The Cordish Companies, through its PPE Casino Resorts Richmond subsidiary, has unveiled plans to develop a $600m+ casino resort destination in Richmond, Virginia.
Responding to a request for proposals issued by the city, which has already seen Bally’s Corporation unveil its $650m plans, Live! Casino & Hotel Richmond intends to create thousands of jobs, increase tourism, and generate billions in economic development.
Zed Smith, chief operating officer and partner of The Cordish Companies, stated: “Our Live! brand is one of the most recognised casino and entertainment brands in the country.
“Our project will be a key link in realising the vision set forth in the Richmond 300 master plan for the development of a higher density dining, entertainment, hospitality and commercial node connecting the Diamond and Boulevard developments to our site and the Washington Football Club training facility.”
The project includes a 250,000 square foot casino; hotel with approximately 300 guest rooms and 30 suites; spa and fitness facilities; 4,000-capacity live entertainment venue; 40,000 square feet of multi-use event space; and 18 restaurants, bars and entertainment venues.
“I’m thrilled to be participating in the Live! Casino & Hotel Richmond project as an investor and partner,” stated Bruce Smith, National Football League Hall of Famer and partner in Live! Casino & Hotel Richmond.
“The Cordish Companies have a proven track record of both creating leading casino entertainment destinations around the country and, just as importantly, maximising the positive social impacts of its developments for local and minority residents and businesses.”
Cordish Companies says that its proposal will maximise economic and social impact benefits to the city and its communities, generating $5.3bn of total economic impact for Richmond over the first ten years and create more than 5,000 new direct and indirect jobs during construction and over 3,000 new permanent jobs.
“No gaming or development company in the country has our track record of successfully designing, financing, building and operating large-scale casino entertainment resort destinations in regional markets,” added Smith.
“Every commitment, program and goal contained in our proposal has been successfully achieved time and again by us in other cities in the country. Our commitment to excellence, creating memorable guest experiences and treating our team members and communities like family is our hallmark.”