Petersburg, Virginia, has made a significant step towards its casino and entertainment development ambitions by selecting Cordish Companies as its development partner. The unveiling of the Live! Gaming & Entertainment District, a $1.4 billion mixed-use project, brings exciting prospects for economic growth, job creation, and urban revitalization in the region.
Strategically located at the intersection of Wagner Road and Interstate I-95, the Live! Gaming & Entertainment District is set to become a dynamic hub on the east coast. The centerpiece of this ambitious venture is a world-class casino resort boasting over 670,000 square feet of space dedicated to gaming, hospitality, dining, and entertainment. Among the standout features are:
Premier Accommodations: An upscale 200-room hotel complete with 20 suites, a fitness center, and a refreshing pool, offering a comfortable and luxurious stay for visitors.
Gaming Variety: With more than 2,000 slot machines, electronic table games, and a dynamic array of 60 live-action table games including poker, the casino promises an engaging gaming experience.
Sportsbook and Event Center: A state-of-the-art sportsbook and versatile event center that caters to entertainment, meetings, and conventions, providing a diverse range of experiences.
Dining and Entertainment: Over a dozen dining options and entertainment venues to indulge a variety of tastes and preferences.
Economic Impact: Over the first 15 years of operation, Cordish Companies projects a substantial economic stimulus of $3.60 billion for the region, along with $675 million in gaming tax revenue and $220 million in annual economic benefits.
Job Creation and Urban Revitalization:
Beyond its impressive amenities, the Live! Gaming & Entertainment District is poised to create meaningful and sustainable economic growth. Cordish Companies anticipates the creation of more than 4,000 new jobs over time, including 2,500 construction jobs and 1,500 permanent positions spanning various sectors such as hotel operations, finance, marketing, and more. This development initiative aims to breathe new life into the community by fostering a range of employment opportunities that will positively impact local residents.
Community Engagement and Vision:
Petersburg Mayor Sam Parham emphasized the importance of selecting a development partner with a proven track record, community engagement expertise, and a comprehensive vision for urban revitalization. Cordish Companies’ proposal aligns seamlessly with this vision, extending beyond the casino to include a comprehensive plan for rejuvenating the city. The Live! Gaming & Entertainment District is positioned to be a transformative force that not only enhances entertainment options but also contributes significantly to the city’s overall growth and prosperity.
Zed Smith, Chief Operating Officer of Cordish Companies, expressed enthusiasm for the collaboration and shared his excitement for the future. The Live! Gaming & Entertainment District represents a dynamic fusion of entertainment, hospitality, and economic progress, poised to make a lasting impact on Petersburg and the surrounding region.
The selection of Cordish Companies as the development partner for the Live! Gaming & Entertainment District marks a significant milestone in Petersburg’s journey towards becoming a thriving entertainment destination. With a comprehensive vision, dedication to community engagement, and a commitment to economic growth, this ambitious project has the potential to reshape the landscape of the city and provide an unparalleled experience for visitors and residents alike.