Cordish Companies reveals plans for $1.4bn Petersburg casino resort
The city of Petersburg, Virginia, has selected the Cordish Companies as development partner for its proposed casino.
US.- The Cordish Companies has unveiled details for a $1.4bn mixed-use development in Petersburg, Virginia. The Live! Gaming & Entertainment District will be located at the intersection of Wagner Road and Interstate I-95, with easy access to the east coast’s major north-south interstate.
The casino resort will feature more than 670,000 square feet of gaming, hotel, dining and entertainment space; an upscale 200-room hotel featuring 20 suites, a pool and a fitness centre; over 2,000 slots, electronic table games and 60 live-action table games including poker; a sportsbook and event centre for entertainment, meetings, conventions, over a dozen dining and entertainment options and free surface parking.
Over the first 15 years of operation, Cordish Companies expects to generate $3.60bn in economic stimulus for the region, $675m in gaming tax revenue and $220m in annual economic benefits.
Cordish Companies said the project will create more than 4,000 new jobs including 2,500 construction jobs and 1,500 permanent jobs in hotel operations, finance, marketing, human resources, information technologies, food and beverage, security and surveillance and casino operations.
Petersburg mayor Sam Parham said: “The details unveiled today show what the City’s vision is for this type of project and why we wanted to work with Cordish as the developer. An important part of our selection process was to identify a development partner 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.
“Cordish is the only company, of the many we consulted with, that showed Petersburg a plan that goes beyond a casino and gives us a path to revitalize our city. We are confident that we have the ideal partner in The Cordish Companies to bring our vision to fruition.”
Zed Smith, chief operating officer of The Cordish Companies, said: “The Cordish Companies is pleased to unveil details today for this major transformative development.
“Live! Gaming & Entertainment District will be a catalyst for change and significant urban development, will transform the City by creating a thriving entertainment and hospitality attraction for the entire Region, and provide first-class amenities for the local community while generating spin-off economic development, creating thousands of new jobs for area residents, and substantial opportunities for local, minority, women-owned, and veteran-owned businesses. We look forward to continuing our work with the City to bring their vision to life.”
See also: Temporary Hard Rock Casino Bristol opens in Virginia
