Bruce Smith Enterprise and The Cordish Companies have been selected by the City of Petersburg, VA to codevelop a $1.4-billion Live! Gaming & Entertainment District, anchored by Live! Casino & Hotel Virginia.
“The City of Petersburg is thrilled to have selected Bruce Smith Enterprise and The Cordish Companies as development partners after a thorough RFP process and extensive review by outside consultants,” said Mayor Sam Parham, City of Petersburg, VA. “An important part of our evaluation was to identify a development team with a proven track record in developing and operating mixed-use and casino properties, a long history of revitalizing cities across the country, and strong community engagement practices. Bruce Smith and Cordish’s experience, comprehensive project master plan and visionary approach, ideal site location, robust financial strength and commitment to swift market entry make them the clear and unanimous choice of both our consultants and city council. The city has worked very hard to get to this point, and we believe that it is imperative to continue moving this project forward as expeditiously as possible so that we can meet the deadline to get this in front of our citizens for a referendum vote this November.”
Upon completion, the Live! Casino & Hotel Virginia resort destination will feature:
- More than 400,000 sq. ft. of gaming, hotel and dining space
- 35,000 sq. ft. of meeting and convention space
- An upscale, 200-room hotel featuring 20 suites, resort pool and fitness center
- A 3,000-seat entertainment venue
- Eight food and entertainment options, including three spaces that will be reserved for local Petersburg restauranteurs and businesses
In its first 10 years, Live! Casino & Hotel is expected to generate:
- $2.8 billion in economic stimulus to the region
- $504 million in tax revenues including $240 million to the City of Petersburg
- $802 million in economic benefits during construction
- $201 million in annual economic benefits each year after opening
- More than 7,500 new construction and permanent jobs
Bruce Smith Enterprise and The Cordish Companies have a longstanding relationship. The joint venture partnership is the first-of-its-kind in the gaming and entertainment industry to have a minority-owned business enterprise as co-development partner, according to the companies. The Petersburg ownership team, which makes up 50% minority equity participation, will become the largest minority ownership opportunity in the gaming and hospitality industry in the country. The team includes substantial investment from prominent minority businesses and individuals, including former Cox Communications GM and philanthropist Gary McCollum and former Philadelphia Eagle and University of Virginia All-American receiver Billy McMullen.
“Bruce Smith Enterprise and The Cordish Companies are thrilled and extremely honored to be selected by the City of Petersburg to codevelop a $1.4-billion, transformational mixed-use development,” said Bruce Smith, Pro Football Hall of Famer, prominent Virginian developer and community leader. “A venture of such magnitude offers a historic opportunity to revivify this jewel of a city, and we are galvanized and ready to deliver a project that uplifts and radically restores the life-blood of Petersburg and its citizens. We look forward to collaborating with the City and Commonwealth to build a world-class Live! gaming and entertaining destination that will create thousands of high-paying jobs and generate billions in economic benefits that profit the citizens of Petersburg. In the end, this development will offer more than a premier resort casino; it will represent a hopeful new beginning.”
Zed Smith, COO, The Cordish Companies, said, “We extend our thanks to the entire Petersburg City Council for its thoughtful decision to select Bruce Smith Enterprise and The Cordish Companies as development partners for this transformative, world-class destination in Petersburg. The Cordish Companies’ track record for designing, financing, building and operating large-scale mixed-use developments and casino resort destinations in the country is unmatched, and together with Bruce as our development partner, no one comes close to our combined history of success and capabilities to deliver on a destination of this scale and complexity. Together, we share core values in investing for the long-term and creating jobs and life-changing opportunities for the community, and we are excited to continue moving forward on executing on those commitments. We are look forward to working with the City and Commonwealth to deliver a game-changing destination that will benefit Petersburg for generations to come.”
