Details of The Cordish Companies' revised proposal, which calls for a $1.4 billion mixed-use project with an integrated resort casino for Petersburg, Virginia, were released on Monday.
In 2022, Petersburg received a casino proposal from Cordish, the company that runs Live! casinos and entertainment areas. The Baltimore-based company has refreshed and bolstered its presentation, as the likelihood of the Virginia city receiving a gambling license through state legislation and a subsequent municipal referendum has increased.
Representatives from Cordish informed Casino.org on Monday that the company has teamed up with Bruce Smith Enterprise, a real estate development company run by the NFL Hall of Famer and native of Virginia, to create a residential and entertainment district that will be anchored by the Live! Casino & Hotel Virginia gaming destination.
According to a Cordish statement, the project will create jobs for thousands of people and bring in billions of cash for the state and the struggling city.
Virginia Blueprint Live!
There will be more than 400,000 square feet of gaming, lodging, and dining area according to the Live! Casino & Hotel Virginia plan.
There would be 1,600 slot machines, 46 table games with live dealers, 15 tables in the poker room, and a sportsbook inside the casino. A 3,000-seat concert hall, eight restaurants and bars, 200 guestrooms and suites, a resort pool, and a fitness facility would all be part of the resort. There would be 1,500 jobs at the resort, and according to Cordish, the average yearly salary of $70K would include "life-enhancing benefits."
The casino complex near the junction of Wagner Road and Interstate 95 is the focus of Cordish's attack. The company claims that having a minority-owned company as a co-development partner in its relationship with Bruce Smith Enterprise is a first for the gaming industry. Smith is really delighted to accept this accolade.
"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,” Smith said. “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.”
Should Cordish's casino in Petersburg receive approval, it plans to operate the "first phase" of the establishment within a year in order to "start creating jobs" while the permanent resort is being built. Of course, the money from the casino would also help Cordish and Smith finance the plan.
Smith would be part of a 50% minority group for Live! Virginia, which would also include the Reynolds family, who own Reynolds Metals, based in Richmond, former Cox Communications executive Gary McCollum, and former Philadelphia Eagle and University of Virginia All-American Bill McMullen.
Details on the $1.4 billion project's mixed-use components and the percentage allotted to the resort were not promptly provided by Cordish. On the other hand, artist representations depict a large complex that seems to consist of multiple apartment and condominium towers encircled by retail establishments and office space.
Way to Cast a Ballot
The removal of the reenactment provision from the Petersburg casino bill, as suggested by Gov. Glenn Youngkin (R), would allow the Petersburg City Council to invite formal bids for the gaming opportunity. A few companies responded to the request for proposals (RFP) that the city recently finished.
The Warrenton Group, Penn Entertainment, Rush Street Gaming, Bally's Corporation, and Cordish also shown interest.
