Cordish Companies, a gaming and entertainment conglomerate, has revealed intentions to construct a new land-based, mixed-use casino complex in Petersburg, Virginia, valued at $1.40 billion.

More than 2,000 slot machines and electronic table games, 60 live action table games, and a sportsbook will be available at the Live! Casino & Hotel Virginia development, which is situated at the crossroads of Wagner Road and Interstate I-95.

In addition to the event centre, free surface parking, food options, entertainment, and a 200-room on-site hotel with a resort pool and fitness centre, the complex will also have an event centre.

More than 2,500 people will be employed in construction as well as 1,500 in permanent positions in areas such as hotel operations, finance, marketing, human resources, information technology, food and beverage, security and surveillance, and casino operations, according to Cordish Companies. The total number of new employment created by the project exceeds 4,000.

Employing inside the community
In addition to partnering with local educational institutions to offer training programs for jobs within the complex, the operator stated that hiring preference will be given to local residents first, followed by nearby towns.

Cordish Companies has promised a number of community benefits, such as the formation of marketing relationships with regional businesses, sports teams, and attractions and the possibility of bringing in thousands of additional tourists.

A boost to the economy
There will be $3.60 billion in regional stimulus, $675 million in gaming tax revenue, and $220 million in yearly economic benefits, according to Cordish Companies' projections for the first fifteen years the facility is operational.

The city will be transformed by the Live! Gaming & Entertainment District, which will be a driving force behind substantial urban growth and a vibrant entertainment and hospitality destination for the whole region, according to Cordish Companies COO Zed Smith.

It will generate spin-off economic growth, create thousands of new employment for area residents, and offer major opportunities for local, minority, women-owned, and veteran-owned businesses. It will also provide first-class amenities for the local community.

The specifics revealed today demonstrate the city's ambition for this type of project and the reasons we sought to collaborate with Cordish as the developer, according to Petersburg Mayor Sam Parham.

Finding a development partner with experience in creating and managing mixed-use and casino sites, a history of bringing life to communities nationwide, and robust community involvement strategies was a key component of our selection process.

Among the numerous companies we spoke with, Cordish is the only one that has presented Petersburg with a strategy to resuscitate the city that extends beyond a casino. With the Cordish Companies as our partner, we know we can make our dreams a reality.