VIRGINIA could become a new tourist hot spot with a $1.4 billion entertainment resort set to open in the state.
The development is expected to include a 400,000-square-foot gaming zone, swimming pools, live table games, a poker room and a casino bar.
The Cordish Companies, owner of Maryland Live! Casino and Hotel plans to develop “gaming and entertainment district” in the city of Petersburg, south of Richmond.
Bruce Smith Enterprise of Virginia will partner with the company to build the development, which will feature a 200-room hotel with 20 suites.
The joint venture partnership will be the first of its kind in the gaming and entertainment industry to have a minority-owned company as a co-development partner.
Included in the 400,000-square-foot “first-class gaming, hotel and dining space” will be a luxury hotel, 1,600 slot machines, a 3,000-seat entertainment venue and eight “food and entertainment options.”
The partners aim to open a first-phase casino within a year to begin creating jobs, supplier opportunities and economic benefits immediately in the area.
An economic stimulus of US$2.8 billion is expected for the region as a result of the development.
The initial project will include 1,000 state-of-the-art slot machines, 23 live-action table games, a dedicated 15-table poker room and a casino bar and restaurant.
Zed Smith, chief operating officer of The Cordish Companies, released a declaration on planned development.
“The Cordish Companies’ track record in designing, financing, building and operating large-scale mixed-use developments and casino resort destinations across the country is unparalleled,” he said.
“Our success includes achieving all commitments, programs and targets in our proposals for cities across the country.
“We are committed to excellence, creating unforgettable experiences for our guests and treating our team members and communities like family.”
With 35,000 square feet of meeting and convention space planned, the development is expected to bring a wide variety of visitors to the area.
It also aims to create more than 7,500 new jobs in both the construction and hospitality industries.
Upon completion, the space will include a resort pool and fitness center, 46 live-action table games, high-limit slots and table areas, and sports betting.
We can do remarkable work in Petersburg that will transform lives.
Bruce Smith, Bruce Smith Companies
It will also contain a “3,000-seat, state-of-the-art entertainment venue for top talent from across Virginia and the region.”
Of the eight dining options, three will be reserved for local Petersburg restaurants and businesses.
To encourage visitors from all over the world, the site will also offer free parking.
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Pro Football Hall of Famer and prominent Virginia developer Bruce Smith also spoke about the partnership in a recent press release.
“We share the same vision and understand the needs of the city of Petersburg and its citizens,” he wrote.
“Together we can do remarkable work in Petersburg that will transform lives, restore hope and, ultimately, imbue a new energy of revitalization that will be felt for generations.
“Our proposal represents a historic opportunity to prioritize the Petersburg community and put Virginians first.”
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