Bruce Smith Enterprise and The Cordish Companies have responded to a request for proposal issued by the City of Petersburg, Va., with plans to co-develop a $1.4 billion Live! Gaming & Entertainment District, anchored by Live! Casino & Hotel Virginia. When complete, the project will include an upscale 200-room hotel with 20 suites, resort pool and fitness center. The proposed site is situated at the intersection of Wagner Road and Interstate I-95. The partners intend to quickly open an initial first-phase casino within a year.
The joint venture partnership of Bruce Smith Enterprise and The Cordish Companies is one of the first in the gaming and entertainment industry to have a minority-owned business enterprise as co-development partner.
The Petersburg ownership team, which makes up 50 percent minority equity participation, will become the largest minority ownership opportunity in the gaming and hospitality industry in the country, and will become a model for other projects in Virginia and throughout the nation. The team includes substantial investment from prominent minority businesses and individuals with a long history of residing, working and investing in the Commonwealth including former Cox Communications GM and philanthropist Gary McCollum, former Philadelphia Eagle and University of Virginia All-American receiver Billy McMullen and the Reynolds Family, founding family of Reynolds Metals.