In a landmark decision that could potentially change the landscape of the Virginia gambling industry, voters in five cities across the state have approved the construction of new casinos, including one in Norfolk that could bring a windfall for the renowned developer, Cordish Companies.
The Cordish Companies, a Baltimore-based real estate development firm with a long history of successful casino projects, has been selected to develop and operate the $700 million casino resort in Norfolk. The proposed resort, which will be located along the Elizabeth River waterfront, is expected to be a major economic driver for the city, creating thousands of jobs and generating millions in tax revenue.
The Virginia casino vote, which took place on Election Day, saw overwhelming support from voters in Norfolk, Richmond, Danville, Portsmouth, and Bristol. In Norfolk, where the Cordish project will be located, nearly 70% of voters cast their ballots in favor of the casino proposal, signaling strong local support for the project.
“We are thrilled by the outcome of the Virginia casino vote and are excited to partner with the city of Norfolk to bring this transformative project to fruition,” said Reed Cordish, Principal of the Cordish Companies. “Our team has a proven track record of developing world-class casino resorts that create jobs, drive economic growth, and enhance the overall quality of life for the communities in which we operate.”
The Cordish project in Norfolk will feature a state-of-the-art casino with over 2,500 slot machines and 150 table games, as well as a luxury hotel, a variety of dining options, a spa, and entertainment venues. The resort will also include a marina with boat slips and a waterfront promenade, creating a new destination for tourists and locals alike.
In addition to the Norfolk project, Cordish is also exploring opportunities to develop additional casino resorts in Richmond and Portsmouth, where voters overwhelmingly approved the construction of new casinos. The company’s extensive experience in the gaming industry, combined with its successful track record of developing mixed-use entertainment destinations, positions Cordish as a frontrunner in the rapidly growing Virginia gambling market.
Analysts predict that the Virginia casino vote could result in a substantial windfall for Cordish, with the potential for the company to generate hundreds of millions in revenue from its Virginia projects alone. In addition to the financial benefits, the development of these new casinos is expected to create thousands of new jobs and stimulate economic growth in the region.
While the Cordish projects in Virginia are still in the early planning stages, the company is committed to working closely with local officials and community stakeholders to ensure that the developments are implemented in a responsible and sustainable manner. With the support of voters and the backing of local governments, Cordish is poised to transform the Virginia gambling landscape and establish itself as a key player in the state’s burgeoning casino industry.