Posted on: December 20, 2024, 03:18h.
Last updated on: December 20, 2024, 03:18h.
The developers behind the casino planned for Virginia’s Norfolk say construction will soon begin in earnest.
Boyd Gaming and the Pamunkey Indian Tribe held a ceremonial groundbreaking in late October on the $750 million project. Since then, there has been no construction vehicles or laborers on the site adjacent to the city’s Minor League Baseball stadium called Harbor Park.
That will soon change, officials at Las Vegas-based Boyd say. David Strow, Boyd’s vice president of corporate communications, told WTKR that residents should expect to see work on the resort start “next month.”
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 update came after WTKR ran a report on Wednesday questioning what’s going on at the vacant construction site nearly two months after Boyd and Pamunkey officials and dignitaries held their supposed groundbreaking.
Boyd Involvement
Earlier this year, Boyd rescued the tribe’s long-stalled plans to build a commercial casino along the Elizabeth River after billionaire Jon Yarbrough backed out of the development. Yarbrough sold his 80% stake in the project to Boyd for an undisclosed price.
Norfolk voters approved of a casino resort through a local ballot referendum during the 2020 presidential election. The gaming question passed easily with 65% support.
The Pamunkey Tribe became Norfolk’s gaming partner because the tribe and Yarbrough at the time were mulling a tribal casino resort. To thwart an oversaturation of gaming, Norfolk city leaders partnered with the tribe on a commercial endeavor.
While three other casinos authorized through local referendums during the same election have been built and are up and running, Norfolk’s casino has yet to officially break ground. Boyd’s involvement reversed lost hope for the undertaking, as the company is one of the largest regional gaming operators in the country with a market capitalization of more than $6 billion.
Boyd operates 28 casinos in 10 states — Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania — and maintains a 5% equity stake in FanDuel.
In 2023, Boyd Gaming generated revenue of more than $3.7 billion, with its casinos accounting for $2.6 billion in gaming win. Boyd’s full-year net income was $620 million, or $6.12 per share.
Latest Blueprint
In October, Boyd Gaming said it wants to build a 200-room hotel overlooking Harbor Park and the Elizabeth River with a casino floor featuring 1,500 slot machines, 50 live dealer table games, and a FanDuel Sportsbook. Resort amenities include eight bars and restaurants, a live entertainment venue, meeting and event capabilities, and a resort pool.
A temporary gaming pavilion tent is likely to open next year as construction of the permanent casino resort persists.
In the coming years, Virginia will get a fourth casino by way of Petersburg where The Cordish Companies is investing $600 million to build Live! Casino & Hotel Virginia. Legislation is also expected next year to qualify Fairfax County in Northern Virginia for a casino, though there is widespread opposition to that effort.