We all know who will own and operate Petersburg’s casino. But did you know that someone else will actually own the real estate on which it will sit?
Pennsylvania-based Gaming & Leisure Properties Inc. announced Oct. 27 that it has agreed to purchase the property off Wagner Road where the Live! Casino & Hotel Virginia resort will be located. The reported purchase price is $27 million.
It marks the fourth partnership between GLPI and The Cordish Companies, the Maryland-based co-developer of the Petersburg casino resort. GLPI also announced it will fund the “hard costs” − expenses directly related to the physical construction of the building − which will total around $440 million.
