A possible casino resolution is one of the noteworthy things on the Petersburg City Council’s list of legislative proposals, which is evidence of the council’s calculated actions. By 2025, the plan hopes to put the issue to a vote for the entire community, emphasizing the possible economic advantages comparable to those of nearby areas like Bristol and Danville.
The plan highlights Petersburg’s status as a distressed locality and views the casino project as a major source of financial assistance. Comparing Petersburg to Danville and Bristol, where Caesar’s Virginia and the Hard Rock casino have had a favorable impact, the proposal predicts job prospects that may exceed Petersburg’s present salary levels.
Successful Models in Bristol and Danville
Since opening on May 15, Caesar’s Virginia casino has reportedly brought in a sizable sum of money, according to Danville city authorities. The data shows a whopping $107.9 million in state gaming income in addition to $6.5 million in local taxes. Likewise, the Hard Rock Casino in Bristol, which has been operational since July 2022, has an impressive $215.7 million in gaming income from the state.
According to the Joint Legislative Audit Review Commission study, Petersburg’s projected gaming income is $204 million per year, with a targeted municipal tax revenue of $12.24 million.
Following the November 7 rejection of a casino referendum by Richmond voters, the decision to pursue a casino was made. Petersburg views the 61% vote against the proposed $562 million hotel and casino complex as a chance to make its case. A spokesman for the Petersburg City Council, Joanne Williams, pointed out that the new casino would provide the city’s flat tax base a much-needed economic boost.
Petersburg has put out a number of proposals for the forthcoming 2024 parliamentary session, which is set to start on January 10. A major focus of the city’s exploration of new economic growth paths is the proposed casino project.
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