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May 28, 2024
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Petersburg City Council Greenlights The Cordish Companies Massive Project

Petersburg City Council Greenlights The Cordish Companies Massive Project

Bruce Smith Enterprise and The Cordish Companies secured major approval for their proposed $1.4 billion dollar project, Live! Gaming & Entertainment District. The massive mixed-entertainment project is planned to be located in the City of Petersburg, Virginia, using land near the intersection of Wagner Road and Interstate I-95. The strategic location is expected to help with the visitation to the Live! Gaming & Entertainment District, considering that it provides easy access to one of the most important north-south interstates for the East Coast.

On Thursday, the Cordish Companies and Brice Smith Enterprise received approval for their massive project from the Petersburg City Council. The unanimous approval marks an important achievement for the duo, taking them a step closer to the realization of the ambitious project. Still, prior to commencing the project, the matter must be put up with the voters in the state. It is expected that Virginia voters will have a chance to vote for or against the project in a referendum this year in November.

The massive $1.4 billion project is expected to create more than 7,500 new construction and permanent jobs. At the same time, the Live! Gaming & Entertainment District, Anchored by Live! Casino & Hotel Virginia is expected to generate some $504 million in tax revenue for the first ten years. From that total, some $240 million in taxes are expected to benefit the city directly. Overall, the project is expected to bring $2.8 billion in economic stimulus to the region, turning Petersburg into a go-to gaming, entertainment, hospitality and shopping destination.

The Project Is Expected to Deliver World-Class Entertainment, Hospitality

Provided that the project receives a green light, The Cordish Companies and Bruce Smith Enterprise plan to quickly enter into its first phase, developing and opening a new casino that will immediately create new jobs for the city. Once the initial phase is completed, the Live! Gaming & Entertainment District is expected to offer more than 1,000 slots, a dedicated poker room, a casino bar and 23 live action table games.

We extend our thanks to the entire Petersburg City Council for its thoughtful decision to select Bruce Smith Enterprise and The Cordish Companies as development partners for this transformative, world-class destination in Petersburg.

Zed Smith, chief operating officer for The Cordish Companies

Zed Smith, The Cordish Companies’ chief operating officer, thanked the Petersburg City Council for its latest decision to support the companies’ ambitious project. He spoke about the Cordish Companies’ experience in developing large-scale mixed-use casino resorts and developments across the country.

Moreover, Smith added that the collaboration with Bruce Smith Enterprise marks the perfect fit for the company. Last but not least, the executive explained that the two companies are looking forward to collaborating with the City and Commonwealth to deliver exceptional gaming experiences and exciting opportunities.

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