Gaming and entertainment business Cordish Companies has announced plans to build a new $1.40bn land-based, mixed use casino facility in Petersburg, Virginia.
Located at the intersection of Wagner Road and Interstate I-95, the Live! Casino & Hotel Virginia development will feature a casino with more than 2,000 slots and electronic table games, 60 live action table games and a sportsbook.
Other amenities at the facility will include a 200-room on-site hotel with a resort pool and a fitness center, as well as an event center, dining and entertainment options and free surface parking.
Cordish Companies said the project will create more than 4,000 new jobs including 2,500 new construction jobs and 1,500 new permanent jobs including hotel operations, finance, marketing, human resources, information technologies, food and beverage, security and surveillance, and casino operations.
Local hiring
The operator said hiring preference will be given to local residents first, then surrounding communities, while the facility will also partner with local educational institutions to provide training programs for jobs within the complex.
Other community benefits set out by Cordish Companies include marketing partnerships with local sports teams, businesses and attractions, as well as the potential to attract thousands of new visitors to the area.
Economic stimulus
Over the first 15 years of operation, Cordish Companies expects the new facility to generate $3.60bn in economic stimulus to the region, $675m gaming tax revenue and $220m in annual economic benefits each year after opening.
“Live! Gaming & Entertainment District will be a catalyst for change and significant urban development, will transform the city by creating a thriving entertainment and hospitality attraction for the entire region,” Cordish Companies chief operating officer Zed Smith said.
“It will also provide first-class amenities for the local community while generating spin-off economic development, creating thousands of new jobs for area residents, and substantial opportunities for local, minority, women-owned, and veteran-owned businesses.”
Petersburg Mayor Sam Parham added: “The details unveiled today show what the city’s vision is for this type of project and why we wanted to work with Cordish as the developer.
“An important part of our selection process was to identify a development partner 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.
“Cordish is the only company, of the many we consulted with, that showed Petersburg a plan that goes beyond a casino and gives us a path to revitalize our city. We are confident that we have the ideal partner in the Cordish Companies to bring our vision to fruition.”
