The Cordish reveals plans for a $1.4bn project in Pittsburg, VA

The family-owned global entertainment and hospitality leader, The Cordish Companies, announced plans for a billion-dollar project in Petersburg, Virginia. The announcement came Tuesday and revealed details regarding a planned development of a new mixed-use project with a price tag of a staggering $1.4 billion.

The new project, called Live! Gaming and Entertainment District, is planned to be located at Wagner Road and Interstate I-95, providing easy access for tourists and travelers, a statement released by The Cordish Companies reveals. The mixed-use project promises to create thousands of new jobs, raise billions in tax revenue and bring significant economic stimulus to the region.

The project is expected to "set a new standard for gaming, hotels and entertainment in the Commonwealth" of the region and become a world-class attraction. What's known so far is that Live! Gaming and Entertainment District will include hotel and dining amenities as well as first-class gaming entertainment.

Besides hotel rooms, the new venue is expected to have fitness, a resort pool, as well as a unique event center that allows the holding of conventions, meetings and live entertainment. Not unexpectedly, the project will have a sportsbook, while the casino floor will feature 60 live-action table games as well as 2,000 slots.

Zed Smith, The Cordish Companies' Chief Operating Officer, shared his excitement saying: "The Cordish Companies is pleased to unveil details today for this major transformative development." He predicted that the new project "will be a catalyst for change and significant urban development, will transform the City by creating a thriving entertainment and hospitality attraction for the entire Region."

At the same time, Smith said that Live! Gaming and Entertainment District will deliver world-class amenities to Virginia and boost the local economy, creating new jobs and opportunities for local, minority-owned businesses. Finally, he said: "We look forward to continuing our work with the City to bring their vision to life."

Sam Parham, Petersburg's Mayor, added: "The details unveiled today show what the City's vision is for this type of project and why we wanted to work with Cordish as the developer." He explained that the City carefully considered the partner for the development of the project.

Mayor Parham added that The Cordish was one of the many companies the City consulted with. However, in the end, he pointed out that The Cordish Companies was selected after outlining a plan that doesn't focus only on casino entertainment but seeks to "revitalize" the city. Last but not least, Parham said: "We are confident that we have the ideal partner in The Cordish Companies to bring our vision to fruition."

Details released by The Cordish Companies predict that upon completion of the Live! Gaming and Entertainment District over the next 15 years, 10,000 jobs will be created. Moreover, the company predicts the project will deliver more than $10 billion in economic stimulus to the region, bringing in $1.1 billion in taxes.

Image credit: The Cordish Companies