Bruce Smith Enterprise and The Cordish Companies Unanimously Selected by City of Petersburg to Codevelop $1.4 Billion Transformative Mixed-use Development in Petersburg, Virginia
Bruce Smith Enterprise and The Cordish Companies have been selected by the City of Petersburg, Virginia to codevelop a $1.4 billion Live! Gaming & Entertainment District, anchored by Live! Casino & Hotel Virginia. The Petersburg City Council unanimously approved Bruce Smith Enterprise and The Cordish Companies as the City’s preferred development partner on the transformative mixed-use project. The proposed project will generate billions of dollars in economic benefits and spinoff development, create thousands of new jobs and benefits to the local community, and become a major new tourist destination for the City and the Central Virginia region.
Petersburg Mayor Sam Parham said: “The City of Petersburg is thrilled to have selected Bruce Smith Enterprise and The Cordish Companies as development partners after a thorough RFP process and extensive review by outside consultants. An important part of our evaluation was to identify a development team with a proven track record in developing and operating mixed-use and casino properties, a long history of revitalizing cities across the country, and strong community engagement practices. Bruce Smith and Cordish’s experience, comprehensive project master plan and visionary approach, ideal site location, robust financial strength, and commitment to swift market entry make them the clear and unanimous choice of both our consultants and City Council. 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.”
The 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. Live! Gaming & Entertainment District – anchored by Live! Casino & Hotel Virginia – will be a catalyst for change and significant urban 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. The partners intend to quickly open an initial first phase casino within a year of voter approval to begin creating jobs, vendor opportunities, and economic benefits immediately for the City of Petersburg and its residents.
Bruce Smith Enterprise and The Cordish Companies have a longstanding relationship. The joint venture partnership 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 and The Cordish Companies are thrilled and extremely honored to be selected by the City of Petersburg to codevelop a $1.4 billion, transformational mixed-use development,” said Bruce Smith, Pro Football Hall of Famer, Prominent Virginian Developer and Community Leader.
“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. We look forward to collaborating with the City and Commonwealth to build a world-class Live! gaming and entertaining destination that will create thousands of high-paying jobs and generate billions in economic benefits that profit the citizens of Petersburg. In the end, this development will offer more than a premier resort casino; it will represent a hopeful new beginning,” Bruce Smith added.
“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. The Cordish Companies’ track record for designing, financing, building, and operating large-scale mixed-use developments and casino resort destinations in the country is unmatched, and together with Bruce as our development partner, no one comes close to our combined history of success and capabilities to deliver on a destination of this scale and complexity. Together, we share core values in investing for the long-term and creating jobs and lifechanging opportunities for the community, and we are excited to continue moving forward on executing on those commitments. We are look forward to working with the City and Commonwealth to deliver a game-changing destination that will benefit Petersburg for generations to come,” Zed Smith, Chief Operating Officer of The Cordish Companies, said.
