Petersburg Casino Proposal Would Be First-of-its-Kind Partnership

PETERSBURG, VA

Voters in Petersburg will decide in a November referendum whether to approve a new joint venture that will bring a casino to the city.

The Petersburg City Council recently approved a proposal from Bruce Smith Enterprise and The Cordish Companies to codevelop a $1.4 billion Live! Gaming & Entertainment District, anchored by Live! Casino & Hotel Virginia. The project is expected to generate billions of dollars in economic benefits and spinoff development, as well as create thousands of new jobs and benefits to the local community.

Petersburg also considered Bally’s, Penn Entertainment, Rush Street Gaming and Warrenton Group as developers before selecting Bruce Smith and Cordish.

Authorization of a casino in Petersburg is subject to legislative approval by the Virginia General Assembly, Governor, licensing by applicable Commonwealth agencies including the Virginia Lottery, and approval of City of Petersburg residents in a local voter referendum in conjunction with the November 2024 General Election.

Other Virginia cities already approved by the state legislature are Richmond, Danville, Bristol, Norfolk and Portsmouth whose casino currently is in operation. Caesars Entertainment is developing in Danville that’s expected to open later this year.

Petersburg’s Mayor Sam Parham said, “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.”

Parham said the Petersburg Council wants to move the 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 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.

The world-class Live! Casino & Hotel Virginia resort destination features more than 400,000 square feet of first-class gaming, hotel and dining space, to include a 3,000-seat state-of-the-art entertainment venue for concerts, meetings, conventions and social gatherings.

Upon final approval, developers plan opening an initial first phase casino to immediately begin creating jobs, vendor opportunities and economic benefits for the city.

Bruce Smith Enterprise, led by legendary NFL Hall of Fame member and Virginia native Bruce Smith, is a commercial real estate firm that specializes in the development of premier mixed-use projects.

Headquartered in Virginia Beach, VA, the company has developed notable properties throughout the state and the Mid-Atlantic region since its inception in 2004, partnering with Armada Hoffler in the development of the Mandarin Oriental Hotel, The Swedish Embassy, Harbourside Office Building in Washington, D.C., and Blocks 7 and 10 in The Town Center of Virginia Beach, VA.

For over a century, The Cordish Companies has built a portfolio of world-class destinations and projects that span across several platforms including casino resorts, restaurants, hotels, sports-anchored entertainment districts, mixed-use developments, concert venues, and more.

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 Smith.

“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,” said Zed Smith, Chief Operating Officer for The Cordish Companies.

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