{"id":238289,"date":"2022-10-19T10:02:53","date_gmt":"2022-10-19T15:02:53","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=238289"},"modified":"2022-10-19T11:34:09","modified_gmt":"2022-10-19T16:34:09","slug":"virginia-casino-study-finds-petersburg-suitable-for-gaming-development","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/virginia-casino-study-finds-petersburg-suitable-for-gaming-development\/","title":{"rendered":"Virginia Casino Study Finds Petersburg Suitable for Gaming Development"},"content":{"rendered":"<p class=\"p1\">A Virginia casino study conducted by the state&#8217;s Joint Legislative Audit and Review Commission (JLARC) has found Petersburg suitable to become a host gaming town.<\/p>\n<figure id=\"attachment_238295\" aria-describedby=\"caption-attachment-238295\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-238295 size-full\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/3110fdb8-0f62-48a6-a0af-2e4dd1a2112d-Morrissey_presser.jpg\" alt=\"Virginia casino study Richmond Petersburg\" width=\"1200\" height=\"800\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/3110fdb8-0f62-48a6-a0af-2e4dd1a2112d-Morrissey_presser.jpg 1200w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/3110fdb8-0f62-48a6-a0af-2e4dd1a2112d-Morrissey_presser-858x572.jpg 858w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/3110fdb8-0f62-48a6-a0af-2e4dd1a2112d-Morrissey_presser-430x287.jpg 430w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/3110fdb8-0f62-48a6-a0af-2e4dd1a2112d-Morrissey_presser-302x200.jpg 302w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/3110fdb8-0f62-48a6-a0af-2e4dd1a2112d-Morrissey_presser-238x158.jpg 238w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/3110fdb8-0f62-48a6-a0af-2e4dd1a2112d-Morrissey_presser-194x128.jpg 194w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption  id=\"caption-attachment-238295\"class=\"text-description\">Virginia State Senator Joe Morrissey speaks to the media after a state report on the fiscal implications of allowing casinos in both Richmond and Petersburg was made public on Oct. 17, 2022. The casino study concluded that casinos in each city would be profitable. (Image: <em>The Progress-Index<\/em>)<\/figcaption><\/figure>\n<p class=\"p1\">In 2020, Virginia authorized a single casino development in the cities of Richmond, Norfolk, Portsmouth, Bristol, and Danville. Each commercial gaming development required the local support of voters by way of a city ballot referendum. Voters in all localities, except Richmond, approved the casinos.<\/p>\n<p class=\"p1\">An effort has since been underway by the Richmond City Council to again ask residents about a casino. The local leaders, including Mayor Levar Stoney (D), hope a more coordinated message regarding the economic benefits of allowing a casino in the capital city will <a href=\"https:\/\/www.casino.org\/news\/richmond-casino-contract-with-urban-one-terminated\/\">result in a different outcome<\/a>. Richmond&#8217;s 2021 casino referendum was narrowly defeated by 51-49%.<\/p>\n<div class=\"callout\">\n<p class=\"p1\">While Richmond officials plan for a second gaming referendum, state Senator Joe Morrissey (D-Petersburg) is leading a legislative effort to reallocate Richmond&#8217;s casino opportunity to nearby Petersburg, just south of the capital.<\/p>\n<\/div>\n<p class=\"p1\">The JLARC study released this week found that Petersburg would attract adequate gamblers should the town be allowed to open a casino property. JLARC estimates that a Petersburg casino would generate $204 million in gross gaming revenue in its first full year in operation. That would lead to almost $25 million in tax revenue, with about half remaining in Petersburg, plus the creation of approximately 1,300 permanent jobs.<\/p>\n<h2 class=\"p1\"><b>Richmond Redo?<\/b><\/h2>\n<p class=\"p1\">Morrissey represents Petersburg and parts of Richmond, but he&#8217;s not in favor of re-asking Richmonders about a casino.<\/p>\n<blockquote class=\"main-blockquote\">\n<p class=\"p1\"><strong>Richmond had their chance,&#8221; <\/strong>Morrissey said this week. <strong>&#8220;They had a referendum and the people spoke.&#8221;<\/strong><\/p>\n<\/blockquote>\n<p class=\"p1\">JLARC took no formal position on whether allowing Petersburg to consider a casino is in the state and region&#8217;s best interests. Instead, the review commission investigated the financial performance of various theoretical casino scenarios.<\/p>\n<div class=\"callout\">\n<p class=\"p1\">If Richmond and Petersburg both open casinos, JLARC says the Richmond casino would be expected to generate about $250 million in annual gross gaming revenue (GGR). But the close competition would push the Petersburg casino&#8217;s annual GGR lower to around $140 million annually. If Richmond opens a casino but Petersburg does not, the capital casino would be projected to win more than $300 million off of gamblers a year.<\/p>\n<\/div>\n<p class=\"p1\">JLARC was assisted by the Innovation Group, a gaming research and advisory firm, in forecasting GGR for the potential casinos.<\/p>\n<h2 class=\"p1\"><b>2023 Legislative Showdown<\/b><\/h2>\n<p class=\"p1\">Morrissey plans to reintroduce legislation to designate Petersburg as a qualifying casino city when the state General Assembly convenes in January 2023. Richmond&#8217;s local leaders are also expected to reinitiate their quest for a second casino referendum.<\/p>\n<blockquote class=\"main-blockquote\">\n<p class=\"p1\"><strong>It&#8217;s pretty obvious this is going to be a major issue in the upcoming session,&#8221; <\/strong>said Sen. Janet Howell (D-Fairfax), who chairs both JLARC and the Senate Finance and Appropriation Committee. <strong>&#8220;It&#8217;s likely to be a brawl.&#8221;<\/strong><\/p>\n<\/blockquote>\n<p class=\"p1\">Morrissey says two casinos aren&#8217;t feasible, despite JLARC saying both would be profitable.<\/p>\n<p class=\"p1\">&#8220;We want a destination resort in Petersburg. If there are two casinos 25 miles from each other, they would cannibalize each other,&#8221; Morrissey concluded.<\/p>\n<p>Petersburg announced this week it&#8217;s partnering with Baltimore-based Cordish Companies to build a casino should one be authorized in the city. The closest <a href=\"https:\/\/www.casino.org\/news\/hard-rock-bristol-achieving-virginia-gaming-economic-goals\/\">casinos in development<\/a> to the Richmond-Petersburg area are the Portsmouth-Norfolk properties being built about 60 miles southeast. Morrissey has criticized the allowance of both Portsmouth and Norfolk building casinos, as the two cities neighbor one another in Hampton Roads.<\/p>\n<p class=\"p1\">The Pamunkey Indian Tribe and gaming billionaire Jon Yarbrough are partnering on a $500 million casino in Norfolk called HeadWaters Resort &amp; Casino. Rivers Gaming has been approved to build a $300 million casino in Portsmouth called Rivers Casino Portsmouth.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Virginia casino study conducted by the state&#8217;s Joint Legislative Audit and Review Commission (JLARC) has found Petersburg suitable to become a host gaming town. In 2020, Virginia authorized a single casino development in the cities of Richmond, Norfolk, Portsmouth, Bristol, and Danville. Each commercial gaming development required the local support of voters by way [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":238295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,61],"tags":[83326,82130,81995],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Virginia Casino Study Finds Petersburg Suitable for Gaming Development<\/title>\n<meta name=\"description\" content=\"A Virginia casino study conducted by the state&#039;s Joint Legislative Audit and Review Commission finds Petersburg suitable for a casino.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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The casino study concluded that casinos in each city would be profitable. 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Devin's passion for politics and background in the world of pop culture television gives him insight into the gaming industry backstories that often drive news these days. After graduating from Penn State University with a theater arts degree, he worked at MTV Networks\/Viacom from 2005 to 2010 as a writer and producer. His credits included Total Request Live, New Year's Eve specials, and a special featuring poker superstar Daniel Negreanu. He later moved on to the HGTV\/DIY Network, where he created, wrote, and produced three series specials: That's So House Hunters, That's So 80s, and That's So 90s. Devin came on board with Casino.org in 2014. He lives in Pennsylvania and is an avid marathoner, having completed 15 races. 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