The Cordish Companies propose $1.4bn gaming project in Virginia
The Live! Gaming & Entertainment District would be located in Petersburg.
US.- The Cordish Companies and Bruce Smith Enterprise have proposed to codevelop a $1.4bn Live! Gaming & Entertainment District in Petersburg, Virginia, at the intersection of Wagner Road and Interstate I-95. The proposal is the response to a request for proposal issued by the city.
The development would include a Live! Casino & Hotel Virginia resort with more than 400,000 square feet of gaming, hotel, and dining space, 1,600 slot machines, 46 live table games, a 15-table poker room and a sportsbook. It would also feature 35,000 square feet of meeting and convention space and a 200-room hotel featuring 20 suites.
The partners plan to open an initial first-phase casino within a year with 1,000 slot machines, 23 live table games, a poker room, casino bar and a restaurant. The Cordish Companies said that in the first 10 years, Live! Casino & Hotel would generate $2.8bn in economic stimulus to the region and $504m in tax revenues, including $240m to the City of Petersburg. It estimates $802m in economic benefits during construction and $201m in annual economic benefits after opening.
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Zed Smith, chief operating officer for The Cordish Companies, said: “We are incredibly proud to join Bruce Smith and his team to present our vision for a transformational, world-class destination in Petersburg. As our development partner, Bruce shares our core values in investing for the long-term and creating jobs and opportunities for the community.
Bruce Smith, a pro football hall of famer, added: “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.”
