Petersburg, Virginia, has made a resounding decision, selecting The Cordish Companies to spearhead the city’s casino project pending a public referendum. This unanimous vote by the city council underscores a pivotal moment for Petersburg’s future.
Councilor Howard Myers, a driving force behind the decision, expressed his enthusiasm for the potential transformation the Cordish proposal could bring. In his words, the opportunity is “potentially transformative,” highlighting the significant impact the project could have on the city’s trajectory.
Unveiling the Decision Process
Myers shed light on the decision-making process, revealing insights gleaned from a 90-minute closed session. He cited the recommendation from Petersburg’s Chief Financial Advisor, Davenport & Co., as a crucial factor in selecting Cordish over competing proposals.
The selection of Cordish over notable contenders such as Bally’s Corporation and Penn Entertainment signifies a strategic move towards revitalizing Petersburg’s economic landscape.
Behind this pivotal decision lies legislative support, spearheaded by individuals like State Senator Lashrecse Aird. Aird’s advocacy paved the way for Petersburg to join the ranks of Virginia cities embracing the gambling industry. The removal of legislative hurdles during the reconvened session further solidified Petersburg’s path towards the referendum.
Aird emphasized the role of the General Assembly in propelling Senate Bill 628 forward, he said, “during the reconvened session, the General Assembly took action to move [Senate Bill] 628 forward, which allows Petersburg to be an eligible host city and move towards a referendum on a casino. As a result, the city had the responsibility for the next steps which included the selection of an operator, which they have formally now done.”
The Cordish/BSE proposal holds promises of substantial economic benefits, job creation, and community development. The project aims to position Petersburg as a prominent tourist destination within the Central Virginia region.
The proposed site’s strategic location at the intersection of Wagner Road and Interstate I-95 ensures convenient access, positioning the casino as a focal point along the East Coast’s major artery.
In their statement, The Cordish Companies and BSE underscored the projected impact of the project, emphasizing its potential to catalyze spinoff development and inject vitality into Petersburg’s economy.
With the groundwork laid and the selection made, Petersburg embarks on a journey towards a future brimming with economic promise and transformative growth.
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