The firm received unanimous approval from the Petersburg City Council to serve as “development partner” for the East Coast destination’s proposed resort project.
City Mayor Sam Parham cited The Cordish Companies’ track record as the primary reason for choosing the firm.
Other resorts developed by The Cordish Companies include Florida’s Hard Rock Hotel & Casino Hollywood and Live! Casino Pittsburgh.
“An important part of our evaluation was to identify a development partner with a proven track record in developing and operating mixed-use and casino properties, a long history of revitalising cities across the country and strong community engagement practices,” Parham said.
In regard to this latter point, The Cordish Companies expressed its commitment to “community integration and involvement,” declaring support for non-profit organisations in Petersburg.
The firm’s Chief Operating Officer, Zed Smith, even said: “Urban revitalisation is at the heartbeat of The Cordish Companies’ DNA.”
Three other resorts are planned: one in Norfolk, one in Portsmouth and another in Danville. This latter venue will be a joint venture between Caesars Entertainment and the Eastern Band of Cherokee Indians.
Parham continued: “The development of a casino in Petersburg is a once-in-a-generation opportunity to set the course for economic growth for decades to come.
“We are confident that we have selected the ideal partner in The Cordish Companies to bring to fruition our vision for Petersburg.”