Cordish Publish Plans for New $1.4 Billion Casino in Virginia
Plans for a new $1.4 billion casino resort in Petersburg, Virginia, have been announced by the Cordish Companies and the real estate business Bruce Smith Enterprises.
Released images of the planned Petersburg resort project.
LISTEN TO THIS ARTICLE:Live! Casino & Hotel Virginia is set to be located near Interstate I-95, and according to Cordish, it will create more than 7,500 new jobs. The partnership between Cordish and Bruce Smith Enterprises is being led by NFL Hall of Fame member and Virginia native Bruce Smith. The plans were created following a request for proposals from Petersburg.
A 400,000 Square Feet Hotel and Casino Resort
The plans detail more than 400,000sq ft of gaming, hotel and dining space. The resort will house 1,600 slot machines, 46 gaming tables, a poker room, a high-limit slot area, and a sportsbook. There will also be a 3,000-seat entertainment venue, a 200-room hotel, eight dining options, and free surface parking.
If the plans are accepted, Cordish and Bruce Smith Enterprises hope to open a first-phase casino in the next year. It will include 1,000 slot machines, 23 table games, a poker room, a casino bar and restaurant, and some parking.
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A New Kind of Partnership for Cordish
According to Cordish, this is the first partnership of its kind in the gaming and entertainment industry in which a minority-owned business enterprise is a co-development partner.
The ownership team in Petersburg, consisting of 50% minority equity participation, is set to become the largest minority ownership opportunity in the gaming and hospitality sector in the US. Cordish believes that this project will serve as an example for future developments in Virginia and across the nation.
The group includes several notable minority businesses and individuals, such as former NFL player Billy McMullen and the Reynolds Family, founders of Reynolds Metals.
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. We are committed to excellence, creating unforgettable experiences for our guests, and treating our team members and communities like family.
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