Amid years of setbacks and shuffling hand after hand in the high-stakes game of urban development, the long-anticipated Norfolk Casino project by the Pamunkey Indian Tribe may finally hit the jackpot. According to recent city documents, the groundbreaking is set for next year, starting with the launch of a temporary venue before transitioning to a permanent casino.
The Evolving Price Tag
In the past, building the Norfolk, Virginia casino was pegged at an eye-popping $500 million. However, updated development agreements—currently under review by the Norfolk City Council—suggest a more conservative minimum investment of $300 million.
Rolling the Dice: Boyd Gaming’s Potential Involvement
Significantly, the updated proposal could see gaming titan Boyd Gaming entering the fray. Under this new agreement, Boyd would acquire a majority stake in Golden Eagle Consulting, a venture initiated by billionaire Jon Yarbrough. Boyd is poised to lead the charge in the development, financing, and operations of the Tribe’s casino.
While city documents suggest that Boyd’s major stake would fast-track the project, details on how this shift in ownership would unfold remain under wraps. Interestingly, the Tribe is projected to maintain a 20% stake in Golden Eagle, with no other stakeholders in sight.
High Hopes: Boyd Gaming’s Statement
Confirming its commitment, Boyd Gaming disclosed its involvement through a statement shared with WHRO, expressing, “Boyd Gaming has started the process required to help the Tribe bring its vision to fruition, aiming to offer substantial benefits to the Tribe, the City of Norfolk, and the Commonwealth of Virginia.”
Voters’ Approval and Licensing Deadline
In light of the voter-backed mandate from 2020, the Tribe has until November 2025 to lock down a gaming license. This leaves the team feeling the pressure, emphasizing the necessity of a temporary venue as outlined in the latest proposal.
According to the development agreement, a new temporary establishment, termed as a “transitional casino,” is set to begin construction by late February next year. This “transitional casino” aims to clinch a gaming license by the November 2025 deadline and swing open its doors around that time.
Permanent Dreams: Timelines and Expectations
Meanwhile, the grand vision—the permanent Norfolk Casino—is slated to break ground on January 13, 2025. Following the meticulous playbook, the permanent establishment is set to welcome its first patrons on September 13, 2027. This schedule promises to transform Norfolk’s gaming landscape, bringing the Tribe’s long-held dream closer to reality.
This is a high-stakes endeavor with more twists than a poker game, and just like a seasoned gambler, every move counts. As we shuffle closer to the groundbreaking date, all eyes are on Norfolk, eager to see how this hand will play out in the coming years.
