Posted on: December 20, 2024, 03:18h.
Last updated on: December 20, 2024, 03:18h.
The team behind the upcoming casino in Norfolk, Virginia, is preparing to kick off construction activities.
Boyd Gaming and the Pamunkey Indian Tribe conducted a symbolic groundbreaking ceremony for the $750 million project in late October. However, there has been no visible progress at the site next to Harbor Park, Norfolk’s Minor League Baseball stadium.
According to David Strow, Boyd’s vice president of corporate communications, construction work on the resort is set to commence “next month.” Strow mentioned that all licensing paperwork has been submitted to Virginia gaming regulators, and the finalization of the site plan with the City of Norfolk is in progress.
We’ve submitted all of our licensing material with Virginia gaming regulators and we are now working with the City of Norfolk to finalize our site plan,” Strow explained.
Boyd’s recent announcement followed a report by WTKR questioning the lack of activity at the construction site almost two months after the groundbreaking event.
Boyd’s Role
Earlier this year, Boyd Gaming stepped in to revive the tribe’s stalled plans for a commercial casino along the Elizabeth River after Jon Yarbrough exited the project. Yarbrough sold his 80% stake to Boyd for an undisclosed amount.
Norfolk residents backed the construction of a casino resort through a local referendum during the 2020 election, with 65% in favor of the gaming project.
The Pamunkey Tribe became Norfolk’s gaming partner to prevent an overabundance of casinos in the area, as the tribe and Yarbrough were considering a tribal casino resort. Norfolk city leaders collaborated with the tribe for a commercial venture.
While three other casinos authorized through local referendums during the same election have been built and are operational, Norfolk’s casino has yet to commence construction activities. Boyd Gaming’s involvement has revived hopes for the project, as the company is a major regional gaming operator with a market cap exceeding $6 billion.
Boyd operates 28 casinos across 10 states, including Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania, and holds a 5% equity stake in FanDuel.
In 2023, Boyd Gaming recorded revenue of over $3.7 billion, with $2.6 billion from gaming operations. The company’s net income for the year was $620 million, or $6.12 per share.
Current Plans
Boyd Gaming’s vision for the project includes a 200-room hotel with views of Harbor Park and the Elizabeth River, a casino floor offering 1,500 slot machines and 50 live dealer table games, and a FanDuel Sportsbook. The resort will feature eight bars and restaurants, a live entertainment venue, meeting and event spaces, and a resort pool.
A temporary gaming pavilion tent may open next year while construction of the permanent casino resort continues.
Virginia is set to gain a fourth casino in Petersburg, with The Cordish Companies investing $600 million in Live! Casino & Hotel Virginia. Legislation is also anticipated to qualify Fairfax County in Northern Virginia for a casino next year, despite widespread opposition to the initiative.