Cordish Companies Reveal Billion-Dollar Integrated Casino and Resort Proposal for Petersburg

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In a world ever-thriving on grandeur and glitz, the Cordish Companies, famed for their Live! casinos and hospitality districts, have divulged their revamped plan for a billion-dollar dream – a mixed-use development sporting an integrated resort casino in Petersburg – Virginia’s gem locale!

Their proposal, originally presented to Petersburg in 2022, stands heightened and fortified in anticipation of a favourable twist the gaming legislation is expected to take. With chances promising of Petersburg bagging a casino license, the Baltimore-based titan has polished its pitch to a dazzling top form.

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Cordish Companies have joined forces with NFL Hall of Fame’s Virginia-born star Bruce Smith’s real estate firm, Bruce Smith Enterprise. Together, they envision a lively entertainment and residential district, with the jewel in the crown being, what they plan to christen, Live! Casino & Hotel Virginia.

The dream doesn’t stop there. The project, according to a statement from Cordish, will also trickle billions in economic benefits into the state treasury and breathe a fresh lease of life into the economically distraught city, creating jobs by the thousands!

The roadmap for Live! Casino & Hotel Virginia sets out a sprawling expanse of more than 400,000 square feet slated to house gaming, dining and hotel facilities.

Picture this – a casino laden with 1600 slot machines, flanked with 46 live dealer table games, an exclusive 15-table poker room and a sportsbook. The resort part of the project would be home to 200 elegant rooms and plush suites, a resort pool along with a fitness center, a concert space with room for 3000, and a bevy of eight eateries and bars. The resort alone is set to offer employment to 1500 individuals, promising an average annual remuneration of a handsome $70K, coupled with life-enhancing perks!

The casino resort has its crosshairs aimed at the intersection of Wagner Road and Interstate 95, with the Cordish-Smith partnership considering it to be a first-of-its-kind venture in the gaming industry, with a minority-owned business as a co-development partner. Bruce Smith is gleefully welcoming of the honor.

Smith expressed their excitement, “I’m confident that Bruce Smith Enterprise and The Cordish Companies are the right partners for this endeavor because we share the same vision and grasp the needs of the City of Petersburg and its people. Together, we can have a transformational impact on Petersburg that will instill vibrant vitality, renew hope, and catalyze a momentum of rejuvenation that will resonate for generations.”

Should the Petersburg casino realize, Cordish has plans to initiate the construction of an ‘initial phase’ within a year of approval to commence job creation while the resort takes its due form. The revenue from the casino is also tagged to be a financial pillar in the execution of the project.

The project is designed to include racially diverse stakeholders with a 50% minority composition for Live! Virginia. Key partnerships will feature former executive of Cox Communications, Gary McCollum, former Philadelphia Eagle and University of Virginia All-American Bill McMullen, and the Reynolds family, owners of the renowned Reynolds Metals headquartered in Richmond.

The specifics of the mixed-use facets of the $1.4 billion venture remain shrouded, but the plan is understood to encompass a large residential arena including apartment and condominium buildings, retail outlets, and office spaces.

This dazzling spectacle now awaits active bidding. Should the Virginia Legislature accept Governor Glenn Youngkin’s proposed tweaks to the Petersburg casino bill, and the Petersburg City Council bestow formal consideration upon it, the city could witness a gaming marvel. The city has already signed off on a Request for Proposal (RFP) receiving interest from leading companies.

Apart from Cordish, other industry giants like Bally’s Corporation, Penn Entertainment, Rush Street Gaming, and The Warrenton Group are also queued to throw their hats in the ring.