The Cordish Companies have shared their joy after their casino resort project in Richmond, Virginia’s capital city, was selected as one of three finalists.
The number of casino bidders for Richmond was reduced this week to three, with Bally’s Richmond Casino Resort and One Casino + Resort joining Live! Casino & Hotel Richmond as the remaining locations.
Owing to reasons such as lack of site oversight, questions about the viability of financial estimates, lack of management expertise, and/or failure of the plan, Golden Nugget, Wind Creek Hospitality, and Pamunkey Indian Tribe & Reservation’s proposals did not advance to the next round of review.
$600 million+ Live! Casino & Hotel
Last month, Cordish Companies announced its vision for the $600 million+ Live! Casino & Hotel Richmond through its PPE Casino Resorts Richmond subsidiary.
According to the group, this will result in the creation of 8,000 new jobs, including 5,000 temporary jobs and 3,000 permanent jobs, as well as $7.5 billion in economic stimulus for the country.
A 250,000-square-foot casino, a hotel with nearly 300 guest rooms and 30 suites, spa and fitness facilities, a 4,000-seat live entertainment centre, 40,000 square feet of multi-purpose function space, and 18 restaurants, pubs, and entertainment venues are all part of the initiative.
Monetary and community impacts
The Cordish Companies’ chief operating officer, Zed Smith, said of joining the shortlist: “We are thrilled the city of Richmond has advanced The Cordish Companies’ resort casino proposal for Richmond. Live! Casino & Hotel Richmond will maximise jobs, tax revenues and community impacts for the city.
“The project will generate over $7.5bn in overall economic benefits, $1.5bn in tax revenue and over $200m in incremental community benefit payments to the city over the first 15 years of the project.”
“These payments will help fund critical community services such as infrastructure, education, healthcare, parks & recreation, workforce development and affordable housing. The Cordish Companies’ Live! brand is one of the most recognized casino and entertainment brands in the country.
“Cordish has an unparalleled track record of successfully designing, financing, building and operating large-scale casino entertainment resort destinations in regional markets, including having developed three of the most successful casinos ever developed in the US – Live! Casino & Hotel Maryland, Hard Rock Hotel & Casino Hollywood, FL and Hard Rock Hotel & Casino Tampa, FL. We recently opened two flagship properties in Pennsylvania – Live! Casino Pittsburgh and Live! Casino & Hotel Philadelphia.”
Next step conference
The next step in the process is for community members to request suggestions on the shortlisted plans until April 6, 2021, after which a conference will be held to discuss the input.
Negotiations will proceed until mid-May, where the city council will receive a request for a chosen operator. The council will ask the courts to include a vote on November 2, 2021, if the desired operator and venue are chosen.