Published on: September 11, 2024, 03:35h.
Last updated on: September 11, 2024, 03:35h.
The Norfolk casino initiative has a new partner in Boyd Gaming, a well-known gaming company based in Las Vegas that operates major resorts in different regions across the country.
Casino.org recently reported that the Pamunkey Indian Tribe, which won support from local voters in November 2020 to develop a casino project along the Elizabeth River, has brought in Boyd Gaming to help realize its long-awaited plans. This news came after updated planning documents were submitted to the Norfolk City Council, revealing Boyd’s involvement.
The development group confirmed these reports after Norfolk officials approved a resolution amending the casino agreement with the Pamunkey Tribe. This resolution names Boyd and the federally recognized tribe as partners in Golden Eagle Consulting II, LLC, the entity that initially signed the Development Agreement on Jan. 19, 2020.
New Norfolk Casino Team
Golden Eagle was previously owned by Jon Yarbrough, a billionaire who made his fortune by founding a top manufacturer of gaming machines designed specifically for tribal casinos. Yarbrough, valued at over $4 billion by Forbes, was introduced to the Pamunkey Tribe by a colleague before Virginia lawmakers legalized commercial gambling in five cities, including Norfolk.
Yarbrough had hoped to help the tribe secure Class III gaming rights, which would have been a first in Virginia. However, once commercial casinos were allowed, the tribe, located about 60 air miles north of Norfolk, asked the city to be their gaming development partner.
Despite the threat a tribal casino posed to becoming a host city for a commercial casino, Norfolk decided to go ahead with the tribe and Yarbrough. The original concept, the $500 million HeadWaters Resort & Casino, has faced numerous challenges over the past four years, as extensively covered by Casino.org.
Yarbrough is stepping away from the project and selling his ownership to Boyd, who is expected to hold an 80% stake in Golden Eagle, as indicated in planning documents. Robert Gray, chief of the Pamunkey Indian Tribe, believes Boyd has the expertise to not only start but also complete the project.
Gray stated, “In Boyd, we have found a partner with the national expertise, financial strength, and strong commitment to the community. Together, we will fulfill our promise to develop an exceptional casino and resort that will draw tourists to Norfolk, provide good jobs for local residents, and bring significant economic benefits to Norfolk and the entire state of Virginia.”
Kevin Smith, president and CEO of Boyd Gaming, mentioned that Norfolk intrigued the company as it is a significant untapped gaming market in the Mid-Atlantic region. He added that this opportunity allows Boyd to further expand and diversify.
Terms Unknown
The financial terms of Boyd Gaming acquiring a majority stake in Golden Eagle have not been disclosed yet. However, being a publicly traded company, such details will likely be revealed in the future, as the SEC requires public companies to publicly disclose material acquisitions.
The project formerly known as HeadWaters is now simply referred to as the Norfolk Casino. The latest plan is a $300 million venture with a 200-room hotel, a casino floor featuring 1,500 slots, 50 table games, and a sportsbook, along with eight restaurants and bars in the design.
The casino is set to be situated on a 13.5-acre site next to the Harbor Park baseball stadium.