Petersburg Wants New Board to Supervise Casino Community Funding
Petersburg, Virginia, has established a seven-member advisory board to oversee community funding from the upcoming Live! Casino Virginia resort.Summary
Petersburg, Virginia, has formed a seven-member Local Advisory Board to oversee how a portion of the funds from the upcoming Live! Casino Virginia resort will be used to support local community projects. Under an agreement with developer The Cordish Companies, the city will allocate 5% of annual benefit payments toward priorities such as education, housing, economic development, and nonprofit support.
The board includes a mix of local and state officials, economic development representatives, and casino management. While the board will make recommendations, the Petersburg City Council holds the final authority on fund allocation. This initiative aims to ensure that the economic benefits of the $1.4 billion resort development directly serve residents, including youth and seniors.
The Cordish Companies is expected to pay Petersburg $16 million over ten years, following a separate $15 million one-time payment. The permanent resort is scheduled for completion in December 2027, and the project is projected to generate approximately $240 million in revenue for the city over its first decade.
(Source：Gamblingnews)