Plans to construct a new $1.40 billion land-based mixed use casino facility in Petersburg, Virginia have been revealed by gaming and entertainment company Cordish Companies.
Situated at the junction of Wagner Road and Interstate I-95, the Live! Casino & Hotel Virginia project will comprise a sportsbook, 60 live action table games, and a casino with more than 2,000 slots including electronic table games.
Apart from free surface parking, the facility will have a 200-room on-site hotel with a resort pool and a fitness centre as well as an event centre, food and entertainment choices.
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, according to Cordish Companies.
Local procurement
While the facility will also cooperate with local educational institutions to provide training programs for jobs within the complex, the operator said hiring preference will be given first to local inhabitants then adjacent towns.
Cordish Companies also set forth other community benefits like marketing alliances with nearby sports teams, companies and attractions as well as the possibility to draw thousands of new tourists to the region.
Monetary stimulation
After launching, Cordish Companies forecasts the new facility to provide $3.60bn in economic stimulation to the region, $675m gaming tax income and $220m annual economic benefits each year over the first 15 years of operation.
"Live! Gaming & Entertainment District will be a catalyst for change and significant urban development, will transform the city by creating a vibrant entertainment and hospitality attraction for the entire region," chief operating officer Zed Smith of Cordish Companies stated.
Along with generating spin-off economic development, thousands of new jobs for local citizens, and significant potential for local, minority, women-owned, and veteran-owned businesses, it will also offer first-class amenities for the local community.
"The specifics revealed today show what the vision of the city is for this kind of project and why we wanted to work with Cordish as the developer," Petersburg Mayor Sam Parham said.
Finding a development partner with a proven track record in building and running mixed-use and casino sites, a lengthy history of revitalising communities all throughout the nation, and strong community involvement policies was a crucial component of our selection process.
Among the several companies we spoke with, only Cordish presented Petersburg with a strategy that transcends a casino and offers a road to revive our city. We are sure that the right partner for us among the Cordish Companies will help to realise our ambition.
