Cordish Company Unveils New Casino Resort Offer In Virginia
Bruce Smith Enterprises and the Kodish Company responded to a request for a proposal in the city of Petersburg, Virginia, with plans to jointly develop the $1.4 billion Game & Entertainment District, where the $1.4 billion Live! Casino & Hotel Virginia is moored. The proposed project will generate billions of dollars in economic benefits and spin-off development, create thousands of new jobs and benefits for the community, and be a major new tourist destination for the city and the Central Virginia region.
The proposed site is ideally located at the intersection of Wagner Road and I95 Interstate, making it the best location in the Commonwealth, with easy access to and from the main north-south interstate on the east coast. The partners also plan to quickly open the Phase 1 casino within a year, immediately starting to create jobs, supplier opportunities, and economic benefits for the city of Petersburg and its residents.
Bruce Smith Enterprises' long-standing relationship with The Cordish Companies dates back to 2008, most recently when the team partnered to bring a global casino resort destination to the Commonwealth. The joint venture partnership marks the first time in the gaming and entertainment industry that a minority-owned business company has been a code development partner.
The Petersburg-owned team, which makes up a 50% minority equity participation, will be the largest minority equity opportunity in the U.S. gaming and hospitality industry and will model for other projects in Virginia and across the country. The team includes significant investments from prominent minority companies and individuals who live, work, and invest in the Commonwealth, including former Cox Communications GM and philanthropist Gary McCollum, former Philadelphia Eagle, and the founding family of the University of Virginia All-American receiver Billy McMullen, and Reynolds Metals.
Led by legendary NFL Hall of Fame member and Virginia Bruce Smith, Bruce Smith Enterprise is a commercial real estate company specializing in the development of premier mixed-use projects. Headquartered in Virginia Beach, Virginia, the company has developed remarkable properties that feature a cohesive and seamless integration of residential, hotel, A-level office, and retail space throughout the state and the Mid-Atlantic region. Since retiring from professional football in 2004 after a prolific career of 19 years, the NFL's All Time Mack Leader has strived to bring the same level of excellence, diligence, and leadership he cultivated as a veteran of the field to Bruce Smith Enterprise's management. The successful development of mixed-use properties across the ages to survive and withstand market trends, strengthen the local economy, revitalize, and create jobs is a core value of Bruce Smith Enterprise's main mission.
Bruce Smith Enterprise has thrived in 2004 working with Armada Hoffler on the development of the Mandarin Oriental Hotel, The Swedish Embass, Harbourside Office Building, Washington, D.C., and The Town Center of Virginia Beach, blocks 7, and 10. Bruce Smith Enterprise's portfolio also includes the Hilton Garden Inn and Smith's Landing apartment community in Blacksburg, Virginia. This project was built to meet the needs of students, alumni, and families at Smith's Virginia Tech alma mater, as well as the Hyatt House Hotel and 27 Atlantic Apartments in Virginia Beach.
"I love Virginia. I was born and raised here. I attended VA Tech as a student athlete here, and after retiring from the NFL, I came back home with the inspiration and determination to help make this a more favorable and prosperous place to live," said Bruce Smith, a renowned Virginia developer and community leader, the Pro Football Hall of Fame. "I spent a considerable amount of time in Petersburg talking to students and the community as a whole. I had the opportunity to hear the stories of their hardships firsthand, and I understand the struggles and enormous challenges they face. While working as a developer in the state for more than 20 years, I share the same vision and understand the needs of the city of Petersburg and its citizens, so I am confident that Bruce Smith Enterprise and The Cordish Companies are the right partners for this business. Together, we can do something remarkable in Petersburg that will transform lives, restore hope, and ultimately inspire new vitality that can be felt for generations. Our proposal represents a historic opportunity to prioritize the community in Petersburg and put the people of Virginia first
The Kodish Company is one of the largest and most respected developers of luxury mixed-use, entertainment, and casino resort destinations in the United States. For more than a century, the Kodish Company has built a global portfolio of destinations and projects across multiple platforms, including casino resorts, restaurants, hotels, sports-focused entertainment districts, mixed-use development, concert venues, high-end residential communities, and coworking spaces. The Company's Live! brand has dramatically changed the hospitality and entertainment experience nationwide, exceeding 55 million people as destinations last year, many of whom were instrumental in the rebirth of the cities where they are located. These innovative effects have led the Company to receive seven Urban Land Institute Awards for Excellence in recognition of its urban revitalization achievements.
In gaming, the Kodish Company has developed some of the most successful casino entertainment resorts in the United States, including Hard Rock Hotel & Casino Hollywood, Florida; Hard Rock Hotel & Casino Tampa, Florida; Live! Casino & Hotel Maryland; and Live! Casino & Hotel Philadelphia; and Live! Casino Pittsburgh. The company is currently under construction in Live! Casino & Hotel Louisiana, which will open in 2025.
"We are extremely proud to work with Bruce Smith and his team to present our vision for an innovative and global destination in Petersburg," said Zed Smith, chief operating officer of The Kodish Company. "As our development partner, Bruce shares our core values in creating long-term investments and jobs and opportunities for the community. No one comes close to a history that combines the success and capacity to deliver a destination of this scale and complexity. The Kodish Company's track record of designing, financing, building, and operating large-scale mixed-development and casino resort destinations across the country is unmatched. Our success includes achieving all commitments, programs, and goals in our proposals for cities across the country. We are committed to excellence, provide unforgettable experiences for our guests, and treat our team members and the community like a family
Project
The Game & Entertainment District, where Live! Casino & Hotel Virginia is anchored, will be a catalyst for change and important urban development, transforming the city through the creation of thriving entertainment and hospitality destinations. Live! Casino & Hotel Virginia will set a new standard for gaming, hotels, and entertainment in the Commonwealth and serve as a new global attraction for Petersburg and the Greater Central Virginia area. During the first decade, Live! Casino & Hotel will generate:
a $2.8 billion economic stimulus package for the region
$540 million in tax revenues, including $240 million for the city of Petersburg
802 Million USD Economic Profit During Construction
$21 million in annual economic gains from opening
More than 7,500 new construction and permanent jobs
Upon completion, the worldclass Live! Casino & Hotel Virginia resort destination will feature:
More than 400,000 square feet of firstclass gaming, hotel and dining space
35,000 square feet of meeting and convention space
An upscale 200room hotel featuring 20 suites, resort pool and fitness center
1,600 stateoftheart slot machines
46 live action table games, including a 15table poker room
High limit slot and table areas and a sportsbook
A 3,000seat stateoftheart entertainment venue for top talent from across Virginia and the greater region, as well as for meetings, conventions and social gatherings
8 bestinclass food and entertainment options, including 3 spaces that will be reserved for local Petersburg restauranteurs and businesses
Free surface parking
Plans for the proposed project include quickly opening an initial first phase casino within a year to immediately begin creating jobs, vendor opportunities and economic benefits for the city. The initial phase will feature:
1,000 stateoftheart slot machines
23 live action table games
A dedicated 15 table poker room
Casino bar and casual restaurant
Over 1,500 free guest and team member parking spots
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 7,500 new jobs including 6,000 construction jobs and 1,500 new livingwage jobs averaging $70,000 in annual compensation with life enhancing benefits and career mobility.
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. Live! will partner with local educational institutions to provide training programs for jobs within the complex, including gaming and hospitality positions. The partnership is committed to creating a diverse and inclusive workforce. Local residents will have ample opportunities to learn about jobs at Live! Casino & Hotel Virginia through programs such as:
Preopening communitybased job fairs
Local job placement workshops
Online job postings, job matching and customized recruitment services
Contractor mentoring and apprenticeships
Communitybased 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. As recognized leaders in community outreach with unparalleled track records of supporting local and regional businesses, Bruce Smith Enterprise and The Cordish Companies are committed to ensuring contract opportunities for local, MBE/WBE, and veteranowned companies. 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 and Beverage
Office and Computer Supplies
Professional Services
Community engagement, engagement and benefits
Live! Casino & Hotel Virginia will serve as a transformative development that will create maximum community benefits for the city and its residents. Bruce Smith Enterprise and The Kodaly Company have long embraced a strong approach to community integration and engagement. Partners are committed to supporting the nonprofit organizations in Petersburg and act as convenience workers to help the community and nonprofits in their fundraising efforts and volunteer work, which is a value inherent in their culture. Bruce Smith and The Kodaly Company continue to be nominated as one of the biggest supporters of nonprofits and charities in the marketplace where they do business and are recognized as worthy community partners.
Live! Casino & Hotel Virginia will provide significant benefits to the community:
A commitment to diversity and inclusion in all aspects of the project, including a comprehensive plan to ensure minority and local participation in ownership, construction, permanent employment, and ongoing operational purchases.
Construction and vendor opportunities for local, minority, female-owned and veteran-owned enterprises.
Workforce development, training, mentoring, internships, tuition repayments, and other programs through local community colleges, universities, and vocational schools to support local employment and career advancement.
an apprenticeship and training program.
Promote the city of Petersburg and its surrounding communities through the nationally recognized award-winning Live! Rewards Customer Loyalty Program with marketing partnerships with local sports teams, businesses, and attractions.
Improve hotel, dining, and entertainment amenities in the area to attract thousands of new visitors.
Live! Casino & Hotel Virginia is developed, owned, and managed by Petersburg Community Development Investigators, LLC. Casino permits in Petersburg must be approved by the Virginia General Assembly, the Governor's Legislative Approval, the City's Priority Developers and Development Sites, and by the appropriate Commonwealth agencies, including the Virginia Lottery.
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