The builders behind the on line casino deliberate for Virginia’s Norfolk say building will quickly start in earnest.
A rendering of a $750 million on line casino resort in Norfolk. Voters within the Virginia metropolis authorized of such a gaming improvement again in 2020, however no work has but been finished on the resort. (Picture: Boyd Gaming)
Boyd Gaming and the Pamunkey Indian Tribe held a ceremonial groundbreaking in late October on the $750 million mission. Since then, there was no building autos or laborers on the positioning adjoining to town’s Minor League Baseball stadium known as Harbor Park.
That can quickly change, officers at Las Vegas-based Boyd say. David Strow, Boyd’s vice chairman of company communications, advised WTKR that residents ought to anticipate to see work on the resort begin “subsequent month.”
We’ve submitted all of our licensing materials with Virginia gaming regulators and we at the moment are working with the Metropolis of Norfolk to finalize our web site plan,” Strow defined.
Boyd’s replace got here after WTKR ran a report on Wednesday questioning what’s occurring on the vacant building web site practically two months after Boyd and Pamunkey officers and dignitaries held their supposed groundbreaking.
Boyd Involvement
Earlier this yr, Boyd rescued the tribe’s long-stalled plans to construct a business on line casino alongside the Elizabeth River after billionaire Jon Yarbrough backed out of the event. Yarbrough bought his 80% stake within the mission to Boyd for an undisclosed worth.
Norfolk voters authorized of a on line casino resort by an area poll referendum through the 2020 presidential election. The gaming query handed simply with 65% assist.
The Pamunkey Tribe grew to become Norfolk’s gaming accomplice as a result of the tribe and Yarbrough on the time had been mulling a tribal on line casino resort. To thwart an oversaturation of gaming, Norfolk metropolis leaders partnered with the tribe on a business endeavor.
Whereas three different casinos licensed by native referendums throughout the identical election have been constructed and are up and working, Norfolk’s on line casino has but to formally break floor. Boyd’s involvement reversed misplaced hope for the enterprise, as the corporate is without doubt one of the largest regional gaming operators within the nation with a market capitalization of greater 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% fairness stake in FanDuel.
In 2023, Boyd Gaming generated income of greater than $3.7 billion, with its casinos accounting for $2.6 billion in gaming win. Boyd’s full-year web earnings was $620 million, or $6.12 per share.
Newest Blueprint
In October, Boyd Gaming stated it needs to construct a 200-room lodge overlooking Harbor Park and the Elizabeth River with a on line casino flooring that includes 1,500 slot machines, 50 reside vendor desk video games, and a FanDuel Sportsbook. Resort facilities embrace eight bars and eating places, a reside leisure venue, assembly and occasion capabilities, and a resort pool.
A short lived gaming pavilion tent is more likely to open subsequent yr as building of the everlasting on line casino resort persists.
Within the coming years, Virginia will get a fourth on line casino by means of Petersburg the place The Cordish Corporations is investing $600 million to construct Reside! On line casino & Lodge Virginia. Laws can also be anticipated subsequent yr to qualify Fairfax County in Northern Virginia for a on line casino, although there’s widespread opposition to that effort.
