Operator News
Petersburg chooses $1.4bn Cordish Companies bid to go before referendum in November
By Phil - 25 April 2024
Petersburg City Council has again selected Cordish Companies as the operational force behind its casino, should locals vote in the proposal at a referendum on November 5.
Cordish, who was previously selected by Petersburg in 2022 only for the referendum to fail, beat off competition from four other developers to earn the preferred status, namely Bally’s, Rush Street Gaming, the Warrenton Group and Penn Entertainment.
“The City of Petersburg is thrilled to have selected Bruce Smith Enterprise and The Cordish Companies as development partners after a thorough RFP process and extensive review by outside consultants,” said Mayor Sam Parham, City of Petersburg. “An important part of our evaluation was to identify a development team with a proven track record in developing and operating mixed-use and casino properties, a long history of revitalizing cities across the country, and strong community engagement practices. Bruce Smith and Cordish’s experience, comprehensive project master plan and visionary approach, ideal site location, robust financial strength, and commitment to swift market entry make them the clear and unanimous choice of both our consultants and City Council. The City has worked very hard to get to this point, and we believe that it is imperative to continue moving this project forward as expeditiously as possible so that we can meet the deadline to get this in front of our citizens for a referendum vote this November.”
The project 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. 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. The partners intend to quickly open an initial first phase casino within a year of voter approval to begin creating jobs, vendor opportunities and economic benefits immediately for the City of Petersburg and its residents.
Petersburg Council Member W. Howard Myers highlighted that the council’s decision was based on a financial report into the candidates.
He said: “I am ecstatic about the potential transformative opportunities the Cordish Companies are to unleash. The City of Petersburg has been grossly underrated and disenfranchised for decades. As a former Mayor and member of City Council, my respect for Mayor Samuel Parham leading the team is unmatched as my successor in the drive to accomplish the greatest feats of a city broken by the color of its skin.
“We, the City Council, are proud of these accomplishments and further hold our Citizens in the highest regard for their future and financial well-being. Petersburg a city that changed a Global Society setting the stage for the Civil Rights Movement out of Gillfield Baptist Church with the resilience of a better future for the Commonwealth of Virginia and the world.”
“Bruce Smith Enterprise and The Cordish Companies are thrilled and extremely honored to be selected by the City of Petersburg to codevelop a $1.4bn, transformational mixed-use development,” said Bruce Smith, Pro Football Hall of Famer, Prominent Virginian Developer and Community Leader. “A venture of such magnitude offers a historic opportunity to revivify this jewel of a city, and we are galvanized and ready to deliver a project that uplifts and radically restores the life-blood of Petersburg and its citizens. We look forward to collaborating with the City and Commonwealth to build a world-class Live! gaming and entertaining destination that will create thousands of high-paying jobs and generate billions in economic benefits that profit the citizens of Petersburg. In the end, this development will offer more than a premier resort casino; it will represent a hopeful new beginning.”
“We extend our thanks to the entire Petersburg City Council for its thoughtful decision to select Bruce Smith Enterprise and The Cordish Companies as development partners for this transformative, world-class destination in Petersburg,” said Zed Smith, Chief Operating Officer for The Cordish Companies. “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, and together with Bruce as our development partner, no one comes close to our combined history of success and capabilities to deliver on a destination of this scale and complexity. Together, we share core values in investing for the long-term and creating jobs and lifechanging opportunities for the community, and we are excited to continue moving forward on executing on those commitments. We are look forward to working with the City and Commonwealth to deliver a game-changing destination that will benefit Petersburg for generations to come.”
Cordish wants to build 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.
