The Cordish Companies secure Virginia project co-development

Home » The Cordish Companies secure Virginia project co-development

The Cordish Companies and Bruce Smith Enterprise have been confirmed as the codevelopers of a new US$1.4bn Live! Gaming & Entertainment District in Virginia.

The two companies were unanimously selected on Wednesday by the City of Petersburg to spearhead the project, in the south of the city, ahead of Bally’s, Rush Street Interactive, the Warrenton Group and Penn Entertainment.

The Cordish Companies has previously developed the Live! Casino & Hotel in Maryland and the Live! Casino & Hotel in Philadelphia.

“Together, we share core values in investing for the long-term and creating jobs and lifechanging opportunities for the community, and we are excited to continue moving forward on executing on those commitments,” said Zed Smith, the company’s chief operating officer.

“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.”

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As previously announced, it is estimated that, in the first 10 years, the new Live! Casino & Hotel will generate $2.8bn in economic stimulus to the region, $802m in economic benefits during construction and $201m in annual economic benefits each year after opening.

Once completed, the resort’s gaming space will feature 1,600 slot machines, 46 live table games, a 15-table poker room, high limit slot and table areas and a sportsbook.

Smith, a Virginia-born former NFL player turned businessman, said: “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.”

However, the Virginia Mercury reported that the vote on Wednesday came as something of a surprise, with nothing on the agenda to suggest the council would be making its final decision on the project’s developers.

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The body also voted unanimously to cancel the request for casino proposals that the city had put out and selected Cordish as the chosen operator, the publication wrote, a process which took “only a few minutes.”

The council also gave “no explanation for why Cordish beat out its competitors,” it said.

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