PETERSBURG, VIRGINIA RESIDENTS VOTE YES! FOR LIVE! CASINO RESORT: THE CORDISH COMPANIES AND BRUCE SMITH ENTERPRISE CELEBRATE PASSING OF HISTORIC CASINO REFERENDUM

PETERSBURG, VA (November 6, 2024) – The citizens of Petersburg have
spoken, and the historic casino referendum has passed with an overwhelming
support of over 80% of Petersburg residents voting in favor of the $1.4
billion Live! Casino Resort project, marking the highest support for a
casino referendum in Virginia history. This marks a monumental step
forward for the Petersburg community, as the approval paves the way for
the development of a world-class casino and entertainment destination
that promises to revitalize the local economy, create jobs, and invest
in much-needed community services.

_Video and image files can be downloaded __here [7]__._

Live! Casino Resort, which will be codeveloped by The Cordish Companies
and Bruce Smith Enterprise, is projected to bring significant economic
benefits to the region. This development will include gaming

and entertainment options, restaurants, hotels, and event
spaces, making Petersburg a destination for tourism and entertainment in
Virginia. Construction will commence after the vote is certified and all
required approvals are received, with an anticipated opening date of the
initial first phase casino in 2026.

“We are deeply gratified by the community’s affirmation of this project
and very hopeful about the meaningful impact it will have on the city’s
future,” said Bruce Smith, Owner of Bruce Smith Enterprise, Pro Football
Hall of Fame Member, Developer and Community Leader, and codeveloper of
the planned Live! Casino Resort in Petersburg. “The casino will not only
create good-paying jobs for our residents but will also attract visitors
statewide and beyond, stimulating local businesses and, in turn, producing
an overall ripple effect of economic growth. Now that the voters have
spoken, we look forward to working with the City of Petersburg and the
Virginia Lottery to secure all of the necessary permitting, licensing
and regulatory approvals for this project to move forward.”

A Vision for the Future
The casino project is part of a larger revitalization plan for
Petersburg, which has faced economic challenges in recent years. This
initiative, alongside other investments in infrastructure and local
businesses, will position the city for long-term growth and success.

“The approval of the destination resort and casino in Petersburg marks a
significant milestone for our City,” said Mayor Sam Parham, City of
Petersburg, VA. “Voter approval follows a three-year journey on this
transformative project that will bring positive change to Petersburg for
generations. This destination resort, casino, retail, and residential
development will be the largest economic and tourism project in
Petersburg’s history. City Council and administration look forward to
working with The Cordish Companies and Bruce Smith Enterprise to
positively impact our community and its prosperity.”  

Live! Casino Resort will catalyze change and significant urban
development, transforming the City by creating a thriving
entertainment and hospitality destination. The project will set a new
standard for gaming, hotels, and entertainment in the Commonwealth and
serve as a new world-class attraction for Petersburg and the greater
Central Virginia region. Ideally situated at the

intersection of Wagner Road and Interstate I-95, the project site has easy access on and
off the East Coast’s major north-south interstate.

“Today is a new day for residents of Petersburg,” said Zed Smith,
Chief Operating Officer of The Cordish Companies. “This community has
waited a long time for an economic development project of this size and
scale, which will greatly boost the City and the entire
region. We cannot wait to start hiring residents and partnering
with local businesses and entrepreneurs. Thank you, Petersburg, for
placing your trust and confidence in our team. We look forward to
delivering results for you and being a part of this great community for
decades.”

In its first 10 years, Live! Casino Resort will generate:  

     * $2.8 billion in economic stimulus to the region
    * $504 million in tax revenues, including $240 million to the City of Petersburg alone
    * $802 million in economic benefits during construction
    * $201 million in annual economic benefits each year after opening
    * Over 7,500 new construction and permanent jobs ranging from hospitality and gaming staff to administrative and management roles, providing opportunities for people across different skill levels.

Upon completion, the world-class Live! Casino Resort destination will feature:
 

• More than 400,000 square feet of first-class gaming, hotel and
• dining space
• 35,000 square feet of meeting and convention space
• An upscale 200-room hotel featuring 20 suites, a resort pool, and fitness center
• 1,600 state-of-the-art slot machines
• 46 live-action table games, including a 15-table poker room
•  High-limit slot and table areas and a sportsbook
• A 3,000-seat state-of-the-art entertainment venue for top talent from across Virginia and the greater region, as well as for meetings, conventions and social gatherings
• Eight best-in-class food and entertainment options, including three spaces that will be reserved for local Petersburg restauranteurs and businesses
• Free surface parking

Plans for the proposed project include opening an initial first phase
casino one year after all applicable approvals to immediately begin
creating jobs, vendor opportunities, and economic benefits for the city.
The initial phase will feature, at a minimum:
     

• 1,000 state-of-the-art slot machines
• 23 live-action table games
• A dedicated 15-table poker room
• Casino bar and casual restaurant
• Over 1,500 free guest and team member parking spots

Revenue for Community Services
Beyond job creation, the casino will provide an estimated $2.8 billion
in economic stimulus to the region, with $240 million of tax revenues
going to the City of Petersburg alone. A portion of the proceeds from
casino operations will be earmarked for funding key community services,
including education, infrastructure improvements, and public safety.
This funding is anticipated to be a game-changer, helping to improve
school facilities, enhance city services, and support public health and
safety initiatives.

Career and Vendor Opportunities
Live! Casino Resort is committed to the creation of 7,500 new jobs
including 6,000 construction jobs and 1,500 new living-wage jobs
averaging $70,000 in annual compensation with life-enhancing benefits
and career mobility.  

Career opportunities will be available in every field, including hotel
operations, finance, marketing, human resources, information
technologies, food and beverage, facilities, security, and surveillance
and gaming operations. Hiring preference will be given to local
residents first, then surrounding communities. Local residents will have
ample opportunities to learn about jobs at Live! Casino Resort through
programs such as:

     * Pre-opening community-based job fairs
    * Local job placement workshops
    * Online job postings, job matching, and customized recruitment services
    * Contractor mentoring and apprenticeships
    * Community-based information sessions on job opportunities and training programs
    * Community College and University partnerships for job placement

Live! Casino Resort will purchase tens of millions of dollars in goods
and services in the region. As recognized leaders in community outreach
with unparalleled track records of supporting local and regional
businesses, Live! Casino Resort is committed to utilizing and supporting
local, regional, minority, women-owned, and veteran-owned businesses by
providing them access to contract opportunities. Our procurement team
will maintain an internal database of diverse contractors and suppliers
that will be used for future bid opportunities. The following are some
of the categories of goods and services to be purchased:

     * Gaming Operations
    * Hotel Operations
    * Furniture, Fixtures and Equipment
    * Engineering, Facilities and Maintenance
    * Food and Beverage
    * Office and Computer Supplies
    * Professional Services

Community Engagement, Involvement & Benefits
Live! Casino Resort will serve as a transformative development, creating
maximum community benefits for the City of Petersburg and its residents.
The Cordish Companies and Bruce Smith Enterprise have long embraced a
strong approach to community integration and involvement. The partners
are committed to supporting non-profit organizations in Petersburg,
acting as conveners to assist community organizations and non-profits in
their fundraising efforts and volunteerism, an endemic value to their
cultures. The Cordish Companies and Bruce Smith are consistently named
among the largest supporters of non-profits and philanthropic
organizations in markets where they do business and are recognized as valued
community partners.  

Live! Casino Resort will be developed, owned, and managed by Petersburg
Community Development Investors, LLC and its affiliates. Authorization
of a casino in Petersburg is subject to licensing by applicable
Commonwealth agencies, including the Virginia Lottery.

For more information, please visit https://valive.casino/.

About The Cordish Companies
The Cordish Companies’ origins date back to 1910 and encompass four
generations of privately held family ownership. During the past ten
decades, The Cordish Companies has grown into a global leader in Gaming
& Entertainment; Commercial Real Estate; Entertainment Districts;
Sports-Anchored Developments; Hotels; Residential Properties;
Restaurants, Coworking Spaces, and Private Equity. One of the largest
and most respected developers in the world, The Cordish Companies has
been awarded an unprecedented seven Urban Land Institute Awards for
Excellence for public-private developments that are of unique
significance to the cities in which they are located. The Cordish
Companies have developed and operated highly acclaimed dining,
entertainment, and hospitality destinations throughout the United States,
many falling under The Cordish Companies’ Live! The brand is highly regarded
as one of the premier entertainment brands in the country. Welcoming
over 55 million visitors per year, these developments are among the
highest-profile dining, entertainment, gaming, hotel and sports-anchored
destinations in the country. In gaming, The Cordish Companies has
developed among the most successful casino hotel resorts in the world,
including the Hard Rock Hotels & Casinos in Hollywood and Tampa, FL,
Live! Casino & Hotel Maryland, Live! Casino Pittsburgh and Live! Casino
& Hotel Philadelphia. Over the generations, The Cordish Companies has
remained true to the family’s core values of quality, entrepreneurial
spirit, long-term personal relationships, and integrity. As a testimony
to the long-term vision of its family leadership, The Cordish Companies
still owns and manages virtually every business it has created. For more
information, visit www.cordish.com [8] or follow us on X (formerly
Twitter) @cordishco [9].

“The Cordish Companies,” “The Cordish Company” and “Cordish”
are trademarks used under license by independent corporations, legal
liability companies and partnerships (“Cordish Entities”). Each
Cordish Entity is a separate, single-purpose legal entity that is solely
responsible for its obligations and liabilities. No common operations or
financial interdependency, and no intermingling of assets or liabilities
of the Cordish Entities exists, or should be deemed to exist, as a
result of the potential common reference to multiple independent
entities operating under the names “Cordish,” “The Cordish
Companies” or “The Cordish Company” here or elsewhere.  

About Bruce Smith Enterprise
Bruce Smith Enterprise, led by legendary Pro Football Hall of Fame
member and Virginia native Bruce Smith is a commercial real estate firm
that specializes in the development of premier mixed-use projects.
Headquartered in Virginia Beach, VA, the company has developed notable
properties throughout the state and the Mid-Atlantic region that feature
the cohesive and seamless integration of residential, hotel, Class A
office, and retail space. Since retiring from professional football in
2004 after a prolific 19-year career, the NFL’s All-Time Sack Leader
has endeavored to bring the same level of unparalleled excellence,
diligence, and leadership that he honed as a veteran on the field to the
management of Bruce Smith Enterprise. The successful development of
timeless mixed-use properties that survive and withstand trends of the
marketplace, strengthen, and invigorate the local economy and create
jobs are core values of Bruce Smith Enterprise’s primary mission.