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This post was published on April 9, 2024 08:06h.
Updated on April 9, 2019, 8:06 a.m.
Last month, the Petersburg City Council issued a Request for Proposal. This period ended with five companies expressing interest in working together on an upcoming casino resort.
The state lawmakers voted this year to move the Richmond casino Petersburg, about 25-miles south of Petersburg. Residents in the capital had twice rejected becoming a destination for casinos. Petersburg may soon be joining NorfolkPortsmouth, Danville, Bristol and Danville have all been named as casinos by lawmakers in the state.
Gov. Glenn Younkin returned this week to the General Assembly legislation to allow the financially depressed city of Ypsilanti to become a Casino. The Governor asked both the House of Delegates & Senate to The reenactment of the clause is removed This would mean that state legislators must vote on the designation of the Petersburg Casino again before any local referendum can be conducted.
Petersburg Officials in February launched the casino RFP The city received five responses to gauge interest. Casino developers and operators from across the country responded to five of the city’s requests.
Handful Of Replies
The Cordish Companies were among the five firms that submitted the RFP. They are Bally’s Corporation (formerly Penn Entertainment), Rush Street Gaming and The Warrenton Group.
Penn Entertainment has its headquarters in Pennsylvania. It is the largest regional casino developer and operator of all time. It is primarily known as Hollywood Casino.
Cordish’s headquarters are in Baltimore. By 2022 they will be pitching a $1.4billion mixed-use resort development in Petersburg with an integrated casino. Cordish owns and operates four Live! casinos in Maryland, Pennsylvania.
Bally’s Casinos are based out of Rhode Island. They’re developing a $1.1billion casino downtown Chicago. However, the company has been dealing with financial difficulties and recently was dealt a $1.1 billion casino in downtown Chicago. Multiple credit downgrades.
Rush Street Gaming, headquartered in Chicago, owns and runs Rivers Casino Portsmouth. Rivers casinos are run by this company in Pennsylvania and Illinois as well as New York.
Warrenton, a Washington-based firm of real estate developers that has built over $1 billion worth of real estate in Washington D.C. claims to be an “innovator”, in terms developing “mixed income and market rate housing”. No casino is owned by the company.
Cordish Favorite Nouns
The state legislature in 2021-2022 considered giving Petersburg a gaming license. Petersburg and Cordish partnered at this time to pitch a $1.4billion project, which was going to be developed in phases over several years.
Virginia General Assembly eventually gave up on Petersburg’s efforts in those legislative sessions. Petersburg came under fire for not seeking a competitive offer for a possible casino. It also appeared to have struck a deal in secret with Live! casino operator.
This time, city officials have a transparent attitude. Cordish thinks it is still the best option for Petersburg, which has a majority Black population.
Cordish, a company that specializes in the sale of branded products and services, has collaborated with NFL Hall of Famer Bruce Smith. Smith is a Norfolk-native who played in the NFL for 19 years with both Buffalo Bills.
Smith, whose playing career ended at the end of 2003, has said that Petersburg officials must choose a Virginia-based developer.
Smith, in an official release by Cordish said that outsourcing a project this large to a developer visiting from another country who does not have ties to or an interest in improving the local community would do little to solve the problem. In order to change outcomes for historically underserved and disenfranchised populations, we need the opportunity to build our communities.
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