Developers break ground on Live! Casino Resort and Hotel Virginia
Petersburg city officials and developers officially broke ground on the city’s $1.4bn casino resort.
US.- Bruce Smith Enterprise and The Cordish Companies have celebrated the groundbreaking of the upcoming Live! Casino Resort and Hotel Virginia in Petersburg. Executives from Bruce Smith Enterprise, The Cordish Companies, and Cordish Gaming were joined by Petersburg City mayor Sam Parham and members of Petersburg City Council, Virginia state senator Lashrecse Aird, state delegate Kim Taylor and other business and community leaders at the project site.
The resort is part of a larger $1.4bn master plan scheduled for a mixed-use resort destination to be developed in phases. The project is located off the Wagner Road Exit of Interstate I-95 and is slated to open in 2027. A temporary gaming facility will open by the end of this year, creating an estimated 500 new jobs and vendor opportunities.
In its first 10 years, the project is expected to generate $2.8bn in economic stimulus for the region, $504m in tax revenues, including $240m for the city of Petersburg, $802m in economic benefits during construction, $201m in annual economic benefits each year after opening and 7,500 new jobs: 6,100 during construction and 1,400 new permanent jobs.
Bruce Smith, founder of Bruce Smith Enterprise, said: “It has been a source of immense satisfaction and pride to partner in this incredible development. For far too long people have simply driven by the City of Petersburg, but today marks the beginning of a new era in which Petersburg will become a prime destination. This pivotal project will ignite tourism, create jobs, and ultimately deliver on the promise of greater opportunity and upward mobility for local families. As a champion of Petersburg and its residents, I am happily confident that this historic development will uplift, empower, and enrich this community for years to come.”
Zed Smith, chief operating officer for The Cordish Companies, said: “Today marks a monumental day for The Cordish Companies as we expand our Live! brand into the Central Virginia region with the development of Live! Casino & Hotel Virginia.
“Our company is a national leader in successfully developing and managing large-scale urban revitalisation projects across the country. Live! Casino & Hotel will be a transformative development that will bring a world-class gaming and entertainment experience to millions of visitors, create significant new jobs, and generate millions of dollars in economic benefits for the community that will provide a beneficial impact for generations. We look forward to making an immediate impact on the region with the construction of a temporary gaming facility that will be operational before the end of 2025, so that we can begin creating jobs, vendor opportunities and economic benefits for the City.”
