State Advocates for Establishing Governing Body to Allocate Casino Tax Revenue in Petersburg, Virginia
In a move aimed at determining the distribution of local casino tax revenues, Delegate Mike Cherry has proposed a bill, HB 2232. The bill seeks to create a five-member panel, the Tri-Cities Improvement Commission (T-CIC), to oversee the distribution of funds from a casino in the Petersburg area.
The T-CIC will consist of representatives from Petersburg, Hopewell, Colonial Heights, Dinwiddie County, and Prince George County. Commissioners will serve two-year terms. The panel's primary task will be to receive disbursements and determine the funding priorities among all localities within a 10-mile radius, with an average annual household income under $81,000.
The proposed commission is a response to the 2022 approval by Petersburg residents for a Las Vegas-style resort in the area, worth $600 million, by the Cordish Companies and Bruce Smith Enterprise. This approval came after Richmond locals rejected the plans for a casino.
Under current Virginia law, the city hosting the casino retains 6% of the taxed sum. However, the state takes an 18% cut of the revenue of casinos earning up to $200 million a year, 23% for casinos earning up to $400 million, and 30% for casinos earning over $400 million.
Delegate Cherry, a former army member and active pastor, believes the casino is a major revenue driver, and the community should reap some benefits. On the other hand, Councilor Marlow Jones opposes the proposal, calling it a deliberate attempt to keep Petersburg shackled in the shadows of prosperity.
Meanwhile, the Tysons casino in Fairfax County continues to raise concerns. Intelligence and defense experts have long opposed the proposed Tysons casino plan, to the dismay of local unions. Some believe that the Tysons casino project could represent a threat to national security.
Senate Majority Leader Scott Surovell has submitted SB 982 to greenlight the Tysons casino's development. The outcome of this bill's passage may impact the future of casino development and revenue distribution in Virginia.
Read also:
- Li Auto faces scrutiny after crash test involving i8 model and a truck manufacturer sparks controversy
- Construction and renovation projects in Cham county granted €24.8 million focus on energy efficiency
- Threat looms over an ancient rock art site in Australia as the government prolongs the existence of a giant gas facility nearby
- Weekly proceedings in the Federal Diet (Bundestag)
