LIVE! CASINO RESORT CERTIFIED FOR NOVEMBER ELECTION;

PROJECT TO BE CODEVELOPED BY BRUCE SMITH ENTERPRISE AND

THE CORDISH COMPANIES

 

Campaign Team Prepares to Kick Off Historic Moment for the City of Petersburg

 

Plans for the Live! Casino Resort Destination Include Quickly Opening an Initial First Phase Casino to Immediately Begin Creating Jobs, Vendor Opportunities and Economic Benefits for the City

 

Project Will Represent the Largest Casino Resort Investment and Development Role by a Minority-Owned Business Group in the Country

 

Petersburg, Va. (July 24 2024) – The City of Petersburg is one step closer to bringing the $1.4 billion Live! Casino Resort destination to Central Virginia following certification for this November’s election. The proposed project is being codeveloped by Bruce Smith Enterprise and The Cordish Companies and represents a first-of-its-kind development partnership in the gaming and entertainment industry. The November 5^th ballot question, which reads “Shall casino gaming be permitted at a casino gaming establishment in Petersburg, Virginia located on an approximately 92.5-acre development site located off Interstate-95 at Wagner Road along Brassfield Parkway in the City of Petersburg as may be approved by the Virginia Lottery Board?,” will ask Petersburg residents to allow the development to proceed.

 

Rendering and video files can be downloaded here.

 

“Today shows we are All In for economic growth, opportunity, and social mobility in Petersburg,” said Sam Parham, Mayor of Petersburg. “This has been a multi-year effort to go All In for new and better schools, All In on great paying jobs for Petersburg residents, All In for safer communities, All In for creating a better quality of life for all Petersburg citizens, and All In to bring people from around the world to experience what makes Petersburg such a special place. Bruce Smith and Cordish have a proven track record in developing and operating mixed-use and destination resort casino properties, a long history of revitalizing cities nationwide, and strong community engagement practices. City officials and many residents have worked very hard to get to this point, and we look forward to our great citizens having a vote on this historic moment and positive change this November.” 

 

The proposed project site is ideally situated at the intersection of Wagner Road and Interstate I-95 with easy access on and off the East Coast’s major north-south interstate. The Live! Casino Resort destination will be a catalyst for change and significant economic and tourism development, transforming the City through the creation of a thriving entertainment and hospitality destination. Live! Casino & Hotel Virginia will set a new standard for gaming, hotels, and entertainment in the Commonwealth, and serve as a new world-class attraction for Petersburg and the greater Central Virginia region.

 

“I hail from Virginia, and I’m so gratified to be able to bring such an impactful project to a place I care about so deeply,” said Bruce Smith, Pro Football Hall of Famer, Prominent Developer, and Community Leader. “Over the years in both my football and business careers, I’ve learned that collaboration and building relationships are hallmarks of any successful undertaking. That is why I am excited to personally engage with Petersburg voters to show them how this long awaited economic opportunity will change the trajectory of their futures.”

 

In its first 10 years, the Live! Casino Resort destination, if approved by voters, will generate: 

 

·         $2.8 billion in economic stimulus to the Region

·         $504 million in tax revenues including $240 million to the City of Petersburg alone

·         $802 million in economic benefits during construction

·         $201 million in annual economic benefits each year after opening

·         Over 7,500 new construction and permanent jobs

 

“This is the right project at the right time for Petersburg,” said Petersburg City Manager March Altman. “This billion-dollar investment, combined with the growth of the Pharmaceutical Campus, signifies a pivotal moment for our city. Bringing good jobs and increased revenue opportunities to Petersburg will improve the lives of our citizens now and for future generations.”

 

The Project

 

Upon completion, the world-class Live! Casino & Hotel Virginia resort destination will feature:

 

●       More than 400,000 square feet of first-class gaming, hotel and dining space

●       35,000 square feet of meeting and convention space

●       An upscale 200-room hotel featuring 20 suites, resort pool and fitness center

●       1,600 state-of-the-art slot machines

●       46 live action table games, including a 15-table poker room

●       High limit slot and table areas and a sportsbook

●       A 3,000-seat state-of-the-art entertainment venue for top talent from across Virginia and the country, as well as for meetings, conventions and social gatherings

●       8 best-in-class food and entertainment options, including 3 spaces that will be reserved for local Petersburg restauranteurs and businesses

●       Free surface parking

 

The partners intend to quickly open an initial first phase casino within a year of voter approval to begin creating jobs, vendor opportunities, tax revenues, and many economic benefits immediately for the City of Petersburg and its residents. The initial phase will feature:

 

●       1,000 state-of-the-art slot machines

●       23 live action table games

●       A dedicated 15 table poker room

●       Casino bar and casual restaurant

●       Over 1,500 free guest and team member parking spots

 

“We could not be more excited to embark on this next major step with the people of Petersburg with whom we look forward to being great neighbors,” said Zed Smith, Chief Operating Officer of The Cordish Companies. “The Cordish Companies has been a family-run business for four generations and we are proud to be recognized throughout the country for creating sustainable, inclusive, and community-involved developments that make the communities in which we build and operate better places to live, work, play and visit. We are thrilled to bring this scale of economic development to the community of Petersburg and look forward to working with the City and Commonwealth to deliver a game-changing destination that will benefit Petersburg for generations to come.”

 

Job Creation

 

Live! is an economic engine in communities where its properties are located and places a high priority on hiring local residents. Live! Casino & Hotel Virginia is committed to making the same impact with the creation of 7,500 new jobs including 6,000 construction jobs and 1,500 new living-wage jobs averaging $70,000 in annual compensation with life enhancing benefits and career mobility.

 

Job opportunities will be available in every field, including hotel operations, finance, marketing, human resources, information technologies, food and beverage, facilities, security and surveillance, and casino operations. Live! will partner with local educational institutions to provide training programs for jobs within the complex, including gaming and hospitality positions. The partnership is committed to creating a diverse and inclusive workforce. Local residents will have ample opportunities to learn about jobs at Live! Casino & Hotel Virginia through programs such as:

 

●       Pre-opening community-based job fairs

●       Local job placement workshops

●       Online job postings, job matching and customized recruitment services

●       Contractor mentoring and apprenticeships

●       Community-based information sessions on job opportunities and training programs

●       Community College and University partnerships for job placement

 

Substantial Vendor Opportunities

 

Live! Casino & Hotel Virginia will purchase tens of millions of dollars in goods and services in the region. As recognized leaders in community outreach with unparalleled track records of supporting local and regional businesses, Bruce Smith Enterprise and The Cordish Companies are committed to ensuring contract opportunities for local, MBE/WBE, and veteran-owned companies. The following are some of the categories of goods and services to be purchased:

 

●       Gaming Operations

●       Hotel Operations

●       Furniture, Fixtures and Equipment

●       Engineering, Facilities and Maintenance

●       Food and Beverage

●       Office and Computer Supplies

●       Professional Services

 

Community Engagement, Involvement & Benefits

 

Live! Casino & Hotel Virginia will serve as a transformative development, creating maximum community benefits for the City of Petersburg and its residents. Bruce Smith Enterprise and The Cordish Companies have long embraced a strong approach to community integration and involvement. The partners are committed to supporting non-profit organizations in Petersburg, acting as conveners to assist community organizations and non-profits in their fundraising efforts and volunteerism, an endemic value to their cultures. Bruce Smith and The Cordish Companies are consistently named among the largest supporters of non-profits and philanthropic organizations in markets where they do business and recognized as valued community partners.

 

Live! Casino & Hotel Virginia will provide substantial benefits to the community including:

 

●       A commitment to diversity and inclusion in all facets of the Project including a comprehensive plan to ensure minority and local participation in ownership, construction, permanent employment and ongoing operational purchasing.

●       Construction and vendor opportunities for local, minority, women-owned, and veteran owned businesses.

●       Workforce development, training, mentoring, internships, tuition reimbursement and other programs through area community colleges, universities, and vocational schools to support local employment and career advancement.

●       Apprenticeships and training programs.

●       Marketing partnerships with area sports teams, businesses, and attractions to promote the City of Petersburg and surrounding communities through the nationally recognized, award-winning Live! Rewards customer loyalty program.

●       Enhancement of hotel, dining, and entertainment amenities in the region to attract thousands of new visitors to the area.

 

The joint venture partnership between Bruce Smith Enterprise and The Cordish Companies is the first-of-its-kind in the gaming and entertainment industry to have a minority-owned business enterprise as co-development partner. The Petersburg ownership team, which makes up 50% minority equity participation, will become the largest minority ownership opportunity in the gaming and hospitality industry in the country, and will become a model for other projects in Virginia and throughout the nation. The team includes substantial investment from prominent minority businesses and individuals with a long history of residing, working, and investing in the Commonwealth including former Cox Communications GM and philanthropist Gary McCollum and former Philadelphia Eagle and University of Virginia All-American receiver Billy McMullen. 

 

Bruce Smith Enterprise, led by legendary NFL Hall of Fame member and Virginia native Bruce Smith, is a commercial real estate firm that specializes in the development of premier mixed-use projects. Headquartered in Virginia Beach, VA, the company has developed notable properties throughout the state and the Mid-Atlantic region that feature the cohesive and seamless integration of residential, hotel, Class A office, and retail space. Since retiring from professional football in 2004 after a prolific 19-year career, the NFL’s All-Time Sack Leader has endeavored to bring the same level of unparalleled excellence, diligence, and leadership that he honed as a veteran on the field to the management of Bruce Smith Enterprise. The successful development of timeless mixed-use properties that survive and withstand trends of the marketplace, strengthen, and invigorate the local economy and create jobs are core values of Bruce Smith Enterprise’s primary mission.  

 

Bruce Smith Enterprise has flourished since its inception in 2004, partnering with Armada Hoffler in the development of the Mandarin Oriental Hotel, The Swedish Embassy, Harbourside Office Building in Washington, D.C., and Blocks 7 and 10 in The Town Center of Virginia Beach, VA. Bruce Smith Enterprise’s portfolio also includes the Hilton Garden Inn and Smith’s Landing apartment community in Blacksburg, VA – a project built to service the needs of students, alumni, and their families at Smith’s Virginia Tech alma mater – as well as the Hyatt House Hotel and 27 Atlantic Apartments in Virginia Beach.

 

The Cordish Companies is one of the largest, most respected developer-operators of upscale mixed-use, entertainment and casino resort destinations in the United States. For over a century, The Cordish Companies has built a portfolio of world-class destinations and projects that span across several platforms including casino resorts, restaurants, hotels, sports-anchored entertainment districts, mixed-use developments, concert venues, luxury residential communities, coworking spaces, and more. The Company’s Live! brand has dramatically changed the hospitality and entertainment experience nationwide, surpassing 55 million visitors last year to its destinations, many of which have played a major role in the rebirth of the cities in which they are located. This transformational effect has earned the Company an unprecedented seven Urban Land Institute Awards for Excellence in recognition of its urban revitalization accomplishments, more than any other developer in the world.

 

In gaming, The Cordish Companies has developed the most successful casino entertainment resorts in the U.S. including the Hard Rock Hotel & Casino Hollywood, FL; the Hard Rock Hotel & Casino Tampa, FL; Live! Casino & Hotel Maryland; Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh. The Company is currently under construction on Live! Casino & Hotel Louisiana – the first land-based casino in the Shreveport-Bossier market – scheduled to open in 2025.

 

Live! Casino & Hotel Virginia will be developed, owned, and managed by Petersburg Community Development Investors, LLC. Authorization of a casino in Petersburg is subject to approval of City of Petersburg residents in a local voter referendum in conjunction with the November 2024 General Election.

 

For more information, please visit https://valive.casino/

 

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About The Cordish Companies

The Cordish Companies' origins date back to 1910 and encompass four generations of privately held, family ownership. During the past ten decades, The Cordish Companies has grown into a global leader in Gaming & Entertainment; Commercial Real Estate; Entertainment Districts; Sports-Anchored Developments; Hotels; Residential Properties; Restaurants; Coworking Spaces; and Private Equity. One of the largest and most respected developers in the world, The Cordish Companies has been awarded an unprecedented seven Urban Land Institute Awards for Excellence for public-private developments that are of unique significance to the cities in which they are located. The Cordish Companies has developed and operates highly acclaimed dining, entertainment and hospitality destinations throughout the United States, many falling under The Cordish Companies' Live! Brand, highly regarded as one of the premier entertainment brands in the country. Welcoming over 55 million visitors per year, these developments are among the highest profile dining, entertainment, gaming, hotel and sports-anchored destinations in the country. In gaming, The Cordish Companies has developed among the most successful casino hotel resorts in the world, including the Hard Rock Hotels & Casinos in Hollywood and Tampa, FL, Live! Casino & Hotel Maryland, Live! Casino Pittsburgh and Live! Casino & Hotel Philadelphia. Over the generations, The Cordish Companies has remained true to the family's core values of quality, entrepreneurial spirit, long-term personal relationships and integrity. As a testimony to the long-term vision of its family leadership, The Cordish Companies still owns and manages virtually every business it has created. For more information, visit www.cordish.com or follow us on Twitter (@cordishco).

 

"The Cordish Companies," "The Cordish Company" and "Cordish" are trademarks used under license by independent corporations, legal liability companies and partnerships ("Cordish Entities"). Each Cordish Entity is a separate, single-purpose legal entity that is solely responsible for its obligations and liabilities. No common operations or financial interdependency, and no intermingling of assets or liabilities of the Cordish Entities exists, or should be deemed to exist, as a result of the potential common reference to multiple independent entities operating under the names "Cordish," "The Cordish Companies" or "The Cordish Company" here or elsewhere.

 

 

MEDIA CONTACTS:

Cari Furman

cfurman@cordish.com

330-807-4079

 

Andy Poarch

Andy@AllianceGroupLtd.com

804-564-2566