburg has placed the review of funding requests from its casino benefit payments in the hands of a seven-member Local Advisory Board, which will send its recommendations to City Council.
The seven-member board will screen all requests for funding from the casino’s benefit payments, with the City Council then set to receive the board’s recommendations on its use.
The city and The Cordish Companies, co-developer and operator of the Petersburg casino, jointly announced the appointments on October 23, according to a report by The Progress-Index.
Lawmakers and local figures fill board seats
The panel brings together three local and state lawmakers, a former Petersburg mayor, the chair of the Petersburg Economic Development Authority (EDA), a former EDA member and the president of gaming operations for the casino co-developer.
Its members are:
- Rob Norton, President of the Cordish Gaming Group;
- Petersburg Vice Mayor Darrin Hill;
- State Sen. Lashrecse Aird, D-Henrico County;
- Del. Kimberly Pope Adams, D-Dinwiddie County;
- Annie Mickens, former Petersburg Mayor and Councilor;
- Sam Rhue, Chair of the Petersburg EDA; and
- Richard Taylor, a former EDA member who is active in various community events.
The LAB is the second casino-related advisory panel in Petersburg. The city also formed a board made up of citizens, and that group will also have input on how casino revenues will be spent.
How the community fund is financed
The money under the LAB’s review originates from the agreement that brought a casino to Petersburg. Under its terms, the city agreed to set aside 5% of each annual benefit payment it receives from Cordish.
These funds will support local priorities beyond the city’s normal share of casino tax revenue, and they can cover anything from education and economic development to housing revitalization and support for local nonprofits.
Under the 2024 agreement, Cordish is paying Petersburg a total of $16 million over the next 10 years. Apart from the annual benefit payment, Cordish also gave the city a one-time $15 million payment when the temporary casino opened for business in January.
Mayor and operator state their expectations
“When we announced the destination resort & Casino, we told our residents and businesses it would deliver a major economic boost to the city,” Mayor Sam Parham said in the joint statement.
“With the Local Advisory Board up and running, we have a clear path to deliver on that promise. The board will recommend investments in services and projects that benefit our youth, our seniors, and residents for years to come,” Parham added.
Norton added in his statement: “Our project will bring thousands of new jobs and millions in new tax revenue to the city. Beyond this major impact, Petersburg also will receive additional funding that the Local Advisory Board and City Council can use to support key city programs and services meeting a variety of local needs.”
Temporary venue generates early revenue
The temporary casino has generated more than $105 million in adjusted gross revenue and more than $16 million in state and local tax revenue since its opening.
The 75,000-square-foot facility opened on January 22 and will remain in operation until the permanent resort is completed by December 2027.
Live! Casino & Hotel Virginia is a $1.4 billion resort and entertainment development now under construction off Wagner Road in southern Petersburg. Over its first 10 years, the project is expected to generate about $240 million in revenue for the city and to create thousands of construction and permanent jobs in the region.
Petersburg is one of five casino host cities in Virginia, along with Bristol, Danville, Norfolk, and Portsmouth.