Petersburg, Va. — The City of Petersburg has selected Bruce Smith Enterprise and The Cordish Cos. to co-develop a $1.4 billion gaming and entertainment district in Petersburg, roughly 24 miles south of Richmond. The Petersburg City Council unanimously approved the joint venture partnership, which responded to a request for proposal (RFP) issued by the city, as the preferred development partner on the mixed-use project.
Upon completion, Live! Casino & Hotel Virginia will comprise more than 400,000 square feet of gaming, hospitality and dining space, as well as 35,000 square feet of meeting and convention space; a 200-room hotel; 1,600 slot machines; 46 table games; a sportsbook; 3,000-seat entertainment venue; and eight food-and-beverage options.
The property will be developed, owned and managed by an entity doing business as Petersburg Community Development Investors LLC. According to the developers, the project will create an expected 7,500 new jobs and generate $2.8 billion in economic stimulus within the first 10 years. Projections also include $504 million in tax revenues, including $240 million to the City of Petersburg; $802 million in economic benefits during construction; and $201 million in annual economic benefits each year after opening.