Bruce Smith Enterprise and The Cordish Companies have partnered up to propose co-developing a US$1.4bn Live! Gaming & Entertainment District, anchored by Live! Casino & Hotel Virginia.
Situated on the intersection of Wagner Road and Interstate I-95, the project is expected to generate billions of dollars in economic benefits and spin-off development, and create thousands of new jobs and benefits to the local community.
The City of Petersburg, Virginia, put out a call for proposals to co-develop the project. Bruce Smith Enterprise and The Cordish Companies have a working relationship that dates back to 2008.
The joint venture partnership is the first-of-its-kind in the gaming and entertainment industry to have a minority-owned business enterprise as co-development partner.
It is estimated that, in the first 10 years, Live! Casino & Hotel will generate US$2.8bn in economic stimulus to the region, $802m in economic benefits during construction and $201m in annual economic benefits each year after opening.
Once completed, the resort's gaming space will feature 1,600 slot machines, 46 live table games, a 15-table poker room, high limit slot and table areas and a sportsbook.
"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 returned home with the inspiration and determination to help make it a more advantageous and prosperous place to live," stated Bruce Smith.
"I have spent significant time in Petersburg talking with students and the community at large. I've had the opportunity to hear first-hand their stories of hardship, and I understand the struggle and the enormous challenges they face.
“Working as a developer in the state for over 20 years, I'm confident that Bruce Smith Enterprise and The Cordish Companies are the right partners for this undertaking, because we share the same vision and understand the needs of the City of Petersburg and its citizens.
"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 prioritise the Petersburg community and put Virginians first."
