New Advisory Board Formed for Petersburg Casino Fund

The city of Petersburg in the U.S. state of Virginia has formed a new advisory board to manage the resources that the upcoming Live! Casino Virginia facility will provide to local projects and services. The seven-member Local Advisory Board will review funding requests and advise on how part of the annual payments from casino developer The Cordish Companies should be used. The city and the company announced the appointments on October 23.

Under the terms of the casino agreement, the city will set aside 5 percent of Cordish's annual benefit payment for social priorities beyond the city's regular casino tax share. This funding may be used for areas such as education, housing improvements, economic development, and support for local nonprofit organizations.

The board will submit its recommendations to the Petersburg City Council. The final decision on how the money is distributed will be made by the council. The board includes local and state officials, economic development representatives, and figures from casino management. The list includes Rob Norton, chairman of Cordish Gaming Group, Petersburg Vice Mayor Darrin Hill, and state senator Lashrecse Aird.

Mayor Sam Parham said the casino project is being presented to residents and businesses as an opportunity that will benefit the city's economy. Parham said the new board will help direct investments toward projects that serve young people and older residents.

The developer also expects the facility to contribute to the city through employment and tax revenue. Under the 2024 agreement, Cordish will pay Petersburg a total of $16 million over ten years. A one-time payment of $15 million was also made after the temporary casino opened in January.