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Live! Casino Resort, which will be codeveloped by The Cordish Companies and Bruce Smith Enterprise, is projected to bring significant economic benefits to the region. This development will include not only gaming and entertainment options but also restaurants, hotels, and event spaces, making Petersburg a destination for tourism and entertainment in Virginia. Construction will commence after the vote is certified and all required approvals are received, with an anticipated opening date of the initial first phase casino in 2026.
"We are deeply gratified by the community's affirmation of this project and very hopeful about the meaningful impact it will have on the city's future," said Bruce Smith, Owner of Bruce Smith Enterprise, Pro Football Hall of Fame Member, Developer and Community Leader, and codeveloper of the planned Live! Casino Resort in Petersburg. "The casino will not only create good-paying jobs for our residents but will also attract visitors statewide and beyond, stimulating local businesses and in turn producing an overall ripple effect of economic growth. Now that the voters have spoken, we look forward to working with the City of Petersburg and the Virginia Lottery to secure all of the necessary permitting, licensing and regulatory approvals for this project to move forward."
A Vision for the Future
The casino project is part of a larger revitalization plan for Petersburg, which has faced economic challenges in recent years. This initiative, alongside other investments in infrastructure and local businesses, will position the city for long-term growth and success.
"The approval of the destination resort and casino in Petersburg marks a significant milestone for our City," said Mayor Sam Parham, City of Petersburg, VA. "Voter approval follows a three-year journey on this transformative project that will bring positive change to Petersburg for generations. This destination resort, casino, retail, and residential development will be the largest economic and tourism project in Petersburg's history. City Council and administration look forward to working with The Cordish Companies and Bruce Smith Enterprise to positively impact our community and its prosperity."
Live! Casino Resort will be a catalyst for change and significant urban development, transforming the City through the creation of a thriving entertainment and hospitality destination. The project 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. The project site, ideally situated at the intersection of Wagner Road and Interstate I-95, has easy access on and off the East Coast's major north-south interstate.
"Today is a new day for residents of Petersburg," said Zed Smith, Chief Operating Officer of The Cordish Companies. "This community has waited a long time for an economic development project of this size and scale, which will provide a huge boost for the City and the entire region. We cannot wait to start hiring local residents and partnering with local businesses and entrepreneurs. Thank you, Petersburg, for placing your trust and confidence in our team. We look forward to delivering results for you and being a part of this great community for decades to come."
In its first 10 years, Live! Casino Resort 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 ranging from hospitality and gaming staff to administrative and management roles, providing opportunities for people across different skill levels.
Upon completion, the world-class Live! Casino 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 greater region, 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
Plans for the proposed project include opening an initial first phase casino one year after all applicable approvals to immediately begin creating jobs, vendor opportunities and economic benefits for the city. The initial phase will feature at minimum:
- 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
Revenue for Community Services
Beyond job creation, the casino will provide an estimated $2.8 billion in economic stimulus to the region with $240 million of tax revenues going to the City of Petersburg alone. A portion of the proceeds from casino operations will be earmarked for funding key community services, including education, infrastructure improvements, and public safety. This funding is anticipated to be a game-changer, helping to improve school facilities, enhance city services, and support public health and safety initiatives.
Career and Vendor Opportunities
Live! Casino Resort is committed to 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.
Career opportunities will be available in every field including hotel operations, finance, marketing, human resources, information technologies, food and beverage, facilities, security and surveillance and gaming operations. Hiring preference will be given to local residents first, then surrounding communities. Local residents will have ample opportunities to learn about jobs at Live! Casino Resort 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
Live! Casino Resort 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, Live! Casino Resort is committed to utilizing and supporting local, regional, minority, women-owned, and veteran-owned businesses by providing them access to contract opportunities. Our procurement team will maintain an internal database of diverse contractors and suppliers that will be used for future bid opportunities. 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 Resort will serve as a transformative development, creating maximum community benefits for the City of Petersburg and its residents. The Cordish Companies and Bruce Smith Enterprise 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. The Cordish Companies and Bruce Smith 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 Resort will be developed, owned, and managed by Petersburg Community Development Investors, LLC and its affiliates. Authorization of a casino in Petersburg is subject to licensing by applicable Commonwealth agencies including the Virginia Lottery.
For more information, please visit https://valive.casino/.
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 X (formerly 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.
About Bruce Smith Enterprise
Bruce Smith Enterprise, led by legendary Pro Football 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.
SOURCE The Cordish Companies
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