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Post on: April 15, 20,24, 11h33.
Updated on April 15, 2024 at 11:33 a.m.
Cordish Companies unveiled Monday details about its redesigned pitch for an $1.4 billion mixed use development in Virginia’s Petersburg that will feature a casino integrated into the resort.
Cordish, Live! Casinos and casinos Hospitality districtsIn 2022, he first proposed a casino in Petersburg. As the chances of Virginia’s city being awarded a casino license increase Through state law The Baltimore firm updated its message and improved it in response to a local referendum.
Cordish Reps Told Casino.org The company today announced its partnership with Virginian and NFL Hall of Famer Bruce Smith, whose real estate development business is Bruce Smith Enterprise. This project will create a new entertainment and housing district that includes a casino destination called Live! Casino & Hotel Virginia.
Cordish said in a statement that the project proposed would result in billions of dollars worth of economic benefit for both the state and economy. Distressed city And employ thousands of individuals.
Live! Virginia Blueprint
Live! Casino & Hotel Virginia plan calls for over 400,000 square feet of gaming, hotel, and dining space.
There would be 1,600 slots, 46 table games with live dealers, 15 poker tables, and an online sportsbook. Resort component will include 200 suites and rooms, fitness and resort center, concert hall with 3,000 seats, eight restaurants, bars, resort pool. Cordish says the resort’s 1,500 workers will receive an average of $70,000 in annual compensation, which includes “life-enhancing benefits.”
Cordish has set its sights on the casino at the corner of Wagner Road, and Interstate 95. According to the company, its partnership with Bruce Smith Enterprise marks the first time in gaming history that a minorities-owned firm has been a development partner. Smith says he is honored to be a part of this partnership.
Smith added, “I’m certain that Bruce Smith Enterprise will be the ideal partner for this endeavor because we have the same vision. And I know the needs of Petersburg City and its people.” We can work together to transform lives and restore hope in Petersburg.
Cordish would, in the event that its Petersburg casino was approved, open the “initial stage” within one year to “begin the creation of jobs”, while the permanent resort construction is underway. Cordish, Smith, and their casino revenues would, of course also be used to finance this scheme.
Live!’s 50% minorities will also include Smith. Virginia’s 50% minority composition would also include Gary McCollum from Cox Communications, Bill McMullen of the University of Virginia All-American and Philadelphia Eagle, as well as members of the Reynolds Metals family based in Richmond.
Cordish has not yet provided details regarding the $1.4 billion mixed-use scheme nor the amount of money that will be spent on the resort. The artist renderings show an expansive complex that appears to have a number of apartment buildings and condos surrounded by office and retail space.
The Path to Ballot
Virginia legislators agreeing to Gov. Glenn Youngkin’s (R) proposed changes to the Petersburg casino bill — specifically, Removing the reenactment Clause — the Petersburg City Council would be cleared to field formal bids for the gaming opportunity. A Request for Proposal was recently submitted by the city. A few responses by companies.
Bally’s Corporation and Penn Entertainment expressed interest along with The Warrenton Group, Rush Street Gaming & The Warrenton Group.
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