Construction begins on new Cordish Companies casino in Virginia
Scoop! Cordish Companies Kickstarts $1.4 Billion Gaming Heaven in Virginia
Get ready for an unrivaled gaming, dining, and entertainment extravaganza! The Cordish Companies, in collaboration with Bruce Smith Enterprise, have marked the groundbreaking of a mind-boggling project - the Live! Casino & Hotel Virginia.
At a lively event this week, the executive teams, alongside local leaders and lawmakers, commemorated this monumental milestone.
A Preview of Gambling Joy: Temporary Casino to Open Soon
The upcoming world-class mixed-use resort destination in Petersburg promises enormous economic prosperity to the region.
Set to explode onto the scene in 2027, Live! Casino & Hotel Virginia anchors a project valued at a whopping $1.4 billion. This venture is poised to create thousands of new jobs, generate hundreds of millions in tax revenue, and bestow immense economic benefits during and beyond construction.
In an exciting twist, a temporary casino boasting 75,000 square feet of gaming space is set to cast its spell on visitors well before 2027. Featuring 900 sleek slots and 33 dazzling live-action table games, this under-the-radar venue will offer a casino bar, a quick-bite eatery, and parking for 1,000 cars.
Yet, the temporary venue pales in comparison to its permanent counterpart, set to unveil a staggering 1,600 modern slots, a sportsbook, 65 live-action table games, a poker room with 22 tables, and a smorgasbord of amenities. This impressive lineup also includes high-limit gaming areas, free parking, and numerous food, beverage, and entertainment options!
Petersburg Prepped for a Massive Economic Boost
Zed Smith, The Cordish Companies' seasoned Chief Operating Officer, gushed with excitement about the latest development.
"We're ecstatic about expanding our Live! brand into Central Virginia with the creation of Live! Casino & Hotel Virginia!" Smith revealed.
"Live! Casino & Hotel is more than just a world-class gambling destination; it's a transformative development, promising top-tier gaming and entertainment to millions of visitors, fostering new job opportunities, and generating multimillion-dollar economic benefits for the community, delivering advantages for generations," Smith added.
Upon the opening of the temporary casino, approximately 500 new jobs will surface, ushering in a wave of new economic opportunities for Petersburg.
Over the next decade, the entire project is estimated to generate a staggering $504 million in tax revenue, of which $240 million will enrich the city. The overall economic stimulus to the region in the first decade is projected at a staggering $2.8 billion.
Live! Casino & Hotel Virginia is projected to create a mind-bending 7,500 new jobs, breaking down to 1,400 permanent new positions and 6,100 construction jobs.
Image credit: The Cordish Companies
Bonus insights:- The job creation numbers and tax revenue figures detailed above are estimates based on similar projects and trends; official announcements or economic impact studies are essential for precise projections.- Job creation for such large-scale casino projects typically includes substantial numbers in both temporary construction positions and permanent jobs.- The expected revenue from casinos is significant, with figures dependent on the casino's performance and state tax policies.
- The temporary casino at the Live! Casino & Hotel Virginia, set to open before 2027, will offer a gaming space of 75,000 square feet with 900 slots and 33 live-action table games.
- Upon the opening of the temporary casino, approximately 500 new jobs will be created, marking a new wave of economic opportunities for Petersburg.
- Upon completion, Live! Casino & Hotel Virginia is projected to create a total of 7,500 new jobs, with 1,400 permanent positions and 6,100 construction jobs.
- The Live! Casino & Hotel Virginia project, valued at $1.4 billion, is estimated to generate $504 million in tax revenue over the next decade, of which $240 million will benefit the city.
