$1.4 Billion Mixed-use Development in Petersburg, Va to Be Anchored by Live! Casino & Hotel Virginia
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The Cordish Companies unveiled details yesterday for a $1.4 billion transformative mixed-use development in Petersburg, VA. Live! Gaming & Entertainment District will set a new standard for development in the Commonwealth, creating a world-class entertainment destination and mixed-use project with gaming that 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. Located at the intersection of Wagner Road and Interstate I-95, the Live! Gaming & Entertainment District will offer easy access on and off the east coast's major north-south interstate.
"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," said Petersburg Mayor Sam Parham. "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."
Cordish is one of the largest, most respected developer-operators of upscale mixed-use, entertainment and casino resort destinations in the United States. Its Live! brand is one of the most recognized and established entertainment and casino brands in the country. 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 Cordish Companies has been awarded an unprecedented seven Urban Land Institute Awards for Excellence in recognition of its urban revitalization accomplishments, more than any other developer in the world.
"The Cordish Companies is pleased to unveil details today for this major transformative development," said Zed Smith, Chief Operating Officer of The Cordish Companies. "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, and 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. We look forward to continuing our work with the City to bring their vision to life."
Developed in phases, the Live! Gaming & Entertainment District, upon full build-out, will generate the following over 15 years:
- $10+ billion in economic stimulus to the Region
- $1.1 billion in total tax revenues
- 10,000 jobs
- 4 million square feet of overall mixed-use development including over 1,300 residential units, 500 hotel rooms, and 600,000 square feet of retail, dining and entertainment space
INITIAL PHASE OF DEVELOPMENT: LIVE! CASINO & HOTEL VIRGINIA
The initial phase of the development, 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. In its first 15 years, Live! Casino & Hotel will generate:
- $3.6 billion in economic stimulus to the Region
- $675 million in gaming tax revenues including $214 million to the City
- $350 million in economic spend during construction
- $220 million in annual economic benefits each year after opening
- Over 4,000 new construction and permanent jobs
The world-class casino resort destination will feature:
- An upscale 200-room hotel featuring 20 suites, resort pool and fitness center
- Over 2,000 slots and electronic table games and 60 live action table games including poker
- Sportsbook
- State-of-the-art event center for top name entertainment, meetings, conventions, and social gatherings
- Over a dozen best-in-class dining and entertainment options
- Free surface parking
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. The Cordish Companies has long embraced a strong approach to community integration and involvement. The Company is committed to supporting non-profit organizations in Petersburg, acting as a convener to assist community organizations and non-profits in their fundraising efforts and volunteerism, an endemic value to the Company and its team members. The Cordish Companies is consistently among the largest supporters of non-profits and philanthropic organizations in markets where it does business and recognized as a valued community partner.
Live! Casino & Hotel 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.
- $147 million in estimated new wages and salaries (direct and indirect) during construction.
- 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.
- Enhancement of hotel, dining, and entertainment amenities in the region to attract thousands of new visitors to the area.
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 over 4,000 new jobs including 2,500 new construction jobs and 1,500 new permanent jobs averaging $60,000 in compensation with benefits.
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. Hiring preference will be given to local residents first, then surrounding communities. Live! will partner with local educational institutions to provide training programs for jobs within the complex, including gaming and hospitality positions. The Live! team is committed to creating a diverse and inclusive workforce. Local residents will have ample opportunities to learn about jobs at Live! 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. The Cordish Companies has an unparalleled track record of supporting local and regional businesses, particularly local, MBE/WBE, women and veteran-owned businesses, by providing access to contract opportunities and is projected to purchase tens of millions of dollars in goods and services in the Region. 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 & Beverage
- Office and Computer Supplies
- Professional Services
Live! Casino & Hotel Virginia will be developed, owned and managed by PPE Casino Resorts Petersburg, LLC, an affiliate of The Cordish Companies. Authorization of a casino in Petersburg is subject to legislative approval by the Virginia General Assembly, Governor and licensing by applicable Commonwealth agencies including the Virginia Lottery.
