Gaming and Leisure Properties, Inc. (GLPI) has agreed to acquire real estate for the future site of the new Live! Casino and Hotel Virginia in Petersburg, Virginia.
A joint venture between Cordish Companies and Bruce Smith Enterprise, the venue will be located just off I-95. The site is less than 25 miles south of state capital, Richmond, with GLPI’s land purchase valued at $27 million.
GLPI has also committed to funding the hard costs associated with the development of the destination casino and hotel project. This arrangement, GLPI said, is worth $440 million.
Closing of the transaction is subject to certain conditions, including securing licenses and approvals from the Virginia Lottery Commission.
Live! Casino and Hotel Virginia will cost around $600 million and serve as the centrepiece of a wider development. It will house an 80,000sq ft casino with 1,440 slots and 84 tables, as well as food and beverage outlets, 200 hotel rooms, a conference and event center and a concert venue.
A temporary casino facility is scheduled to open at the site in late January 2026. Again, this is subject to receipt of regulatory approvals. The permanent facility is set to open in late 2027.
GLPI Plants a Flag in Virginia
GLPI Chairman and CEO Peter Carlino welcomed the deal. He said it establishes a presence for GLPI in Virginia.
“Our partnership with Cordish Companies continues to expand, with this unique opportunity to further diversify our portfolio, both on a geographic basis and through an expansion with an existing tenant,” he said. “This accretive transaction plants a GLPI flag in Virginia, It will represent the 21st state for our portfolio, and allows us to partner again with a strong, proven tenant on this exciting development project in Petersburg, Virginia.
“Additionally, this announcement marks our third transaction in the last two months, as the pipeline continues to build, setting the stage for accelerating growth in the coming years.”
Cordish’ Chairman David Cordish added, “As a multi-generational, family-owned and operated business, GLPI is an ideal partner for us to continue growing our Gaming Division.
“GLPI supports what we have done successfully for decades and will continue to do develop, own, and operate best-in-class entertainment destinations under our Live! brand. We look forward to opening this best-in-class gaming facility.”
