Date: September 24, 2024, 08:21h.
Last updated: September 24, 2024, 09:06h.
The Norfolk casino project aiming for a paved parking lot adjacent to the Harbor Park Minor League Baseball Stadium received crucial approval this week.
The Norfolk Architectural Review Board (ARB) voted 6-1 on Monday evening in favor of the Norfolk casino design along the Elizabeth River. The project is a collaboration between the Pamunkey Indian Tribe and Las Vegas-based Boyd Gaming.
ARB members approved the plan with conditions, such as clarifying the impact on foot traffic, building materials’ reflection of sunlight, and effects on river views and the seawall initiative.
It will be an iconic symbol on the waterfront. It will stand out on the intercoastal waterway,” stated ARB member Gregory Rutledge to 10 On Your Side. “It must look appealing and endure the test of time. These details are important.
ARB is responsible for reviewing all development projects related to land bought from the city or encroaching on city property.
If fully approved by the Virginia Lottery, the state’s casino regulator, the Norfolk casino will be constructed on 9.35 acres of city-owned land currently serving as a parking lot for the stadium. The city agreed to sell the paved land for $10.5 million.
Moving Closer to Construction
The Norfolk casino receiving approval from ARB is a significant step for the resort project that has faced delays. Norfolk voters supported the casino almost four years ago in the November 2020 election.
Initially, the Pamunkeys partnered with Tennessee billionaire Jon Yarbrough for a casino on the tribe’s sovereign land about 60 air miles north in King William. When Virginia authorized commercial casinos in cities like Norfolk, the city joined forces with the tribe for the commercial opportunity, leading the Pamunkey Tribe to abandon its tribal casino plans.
Yarbrough made his fortune through Video Gaming Technologies, focusing on developing electronic bingo-based devices compliant with Class I and II gaming laws under the Indian Gaming Regulatory Act. After various delays, Yarbrough sold his stake in the Norfolk casino project to Boyd earlier this month.
Boyd acquired an 80% share in Yarbrough’s Golden Eagle Consulting II, with the tribe retaining a 20% stake as Yarbrough exits.
Golden Eagle will develop, build, and operate the Norfolk casino, previously known as HeadWaters Resort & Casino, but now rebranded. With ARB approval, the project moves to the Norfolk Planning Commission.
Unknown Budget
Norfolk’s agreement with the tribe mandates a minimum casino construction cost of $300 million. Boyd anticipates a larger budget but has not disclosed an estimated cost.
The current plan features a 200-room hotel, a casino floor with 1,500 slot machines, 50 live dealer tables, and a sportsbook. Boyd plans to open a temporary 7,200-square-foot tent casino next year while work begins on the permanent resort.
Boyd aims to secure market share in the Hampton Roads region following the opening of Rivers Casino Portsmouth in January 2023, just a 15-minute drive from the planned Norfolk casino location.