Las Vegas-based Boyd Gaming is set to take a majority stake in the long-delayed Norfolk casino project, partnering with the Pamunkey Indian Tribe in a deal that aims to revive the stalled development. Boyd will acquire an 80% stake in Golden Eagle Consulting, the development firm founded by billionaire Jon Yarbrough, with the Pamunkey tribe retaining a 20% share.
The Norfolk casino project, first proposed in 2017, has faced numerous setbacks, including regulatory issues and complications from a $2.6 billion infrastructure project in Hampton Roads. This led to significant changes to the original design, including scrapping plans for a marina due to the construction of a 17-foot-high floodwall along the Elizabeth River.
With Boyd Gaming now on board, the project is moving forward with a revised timeline and reduced budget. A temporary casino is expected to open by November 2025, with construction on the permanent resort beginning in January 2025. The full resort, which will include 65,000 square feet of gaming space, 1,000 slot machines, 25 table games, a 180-seat sportsbook, and 200 hotel rooms, is slated to open in September 2027. The overall budget has been reduced from $500 million to $300 million.
The Norfolk City Council is scheduled to vote on the new partnership with Boyd Gaming on September 10, a crucial step before the project can be presented to the city’s Architectural Review Board for further approval.
The delays have increased pressure on the Norfolk development as other Virginia casinos continue to progress. Rivers Casino in Portsmouth reported $250 million in revenue in its first year of operation, and Caesars Virginia in Danville and the Hard Rock Hotel & Casino in Bristol will both open later this year.
“Boyd Gaming has started the process required to help the tribe bring its vision to fruition, in a way that will deliver meaningful benefits for the tribe, the city of Norfolk, and the Commonwealth of Virginia,” Boyd Gaming and the Pamunkey Indian Tribe said in a joint statement to local outlet WHRO.
Norfolk Mayor Kenny Alexander expressed concerns over the project’s delays, saying: “It gave us concern that Golden Eagle was running out of time to meet their obligation to secure a license… It gave pause and concern that they had not submitted a full set of building plans that we can respond to.”
Original article: https://www.yogonet.com/international/noticias/2024/09/04/77605-boyd-gaming-to-take-majority-stake-in-delayed-norfolk-casino-project
