In response to Petersburg, Virginia’s call for transformative development, The Cordish Companies and Bruce Smith Enterprise have unveiled their grand vision for the Live! Gaming & Entertainment District. This $1.4 billion endeavor promises not only to redefine entertainment in the region but also to ignite substantial economic growth.
Project Overview
The proposed Live! Gaming & Entertainment District will find its home at the strategic intersection of Wagner Road and Interstate I-95. Central to this development is the Live! Casino & Hotel Virginia, boasting an impressive 400,000 square feet of space dedicated to gaming, dining, and accommodation. Visitors can expect a lavish array of offerings, including 1,600 slot machines, 46 live table games, a 15-table poker room, and a cutting-edge sportsbook. Additionally, the development will house 35,000 square feet of versatile meeting and convention space, along with a 200-room hotel featuring 20 luxurious suites.
Phased Implementation
Recognizing the urgency of bringing this vision to life, the partners have devised a phased approach. The initial phase aims to open a casino within a year, featuring 1,000 slot machines, 23 live table games, a poker room, casino bar, and restaurant. This rapid deployment underscores the commitment to prompt action and community engagement.
Economic Projections
The economic projections associated with the Live! Gaming & Entertainment District are nothing short of staggering. Over the first decade of operation, it is estimated to inject a remarkable $2.8 billion in economic stimulus into the region. This infusion of capital will not only bolster local businesses but also generate substantial tax revenues, including a projected $240 million for the City of Petersburg alone. During the construction phase, an additional $802 million in economic benefits is anticipated, followed by an annual economic impact of $201 million post-opening. These figures underscore the immense potential of the project to catalyze growth and prosperity.
Visionary Leadership
At the helm of this transformative venture are industry stalwarts Zed Smith, Chief Operating Officer of The Cordish Companies, and legendary pro football Hall of Famer Bruce Smith. Their partnership represents a fusion of expertise, shared values, and a profound commitment to community development. Zed Smith’s remark encapsulates the ethos driving this collaboration: “We are incredibly proud to join Bruce Smith and his team to present our vision for a transformational, world-class destination in Petersburg.” Similarly, Bruce Smith echoes this sentiment, emphasizing the alignment of their vision with the needs and aspirations of the Petersburg community.
Community-Centric Approach
Integral to the success of the Live! Gaming & Entertainment District is its community-centric approach. Bruce Smith, drawing upon his two decades of experience as a developer in the state, emphasizes the paramount importance of prioritizing the needs of Petersburg and its citizens. The partnership between Bruce Smith Enterprise and The Cordish Companies symbolizes a shared commitment to inclusive growth, job creation, and long-term sustainability. As Bruce Smith eloquently puts it, “Together we can do remarkable work in Petersburg that will transform lives, restore hope, and ultimately imbue a new energy of revitalization that will be felt for generations.”
The unveiling of the Live! Gaming & Entertainment District heralds a new chapter in Petersburg’s journey towards prosperity and vitality. Anchored by a state-of-the-art casino and hotel complex, this visionary project promises to stimulate economic growth, create job opportunities, and foster a sense of community pride. With Zed Smith and Bruce Smith at the helm, backed by a shared commitment to excellence and inclusivity, the future of Petersburg shines brighter than ever before. As construction commences and the dream transforms into reality, the Live! Gaming & Entertainment District stands poised to become a beacon of hope and a testament to the power of collaborative vision.