The Cordish Companies proposes new $1.4 billion casino resort in Virginia

The Cordish Companies has unveiled plans to codevelop a new $1.4 billion casino resort in Virginia in partnership with Bruce Smith Enterprise.

Responding to a request for proposal issued by the City of Petersburg, the Live! Gaming & Entertainment District will be anchored by Live! Casino & Hotel Virginia, and located at the intersection of Wagner Road and Interstate I-95 with easy access on and off the East Coast's major north-south interstate.

The proposed project promises to generate billions of dollars in economic benefits and spinoff development, creating thousands of new jobs and benefitting the local community as a major new tourist destination.

“We are incredibly proud to join Bruce Smith and his team to present our vision for a transformational, world-class destination in Petersburg,” said The Cordish Companies chief operating officer Zed Smith. “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.”

Bruce Smith, the NFL Hall of Fame member who heads up Bruce Smith Enterprise, commented: “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.”

Upon completion, the Live! Casino & Hotel Virginia resort destination will feature more than 400,000 square feet of gaming, hotel and dining space, including 1,600 slot machines, 46 live action table games, high limit slot and table areas, and a sportsbook.

In its first ten years, Live! Casino & Hotel is expected to generate $2.8 billion in economic stimulus to the region, and $504 million in tax revenues (including $240 million to the City of Petersburg). The company expects to generate $802 million in economic benefits during construction and $201 million in annual economic benefits each year after opening, and create over 7,500 new construction and permanent jobs.

Plans for the proposed project include opening an initial first phase casino within a year. This will include 1,000 slot machines, 23 live action table games, and a dedicated 15 table poker room.

Authorization of a casino in Petersburg is subject to legislative approval by the Virginia General Assembly, Governor Glenn Youngkin, selection by the City of a preferred developer and development site, and licensing by applicable Commonwealth agencies including the Virginia Lottery.

The bid from the Cordish Companies goes up against rival bids from Bally's, Delaware North, Penn Entertainment, and Rush Street Gaming. The new casino project would be subject to voter approval at a proposed referendum in November.