Operator News
Cordish Companies unveils full details of latest bid to build in Petersburg
By Phil - 15 April 2024
Bruce Smith Enterprise and The Cordish Companies have now released full details of its proposal for the City of Petersburg, Virginia with plans to codevelop a $1.4bn Live! Gaming & Entertainment District, anchored by Live! Casino & Hotel Virginia.
Upon completion, the world-class Live! Casino & Hotel Virginia resort destination will feature more than 400,000 square feet of first-class gaming, hotel and dining space with 35,000 square feet of meeting and convention space. There will be an upscale 200-room hotel featuring 20 suites, resort pool and fitness center, 1,600 state-of-the-art slot machines, 46 live action table games, including a 15-table poker room, and a high limit slot and table areas and a sportsbook.
It will also boast a 3,000-seat state-of-the-art entertainment venue for top talent from across Virginia and the greater region, as well as for meetings, conventions and social gatherings, eight best-in-class food and entertainment options, including 3 spaces that will be reserved for local Petersburg restauranteurs and businesses.
Plans for the proposed project include quickly opening an initial first phase casino within a year to immediately begin creating jobs, vendor opportunities and economic benefits for the city. The initial phase will feature 1,000 state-of-the-art slot machines, 23 live action table game and a dedicated 15 table poker room.
The proposed site is ideally situated at the intersection of Wagner Road and Interstate I-95 with easy access on and off the East Coast’s major north-south interstate, making it the premier location in the Commonwealth. The partners also intend to quickly open an initial first phase casino within a year to begin creating jobs, vendor opportunities and economic benefits immediately for the City of Petersburg and its residents.
Bruce Smith Enterprise, led by legendary NFL Hall of Fame member and Virginia native Bruce Smith, and The Cordish Companies’ longstanding relationship dates back to 2008, and most recently the team has partnered to bring a world-class casino resort destination to the Commonwealth. The joint venture partnership is the first-of-its-kind in the gaming and entertainment industry to have a minority-owned business enterprise as co-development partner.
“I love Virginia. I was born and raised here. I attended VA Tech as a student athlete here, and after retiring from the NFL, I returned home with the inspiration and determination to help make it a more advantageous and prosperous place to live,” stated Bruce Smith, Pro Football Hall of Famer, Prominent Virginian Developer and Community Leader. “I have spent significant time in Petersburg talking with students and the community at large. I’ve had the opportunity to hear first-hand their stories of hardship, and I understand the struggle and the enormous challenges they face. Working as a developer in the state for over 20 years, I’m confident that Bruce Smith Enterprise and The Cordish Companies are the right partners for this undertaking, because we share the same vision and understand the needs of the City of Petersburg and its citizens. Together we can do remarkable work in Petersburg that will transform lives, restore hope, and ultimately imbue a new energy of revitalization that will be felt for generations. Our proposal represents a historic opportunity to prioritize the Petersburg community and put Virginians first.”
“We are incredibly proud to join Bruce Smith and his team to present our vision for a transformational, world-class destination in Petersburg,” said Zed Smith, Chief Operating Officer for The Cordish Companies. “As our development partner, Bruce shares our core values in investing for the long-term and creating jobs and opportunities for the community. No one comes close to our combined history of success and capabilities to be able to deliver a destination of this scale and complexity. The Cordish Companies’ track record for designing, financing, building, and operating large-scale mixed-use developments and casino resort destinations in the country is unmatched. Our success includes achieving every commitment, program, and goal in our proposals for cities across the country. We are committed to excellence, creating unforgettable experiences for our guests, and treating our team members and communities like family.”
The Live! Gaming & Entertainment District – anchored by Live! Casino & Hotel Virginia – will be a catalyst for change and significant urban development, transforming the City through the creation of a thriving entertainment and hospitality destination. Live! Casino & Hotel Virginia will set a new standard for gaming, hotels, and entertainment in the Commonwealth, and serve as a new world-class attraction for Petersburg and the greater Central Virginia region. In its first 10 years, Live! Casino & Hotel will generate $2.8bn in economic stimulus to the Region, $504m in tax revenues including $240m to the City of Petersburg, $802m in economic benefits during construction, $201m in annual economic benefits each year after opening and over 7,500 new construction and permanent jobs
Live! Casino & Hotel Virginia will be developed, owned, and managed by Petersburg Community Development Investors. Authorization of a casino in Petersburg is subject to legislative approval by the Virginia General Assembly, Governor, selection by the City of a preferred developer and development site, and licensing by applicable Commonwealth agencies including the Virginia Lottery.
