Cordish unveils modern $1.4 billion mixed-use project, casino for St. Petersburg
Cordish Companies on Monday unveiled details of its $1.4 billion project to transform a mixed-use resort-casino in the Petersburg, Virginia, community.
Cordish, operator of Live! Casino and Hotel Zone first submitted a casino proposal to Peterborough in 2022. As the odds increase that Virginia will win a gaming license through state legislation and subsequent local referendums, the Baltimore-based company said it has updated and stepped up its pitch.
Cordish officials said Monday that the company has partnered with Bruce Smith Enterprise, the real estate development company owned by Virginia native and NFL Hall of Famer Bruce Smith, to develop the residential and entertainment district under the name Live! Virginia Casino Hotel.
Cordish said in a statement that the proposed project would bring billions of dollars in economic benefits to the state and the economically struggling city and employ thousands of people.
Residence! Virginia Blueprint
live! The Virginia casino and hotel plan calls for more than 400,000 square meters of gaming, hotel and restaurant space.
The casino will feature 1,600 slot machines, 46 live dealer tables, a 15-table poker room and sportsbook. The resort portion will include 200 guest rooms and suites, a resort pool and fitness center, a 3,000-seat concert hall and eight restaurants and bars. The resort will employ 1,500 people, and Cordish said average annual salaries of $70,000 will include "life-enhancing benefits."
Cordish has his sights set on a casino resort at the intersection of Wagner Road and Interstate 95. The company said the partnership with Bruce Smith Enterprise is the first in the gaming industry to have a minority-owned company serve as a co-development partner. Smith happily accepts the honor.
“I believe Bruce Smith Enterprise and The Cordish Companies are the right partners for this effort because we share the same vision and understand the needs of the City of Peterborough and its citizens,” Smith said. “Together we can do extraordinary work in St. Petersburg, changing lives, restoring hope and ultimately injecting new energy into a revival that can be felt for generations.”
If Cordish's casino in Peterborough is approved, he would open the "first phase" of the casino within a year of approval to "start creating jobs" while the permanent resort is built. Of course, casino revenue will also help Cordish and Smith fund the project.
Along with Smith, so do Live!'s 50 percent minority makeup artists. Virginia includes former Cox Communications executive Gary McCollum, former Philadelphia Eagle and University of Virginia All-American Bill McMullen, and the Reynolds family, which owns Richmond-based Reynolds Metals .
Cordish did not immediately provide details about the mixed-use aspect of the $1.4 billion plan or how much the resort is budgeted for. Artist renderings, however, show a sprawling complex with what appears to be several apartment buildings and apartments surrounded by retail and office space.
Voting Path
If Virginia lawmakers approve changes to the Petersburg casino law proposed by Gov. Glenn Younkin (R), specifically the removal of the reenactment provision, the Petersburg City Council will gain approval to formally regulate gambling facilities. tender. The city recently completed a request for proposals (RFP) and received responses from several companies.
In addition to Cordish, Bally's Corporation, Penn Entertainment, Rush Street Gaming and The Warrenton Group have also expressed interest.
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Source: www.casino.org
