A new casino in Richmond has caught the attention of NFL icons Emmitt Smith and Bruce Smith, who might join as investors.
The Cordish Companies, one of the two final contenders for the project, recently disclosed that they have secured $180 million in direct minority investment for the proposed $600 million venture.
Cordish Cos., together with its minority partnership team, is currently accepting additional investment opportunities for the proposed Live! Casino & Hotel Richmond. These opportunities are specifically aimed at small, Richmond-based minority companies and individuals who are interested in becoming partners.
At the end of the month, the City of Richmond will evaluate proposals from Cordish and its sole competitor, a partnership between Urban One and Colonial Downs. Subsequently, the fate of the project will be determined by Richmond voters through a casino referendum on Election Day.
In the event that Richmonders give their approval to the project, the capital of Virginia will become the fifth city in the state to endorse a casino project in 2020.
Meet Emmitt Smith and Cordish Cos.’ other investors
The Cordish Co. CEO, Zed Smith, states that the proposed project’s investment tally establishes it as a potentially historic minority equity investment in Virginia, potentially being the largest. The team of minority equity partners consists of esteemed investors, both locally and nationally, who are dedicated to excellence and being an active and supportive member of the community.
Included in the group of minority equity partners at the Richmond casino are:
- Emmitt Smith, the NFL’s all-time leading rusher and a three-time Super Bowl champion, serves as the Chairman of E Smith Advisors, a real estate and services firm named after him. Additionally, he has been honored with induction into the Pro Football Hall of Fame.
- Bruce Smith, a Pro Football Hall of Famer and the all-time NFL sacks record holder, hails from Virginia and is the founder of Bruce Smith Enterprise (BSE), a renowned commercial real estate firm.
- The Visualize & Rize Foundation is run by Jermon Bushrod, an NFL Pro Bowler and Super Bowl XLIV Champion, along with his father, as part of the Bushrod Family.
- The Davis Family: DBCC (Davis Brothers Construction Company, Inc.) stands as one of Virginia’s longest-standing construction companies under family ownership.
- Anthony Jimenez is the founder, chairman, and CEO of MicroTech, a Virginia-based IT integration company recognized as one of the largest Hispanic-owned businesses in the United States.
- Billy McMullen, a former All-American receiver at the University of Virginia and NFL veteran, now dedicates himself to community outreach through coaching and mentoring.
According to Bruce Smith’s statement about the project:
“Our minority partnership group consists of exceptionally accomplished individuals hailing from Virginia and various parts of the nation. Among our esteemed members are Emmitt Smith III, Billy McMullen, the Davis Family, and more. We are resolute in our commitment to not only making a substantial financial investment in the city but also dedicating our time and philanthropic endeavors to uplifting the communities in Richmond, propelling them to unprecedented heights.”
For Richmond casino, it’s down to two
While Portsmouth, Norfolk, Danville, and Bristol voters have overwhelmingly supported the establishment of casinos, Richmond is encountering significant resistance from organized groups, making the outcome of a casino in the city uncertain.
The proposed resort by The Cordish Cos. is planned to be constructed in the Scott’s Addition entertainment district of the city. The precise location for the Richmond casino has been the main point of contention among the 230,000 residents of the city.
The Cordish project is expected to feature gaming facilities, conference rooms, and hotel accommodations. Additionally, it is anticipated to offer the typical casino attractions.
- Games like blackjack and roulette that are played on a table.
- Slot machines and video poker games
- Sportsbook
- Poker room
The Cordish Cos. are also in charge of running casinos in Maryland, Pennsylvania, and Florida. Supporters have emphasized that this venture would generate 3,000 permanent full-time positions and 5,000 temporary jobs in construction. Additionally, authorities anticipate that it will contribute to a $5.3 billion economic boost for Richmond within the next ten years.
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