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The Cordish Companies proposes to develop casino in Richmond, Virginia

22 February 2021

(PRESS RELEASE) -- PPE Casino Resorts Richmond, LLC, an affiliate of The Cordish Companies, has responded to a request for proposals issued by the City of Richmond, VA with a plan to develop a $600+ million destination casino resort in the City's Scotts Addition area.

Cordish has developed the most successful casino entertainment resorts in the U.S., including Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, Live! Casino Pittsburgh, Hard Rock Hotel & Casino Hollywood, FL and the Hard Rock Hotel & Casino Tampa, FL. Cordish's Live! Casino & Hotel Richmond will set a new standard for gaming, hotels and entertainment in the Commonwealth and serve as a new world-class attraction for the greater Richmond Region.

The Project includes a 250,000 square foot casino; a luxury hotel with approximately 300 guest rooms and 30 suites; upscale spa and fitness facilities; a 4,000-capacity live entertainment venue; 40,000 square feet of multi-use event space; and 18 restaurants, bars and entertainment venues. The Project Site, located at the intersection of Arthur Ashe Blvd and West Leigh Street in Scott's Addition, offers convenient access from both I-64 and I-95.

Zed Smith, Chief Operating Officer and Partner of The Cordish Companies stated, "Our Live! brand is one of the most recognized casino and entertainment brands in the country. Our project will be a key link in realizing 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 will maximize economic and social impact benefits to the City and its communities. Live! Casino & Hotel Richmond will generate $5.3 billion of total economic impact for the City of Richmond over the first 10 years and create more than 5,000 new direct and indirect jobs during construction and over 3,000 new permanent jobs.

"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, maximizing the positive social impacts of its developments for local and minority residents and businesses."

The Company's ownership includes substantial minority investment from prominent minority companies and individuals with a long history of living, working and investing in the Commonwealth. The Company's community outreach includes partnering with local and regional higher education and vocational schools, workforce development organizations and governmental bodies in order to achieve the broadest communication and outreach to local communities. The Construction Management team for the Project will include three of the area's most prominent minority general contractors, including Davis Brothers Construction Company, Mark Turner Construction and Canterbury Enterprises teamed with Gilbane Building Company.

The Cordish Companies and its affiliates have a strong history of leadership in philanthropy, working with local non-profit organizations in all markets where it does business and becoming active members of the community. Cordish is committed to supporting the Richmond community and its non-profit organizations through direct monetary contributions and in-kind services, acting as a convener to assist community organizations and non-profits in their fundraising efforts and volunteerism, an endemic value to the Company and its team members.

"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," stated Zed 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."

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