Virginia Lawmaker Wants Piece of $600 Million Live! Casino Pie

A new $600 million casino is set to be built in Petersburg, Virginia, but a lawmaker in a neighboring community wants to ensure his area will receive a share of the revenue. 

This comes amid issues to get a casino at Tysons Corner. 

The Lawmaker Seeking Share of Revenue

Del. Mike Cherry, a Republican from Colonial Heights, has represented the 66th district since Jan. 2022. 

Cherry, a retired United States Air Force master sergeant and now pastor by day, did vote in favor of legislation that would allow Petersburg residents to bring a Vegas-like casino to town.

In the 2024 election, citizens backed the casino, which came via a bid from Cordish Companies and Bruce Smith Enterprise. 

Now, Cherry doesn’t believe only Petersburg should benefit from the casino, Live! Casino & Hotel Virginia 

On Jan. 7, 2025, he filed House Bill 2232, which seeks to add a panel consisting of representatives from Hopewel, Colonial Heights, and Petersburg, along with Prince George and Dinwiddie counties. 

This committee would determine how local tax revenue from casinos would be dispersed. 

Tax From Casino Structure

Casino gambling was authorized in VA in 2020, but only in a handful of cities. Plus, any casino property would need to have public support via a referendum. 

Originally, Richmond was approved, but after two rejected plans, Petersburg got in on the action. 

Per the 2020 casino gaming law, annual revenue from casinos is taxed at an 18% rate up to $200 million. The tax rate then increases to upward of 30% for $400 million in revenue. 

Of that taxed revenue, 6% would stay with the host city.

After Hard Rock’s development passed, the rate was increased to 7% by the Regional Improvement Commission. 

The body consists of reps from 12 area counties and two cities. 

Cherry is pitching something similar. 

“The purpose of the Commission shall be to receive disbursements made to it, establish funding priorities from such disbursements for member localities related to improvements in the areas of education, transportation, and public safety, and make annual payments divided equally among the jurisdictions to fund the established priorities as determined by the Commission,” Cherry’s bill reads.

Each commissioner would serve for two years. 

Petersburg Not In Favor

Petersburg Councilor Marlow Jones has said that Live! coming to Petersburg is their “moment.” 

City officials in Petersburg believe that neighboring communities will already benefit from the new casino. 

Cordish estimates there will be an economic stimulus of $2.8 billion to Central Virginia over the first 10 years. 

This project is estimated to bring 7,500 construction and permanent jobs with an average salary of $70k plus benefits.