On November 5, 2024, the residents of Petersburg, Virginia, made history by overwhelmingly supporting the casino referendum with more than 80% of votes in favor of the Live! Casino Resort project. This remarkable show of support marks the highest approval for a casino initiative in Virginia history and is a monumental step forward for Petersburg and its future.

A Vision for Economic Prosperity

The approval of the $1.4 billion Live! Casino Resort, co-developed by The Cordish Companies and Bruce Smith Enterprise, will serve as a catalyst for economic revitalization in Petersburg. Anticipated to open its first phase in 2026, the resort promises to deliver thousands of new jobs, generate billions in economic benefits, and greatly enhance the local community’s infrastructure and services.

Bruce Smith, Pro Football Hall of Fame member and owner of Bruce Smith Enterprise, expressed gratitude for the community’s backing, stating, “The casino will not only create good-paying jobs for our residents but will also attract visitors statewide and beyond, stimulating local businesses.” With this vote confirming the community’s confidence in the project, the developers are eager to secure all necessary permits and licenses to begin construction.

Transformative Development Ahead

This casino project isn’t just about gaming—it represents an ambitious rejuvenation plan for the city, which has faced economic challenges in recent years. Mayor Sam Parham noted, “The approval of the destination resort and casino in Petersburg marks a significant milestone for our City,” emphasizing the transformative potential this initiative holds for future generations.

Once completed, Live! Casino Resort will boast a range of features, including:

• Over 400,000 square feet of gaming, hotel, and dining space.
• A 3,000-seat entertainment venue for top talent and events.
• 1,600 state-of-the-art slot machines and 46 live action table games.
• An upscale hotel featuring a resort pool and 20 suites.

The anticipated development is projected to generate $504 million in tax revenues, with $240 million earmarked for Petersburg alone, helping to support community services such as education and public safety.

Job Creation and Community Engagement

One of the most significant impacts of the Live! Casino Resort will be job creation. The project is expected to generate over 7,500 new jobs, with a commitment to hiring local residents. Roles will span various fields, including gaming operations, hotel management, marketing, and more.

To ensure that Petersburg residents benefit from these opportunities, the developers will host community-based job fairs and workshops, offering tailored recruitment services and training programs. Additionally, Live! Casino Resort is committed to sourcing goods and services locally, boosting economic growth within the region.

A Commitment to Community Partnerships

The Cordish Companies and Bruce Smith Enterprise have long valued community engagement and support. They plan to act as conveners for local non-profits and community organizations, assisting in fundraising and volunteer efforts to foster a sense of cooperation and shared purpose within Petersburg.

Advertisement

Zed Smith, Chief Operating Officer of The Cordish Companies, stated, “This community has waited a long time for an economic development project of this size and scale… We cannot wait to start hiring local residents and partnering with local businesses and entrepreneurs.”

As Petersburg embarks on this exciting new chapter, residents can look forward to a revitalized city that promises not only economic growth but a stronger sense of community spirit and opportunity for all. With the recent approval of Live! Casino Resort, the future of Petersburg shines brighter than ever.

For more information about the Live! Casino Resort project, please visit valive.casino.

The successful passage of the casino referendum in Petersburg stands as a testament to the city’s vision for a prosperous future. With the commitment of The Cordish Companies and Bruce Smith Enterprise, as well as unwavering community support, Petersburg is on the brink of transformation, setting the stage for a new era of economic vibrancy and community enrichment.

https://prnmedia.prnewswire.com/news-releases/petersburg-virginia-residents-vote-yes-for-live-casino-resort-the-cordish-companies-and-bruce-smith-enterprise-celebrate-passing-of-historic-casino-referendum-302297632.html

SOURCE The Cordish Companies

STM Daily News is a vibrant news blog dedicated to sharing the brighter side of human experiences. Emphasizing positive, uplifting stories, the site focuses on delivering inspiring, informative, and well-researched content. With a commitment to accurate, fair, and responsible journalism, STM Daily News aims to foster a community of readers passionate about positive change and engaged in meaningful conversations. Join the movement and explore stories that celebrate the positive impacts shaping our world.

Advertisement

https://stmdailynews.com/

Inflation remains one of the most discussed and misunderstood economic issues affecting the United States today. With rising prices impacting everything from grocery bills to gas stations, understanding the underlying causes, ongoing impacts, heresies and speculations, and possible solutions is essential. In this blog, we delve into the complexities of inflation and examine the role of government actions, particularly under the Biden Administration, in managing this economic challenge.

What Causes Inflation?

Inflation can arise from several sources, categorized mainly into three types: demand-pull inflation, cost-push inflation, and built-in inflation.

• Demand-pull inflation occurs when the demand for goods and services exceeds their supply.
• Cost-push inflation is caused by an increase in the costs of production, such as raw materials and wages.
• Built-in inflation emerges from the expectation of future price increases, leading workers to demand higher wages, which companies pass on to consumers as higher prices.

Understanding these mechanisms is crucial to addressing inflation effectively, as each type may require different policy responses.

Current Causes of Inflation in the US

Today, the US economy faces inflation driven largely by post-pandemic economic recovery dynamics. Key factors include supply chain disruptions, increased consumer spending, substantial government stimulus measures, and global economic pressures. Each of these factors has combined in unique ways to push prices upward, albeit hopefully temporarily.

Heresies, Speculations, and Truths

A significant point of contention and speculation revolves around the concept that corporations are exploiting these turbulent times to increase prices disproportionately, thereby boosting profits at the expense of consumers. While businesses are indeed facing increased costs, the extent to which these are being passed on to consumers varies by industry and firm, leading to debates over potential price gouging.

This raises an essential question: Are current inflation trends purely the result of macroeconomic factors, or are they exacerbated by strategic corporate pricing behaviors? The truth likely lies somewhere in between, reflecting the complex interplay of cost-driven pricing adjustments and market power.

Policy Responses and Actions by the Biden Administration

Addressing inflation requires a combination of monetary policy, fiscal adjustments, and targeted interventions.

• Monetary Policy: Traditionally managed by the Federal Reserve, this includes manipulating interest rates and controlling the money supply to temper economic overheating.
• Fiscal Policy: Here, government spending and taxation play roles—areas where the administration has significant influence.
• Regulatory Measures: The government can enforce antitrust laws, monitor unfair pricing practices, and ensure a competitive market environment.

Under President Biden, the Inflation Reduction Act represents a broad policy measure ostensibly designed to tackle inflation by making long-term investments in energy infrastructure, healthcare, and tax reforms. While its name suggests an immediate reduction in inflation, its actual impacts are geared more towards future economic stability and growth.

Furthermore, the administration can support the economy through social programs, wage supports, and direct financial aid, which can alleviate the burden on consumers and help stabilize demand.

Something to Think About

While inflation remains a pressing issue, it is clear that no single policy or action can completely address its varied causes. A balanced approach that includes responsible monetary policy, prudent fiscal management, and firm regulatory oversight is essential. Moreover, clear communication and strategic planning by the administration can help set realistic expectations and guide the economy toward a more stable future.

Advertisement

In tackling inflation, understanding its roots, dispelling myths, and implementing a holistic strategy are vital steps forward for the Biden administration and other stakeholders. As we navigate these economic challenges, staying informed and engaged is crucial for all citizens.

References and Resources

Understanding inflation involves a multi-faceted approach, taking into account economic theories, current events, and policy impacts. Here are some resources that can provide a well-rounded view of the ongoing discussions and analyses regarding inflation in the current US economy:

1. Federal Reserve Economic Data (FRED) – St. Louis Fed

• Website: FRED – Economic Data
• Description: Access a wealth of data on inflation, interest rates, employment, and more. An invaluable tool for analyzing economic trends.

1. Bureau of Economic Analysis (BEA)

• Website: BEA – U.S. Economic Accounts
• Description: Find detailed economic analyses and data on GDP, consumer spending, and corporate profits, all of which tie into broader inflation discussions.

1. The Economist – Finance and Economics Section

• Website: The Economist
• Description: Offers insightful articles on global and US economic conditions, including expert analyses on inflation and government policies.

1. “The Causes and Consequences of Inflation” – Brookings Institution

• Website: Brookings
• Description: Brookings provides thorough research articles and papers on economic topics, including detailed discussions on inflation causes and effects.

1. “Inflation Dynamics and Monetary Policy” by the International Monetary Fund (IMF)

• Website: IMF Publications
• Description: This paper discusses inflation dynamics and the impact of monetary policy, offering a global perspective that can also be applied to the US context.

1. Wall Street Journal – Economy Section

• Website: WSJ – Economy
• Description: Regular updates on economic trends, inflation rates, and Federal Reserve actions, with professional commentary.

1. “Principles of Economics” by N. Gregory Mankiw

• Where to find: Amazon or your local bookstore
• Description: Although not an article, this textbook provides a solid foundation in economic principles, including detailed discussions on how inflation works.

1. National Bureau of Economic Research (NBER)

• Website: NBER
• Description: A wealth of research papers on economic topics, including inflation studies that help explain current trends in the US.

By exploring these resources, you can gain a deeper insight into how inflation is currently affecting the US economy, what the potential future trends could be, and how policy decisions influence the economic outlook.

STM Daily News is a vibrant news blog dedicated to sharing the brighter side of human experiences. Emphasizing positive, uplifting stories, the site focuses on delivering inspiring, informative, and well-researched content. With a commitment to accurate, fair, and responsible journalism, STM Daily News aims to foster a community of readers passionate about positive change and engaged in meaningful conversations. Join the movement and explore stories that celebrate the positive impacts shaping our world.

https://stmdailynews.com/category/stories-this-moment

Hurricane Relief

(Family Features) In the wake of Hurricanes Helene and Milton, entire communities have been torn apart, lives were lost, families displaced and children left without schools. Recovery is lengthy – and costly – requiring people to come together to help with relief efforts.

While meeting the specific needs of hurricane survivors, from shelter, food and water to emergency supplies and repair assistance, estimated at $250 billion, is vital to recovery, making a monetary donation is one of the quickest and easiest ways to help ensure those needs are met.

That’s why United Way Worldwide (UWW) and Paramount Global are hosting a one-hour special, United Way Benefit for Hurricane Relief, at 8 p.m. ET/PT Saturday, Nov. 2 on the CBS Television Network and CMT – available to stream live on Paramount+ with Showtime – to mobilize communities and raise critical funds for relief and recovery.

The event will feature some of the biggest names in music, television and entertainment including performances by Brittney Spencer, Chris Janson, Clay Aiken, Jonathan McReynolds and Tyler Hubbard with special messages and appearances by Backstreet Boys, Billy Bob Thornton, Billy Burke, Blake Shelton, Carly Pearce, Cedric The Entertainer, Cody Alan, JB SMOOVE, Kelsea Ballerini, Max Thieriot, Nate Burleson, Stephen Colbert, Taye Diggs and Zac Brown Band.

“In times of crisis, United Way mobilizes the caring power of communities to help people in need,” said Angela F. Williams, president and CEO of UWW. “United Way Benefit for Hurricane Relief is an opportunity to unite people to help the individuals and families impacted by the devastating hurricanes. Because united is the way to create long-term and lasting resiliency for individuals, families and communities.”

Proceeds from the benefit will support immediate hurricane relief and long-term recovery efforts and benefit individuals and families across the southeastern United States. Every minute you watch and every dollar given helps fund shelter, meals and other critical support services.

“Paramount Global and its brands are proud to collaborate with United Way Worldwide on the United Way Benefit for Hurricane Relief in reaching audiences across the U.S. to help those impacted by Hurricanes Helene and Milton,” said Melissa C. Potter, executive director, Content for Change, Paramount Global and UWW board of trustees. “I’ve seen firsthand how United Way rallies local leaders, cross-sector partners and the community to aid people during times of crisis, and the resources raised by this benefit event will help those in need to recover and rebuild.”

Advertisement

In the last four years alone, United Way has responded to more than 200 disasters around the world, including droughts, water crises, hurricanes, fires and floods, and mobilized resources by facilitating more than $219 million in outside investments to support local needs.

“The impact of Hurricane Helene on our community and this region is almost impossible to comprehend,” said Dan Leroy, president and CEO of United Way of Asheville and Buncombe County. “Recovery is a marathon that won’t end in weeks or months – it’ll take years. Thanks to the generosity of those contributing to the United Way Benefit for Hurricane Relief, we can make sure that 5, 10 and 20 years from now, our neighbors and families will not only rebuild but thrive. United, we will emerge stronger.”

To learn more or donate, visit unitedway.org/benefit or text “RECOVERY” to 40403.

SOURCE:
United Way Worldwide

The Bridge is a section of the STM Daily News Blog meant for diversity, offering real news stories about bona fide community efforts to perpetuate a greater good. The purpose of The Bridge is to connect the divides that separate us, fostering understanding and empathy among different groups. By highlighting positive initiatives and inspirational actions, The Bridge aims to create a sense of unity and shared purpose. This section brings to light stories of individuals and organizations working tirelessly to promote inclusivity, equality, and mutual respect. Through these narratives, readers are encouraged to appreciate the richness of diverse perspectives and to participate actively in building stronger, more cohesive communities.

https://stmdailynews.com/the-bridge