Bruce Smith Enterprises, a Virginia Beach commercial real estate firm led by legendary NFL Hall of Famer and Virginia Tech alum Bruce Smith, and The Cordish Companies have been tapped by the City of Petersburg, Virginia to codevelop a new gaming & entertainment district anchored by Live! Casino & Hotel Virginia.
One Of A Kind
The joint venture partnership, announced today, will be the first of its kind in the gaming and entertainment industry to have a minority-owned business enterprise as a co-development partner. Live! Casino & Hotel Virginia will be owned and managed by Petersburg Community Development Investors, LLC which will be the largest minority ownership opportunity in the gaming and hospitality industry throughout the entire country. Prominent minority businesses and individuals are part of this group, including former Cox Communications GM and philanthropist Gary McCollum and former Philadelphia Eagle and University of Virginia All-American receiver Bill McMullen.
“A venture of such magnitude offers a historic opportunity to revivify this jewel of a city, and we are galvanized and ready to deliver a project that uplifts and radically restores the life-blood of Petersburg and its citizens,” said Smith, the NFL’s all-time sack leader, about the project.
What It Could Look Like
Plans for the proposed project include quickly opening an initial first phase casino within a year of voter approval, featuring 1,000 state of the art slot machines, 23 live action table games, a dedicated 15 table poker room, casino bar and casual restaurant, and over 1,500 free guest and team member parking spots.
Upon completion, the Live! Casino & Hotel Virginia resort destination will feature more than 400,000 square feet of first-class gaming, hotel and dining space and 35,000 square feet of meeting and convention space. The hotel will include 200 rooms and 20 suites, with a resort pool and fitness center. The casino will eventually hold 1,600 slot machines, 46 table games, a sportsbook, a 3,000-seat entertainment venue, and 8 best-in-class food and entertainment options.
Smith exclaimed:
“In the end, this development will offer more than a premier resort casino; it will represent a new beginning.”
A Proven Track Record
The Cordish Companies has over 100 years of experience building casino resorts, restaurants, hotels, sports-anchored entertainment districts, concert venues, and other mixed-use developments. Its Live! Brand - which has locations in Maryland just outside of DC plus Philadelphia and Pittsburgh - surpassed 55 million visitors last year, earmarking the company’s ability to impart a transformational effect on the cities it develops in.
The Cordish Companies also developed the Hard Rock Hotel & Casino locations in Hollywood and Tampa, Florida. It earned seven Urban Land Institute Awards for Excellence in recognition of its urban revitalization accomplishments, a feat that no other developer in the world has achieved.
A New Beginning
The new site is hoping to set a new standard for development in the Commonwealth of Virginia.
According to the project’s projections, Live! Casino & Hotel could have substantial gains for the City of Petersburg and the greater Richmond region in its first 10 years of operation:
- $2.8 billion in economic stimulus to the region
- $504 million in tax revenues including 240 million to the City of Petersburg
- $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
Authorization of this project is subject to legislative approval by the Virginia General Assembly, the Governor, and licensing by the Virginia Lottery. Residents of Petersburg will vote in a local voter referendum in conjunction with the November 2024 General Election.
Petersburg Mayor Sam Parham said:
“The City has worked very hard to get to this point, and we believe that it is imperative to continue moving this project forward as expeditiously as possible so that we can meet the deadline to get this in front of our citizens for a referendum vote this November.”
