St. Petersburg chooses Cordish for casino, city council transparency once again questioned
The St. Petersburg City Council selected The Cordish Companies as its preferred casino developer Wednesday night. Before breaking ground on Baltimore's Live! Can be placed. Since this is a project proposed by the casino operator, local voters must first approve its creation in a citywide referendum this fall.
The St. Petersburg City Council unanimously selected Cordish over five other companies that put their names on the bidding list. Cordish was selected based on casino slots from Bally’s Corporation, Penn Entertainment, Delaware North, The Warrenton Group and Rush Street Gaming.
Cordish has delivered a $1.4 billion mixed-use project to Peterborough on 92 acres on Wagner Road. and Interstate 95 south of downtown. Hosted by Live! Virginia Casino and Hotel, a proposal aimed at becoming a major tourist destination in Central Virginia.
In addition to Cordish, the project includes a 50% minority stake led by Bruce Smith Enterprise, a real estate development company owned by Virginia native and NFL Hall of Famer Bruce Smith, who owns Richmond-based Reynolds Metals Family and former NFL owned. Player and Virginian Bill McMullen.
The $1.4 billion price tag includes multiple phases of development, with casinos and hotels making up just a portion of it. The remainder of the mixed-use project - residential, retail and office space - will be built in later stages of the development once the casino and hotel become operational.
City Council Defends Process
When St. Petersburg was first considered as a casino opportunity in 2022, city councilors announced Cordish as their preferred gaming partner. The announcement, which came after no tender process was held, prompted criticism from many in the community, which is about 25 miles south of the capital, Richmond.
St. Petersburg officials have promised more transparency this time around, but last night's vote left many questioning whether Cordish had been in control of the project. Councilors quickly left last night's meeting without speaking to the media.
Councilman Howard Myers, the former mayor of St. Petersburg, later issued a statement about the vote. There are few details about how the council elected Cordish.
The city of Peterborough has been vastly undervalued and disenfranchised for decades. As a former mayor and City Council member, my respect for Mayor Samuel Parham as my successor is unparalleled as he leads a team that strives to achieve its greatest achievements in a city blighted by color. We at City Council are proud of these achievements and place a high priority on the future and financial well-being of our citizens. "St. Petersburg was a city that transformed global society, laid the foundation for the civil rights movement at Guilfield Baptist Church and led to a better future for the Commonwealth of Virginia and the world," Myers said.
Myers added that Cordish was rated the best of six proposals by the city's financial consultant, Davenport Corp., which reviewed the presentations. Representatives from the six bid organizations expressed their concerns to the City Council in a 90-minute closed-door meeting Wednesday ahead of a public vote on the matter.
Next step
Virginia Gov. Glenn Yonkin (R) sent Senate Bill 628 back to the General Assembly earlier this month after amending the legislation to remove a provision that would have required state lawmakers to re-enact it, voting again to remove Peter Fort designated as a suitable city for a casino. Last week, both chambers approved the gubernatorial change, signing the bill into law and officially making Petersburg eligible for commercial gambling on slot machines, table games and sports betting.
With the casino system up for grabs, city officials will now draft referendum language that will appear on St. Petersburg's November 2024 ballot. If a simple majority supports the Cordish project, the casino will be allowed to continue operating.
Cordish says live! Casino & Hotel Virginia will feature 1,000 slot machines, 23 live dealer tables, a 15-table poker room, a high-limit room and a sports betting room. The resort will have more than 200 hotel rooms and suites, as well as an events venue with three event spaces. 000 seats, eight restaurants and bars, a resort pool, a fitness center and 35,000 square feet of meeting space.
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Source: www.casino.org
