Cordish Companies Selected for Casino Development in Petersburg

By Keith Stein,
Editor at online-gambling.com

Keith Stein Editor at online-gambling.com

As a self-starter and goal-driven, Keith took up freelance writing in 1994 and within a few years moved into a full-time journalist position in 1997 in Washington, D.C. In recent years, he has published over 100 articles that focus on gambling news, reviews, and tips and tricks to give the player a slight advantage.

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Last updated: April 29, 2024

Just 10 days after holding a public Town Hall Meeting with six casino development companies, the City of Petersburg selected Bruce Smith Enterprise and The Cordish Companies to codevelop a $1.4 billion casino and entertainment district in the city.

The Petersburg City Council unanimously approved Bruce Smith Enterprise and The Cordish Companies as the city’s preferred development partner on the project during a meeting on Wednesday, city officials said in a press statement.

“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 Petersburg Mayor?Sam Parham. But this is round two for The Cordish Companies and Petersburg.

First Casino Attempt in Petersburg

The City of Petersburg selected The Cordish Companies in October 2022 to build a casino in the city, pending approval by legislation.

In February 2023, Virginia lawmakers killed legislation that would have allowed Petersburg voters to decide on whether to approve the casino for the city. The Cordish Companies withdrew their proposal for the project.

Petersburg is now getting a second chance to put the casino project before voters in November. The Virginia General Assembly approved Petersburg’s inclusion as an eligible host city for casino gaming on April 17.

“This decision follows a three-year journey to allow Petersburg citizens to vote on a transformative project that will bring positive change for generations to come,” city officials said in a statement.

Looking ahead, Petersburg is quickly moving toward preparing a voter referendum ballot for the casino during the November election.

Live!?Casino?& Hotel Virginia Resort

“The proposed project will generate billions of dollars in economic benefits and spinoff development, create thousands of new jobs and benefits to the local community,” city officials said in a press release. The city aims to make the new district a major tourist destination in Virginia.

“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,” Parham said.

Based in Baltimore, Md., The Cordish Companies has developed some of the most successful casino entertainment resorts in the U.S., such as Hard Rock Hotel & Casino in Hollywood, Fla.; the Hard Rock Hotel & Casino in Tampa; Live! Casino & Hotel Maryland; Live! Casino & Hotel Philadelphia; and Live! Casino Pittsburgh.

The partners intend to quickly open an initial first-phase?casino?within a year of voter approval to begin economic benefits immediately for the?city.

In its first 10 years, the Live!?Casino?& Hotel Virginia resort will 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

Over 7,500 new construction and permanent jobs

Upon completion, the resort will feature more than 400,000 square feet of gaming, hotel, and dining space, 35,000 square feet of meeting and convention space, an upscale 200-room hotel featuring 20 suites, a resort pool and fitness center, 1,600 slot machines, 46 table games, including a 15-table poker room, sportsbook, a 3,000-seat entertainment venue, and eight food and entertainment options.