PETERSBURG, Va. (WRIC) -- Petersburg is taking a major step toward economic growth as voters overwhelmingly approved the city's proposed $1.4 billion casino project, with nearly 82% of residents backing the referendum, according to unofficial results. The casino, a project spearheaded by Cordish Companies, is poised to transform the city’s economy, according to supporters, creating thousands of jobs and generating millions in revenue. The approval of the Live! Casino Resort will bring a 92.5-acre resort complex to Petersburg, located just off Wagner Road, behind the Sheetz convenience store. The first phase of the development is expected to break ground early next year, according to Cordish, with the resort slated to open its doors in 2026, pending final regulatory approvals from the Virginia Lottery. Economic Boost and Job Creation Supporters of the proposal say the casino is projected to generate significant economic benefits, including more than 7,500 new jobs in its first decade. According to Cordish Companies, the development will contribute $2.8 billion in economic impact and $504 million in total tax revenue, including $240 million allocated directly to the city of Petersburg. Petersburg Mayor Samuel Parham expressed his enthusiasm for the project, noting that it will provide much-needed economic opportunities for the city’s residents, particularly in terms of job creation. "We want everyone to come and be a part of the change, be a part of this new economic engine that's coming to the city," Parham said. Upon completion, the project will reportedly feature: More than 400,000 square feet of first-class gaming, hotel and dining space 35,000 square feet of meeting and convention space An upscale 200-room hotel featuring 20 suites, a resort pool and fitness center 1,600 state-of-the-art slot machines 46 live action table games, including a 15-table poker room High limit slot and table areas and a sportsbook A 3,000-seat state-of-the-art entertainment venue for top talent from across Virginia and the country, as well as for meetings, conventions and social gatherings Eight best-in-class food and entertainment options, including three spaces that will be reserved for local Petersburg restaurateurs and businesses Free surface parking A Long-Awaited Victory While a casino proposal was rejected twice in Richmond, Petersburg's approval marks a major victory for the supporters. "What you saw last night is a step in that direction to give our children and our children's children something to look forward to, something to grasp," Parham said. "Having a live casino right here in [the] small city of Petersburg is something to be proud of." The project has received widespread bipartisan and community support, which helped secure its approval. As plans move forward, the city is making preparations to ensure that Petersburg residents benefit from the jobs created by the casino. Job Training and Community Engagement In anticipation of the new job opportunities, the city plans to hold job information sessions at the Petersburg Public Library to help residents get the training and skills needed to fill these positions. "We're having those discussions now because we want to get ahead of the curve because I want Petersburg residents with jobs first and it's been a really strong point to get that job training in Petersburg -- those construction jobs and those long-term jobs here," Parham said. Though the referendum results are still pending certification, the overwhelming support from voters signals that the community is eager to embrace the new development. As construction on the casino begins in early 2025, Petersburg looks ahead to a future fueled by job growth, increased tax revenue and a revitalized local economy.