Cordish Companies, a retail estate company owned by Bruce Smith Enterprises and the Cordish Group have announced their plans to build a $1.40bn gaming and entertainment complex in Petersburg Virginia.
Cordish, who said that the Live! Casino & Hotel Virginia will create more than 7,500 jobs. Cordish said that it hoped the casino would become a popular tourist attraction in Old Dominion State.
Cordish and Bruce Smith Enterprises led by Virginia-born NFL Hall of Famer Bruce Smith submitted plans to the City of Petersburg in response a Request for Proposals. Since 2008, the two companies have partnered on various projects.
The planned venue will include more than 400,000 sq ft in gaming, dining and hotel space. Gaming area includes 1,600 slots, 46 tables with live action, poker, high-limit slot area, sportsbook and a poker room.
On-site, there are also eight restaurants, an entertainment center with 3,000 seats, and a hotel of 200 rooms.
Cordish and Bruce Smith Enterprises plan to open a first-phase casino in the coming year. The first phase will consist of 1,000 slots, 23 tables games, a dedicated poker room and a casino bar, restaurant, and parking.
Cordish and Cordish partner in a first-of-its kind partnership
Cordish stated that the joint venture is the industry’s first ever arrangement. This is the first project of its kind to include a business owned by a minority as a co-development partner.
Petersburg’s ownership team will be the biggest minority opportunity for ownership in US gaming and hospitality. The ownership team represents 50% of the minority equity. Cordish says that the project will be a template for similar projects throughout Virginia.
The group includes a number of notable minority-owned businesses and individuals. This group includes former NFL star Billy McMullen, and the Reynolds Family who founded Reynolds Metals.
Zed Smith, Cordish’s chief operating officer said: “We are extremely proud to be able to work with Bruce Smith to share our vision of a world-class transformational destination for Petersburg.” Bruce Smith, as our development partner shares Cordish’s core values of investing in the long term and creating opportunities and jobs for the local community.
We are dedicated to providing the best possible service, giving our customers a memorable experience and treating all our employees and community members as family.
Smith said: “Having worked as a builder in this state for more than 20 years, we’re confident that we are the best partners for this project. We have the same vision, and we understand the needs and wants of Petersburg’s citizens and city.
Together we can transform lives in Petersburg, restore the hope of generations and at last imbue them with a renewed energy that is felt across many generations.
Cordish aims to grow Live! Cordish aims to grow Live!
Cordish is a leading casino design firm in the US. Hard Rock Hotel & Casino Hollywood, and Hard Rock Hotel & Casino Tampa are both located in Florida.
Live! Live! These include Live! Casino & hotel Philadelphia. Cordish has also begun construction on the Live! The Casino & Hotel Louisiana is scheduled to open by 2025.
A series of conditions apply to the new Petersburg location. The approval of the Governor and City of Petersburg is required, along with the relevant licensing.
