Boyd Gaming To Take over Casino Project in Norfolk, Virginia

Article by : Erik Gibbs Sep 4, 2024

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Boyd Gaming is stepping in to revive a stalled casino project in Norfolk, Virginia, originally proposed by the Pamunkey Indian Tribe. After years of delays and setbacks, this significant move marks a potential turning point for the long-awaited development.

Yesterday, Boyd Gaming announced that it would become the tribe’s partner in the venture, acquiring a majority ownership stake in Golden Eagle Consulting, the development company initially founded by billionaire Jon Yarbrough. The Pamunkey Tribe will retain a 20% stake in the project. This partnership is still subject to approval by the Norfolk City Council, which must vote on the deal.

Golden Eagle Consulting, established by Yarbrough, was initially formed to bring the tribe’s vision of a casino in Norfolk to life. However, the project, which was first proposed in 2017 after the Pamunkey Tribe gained federal recognition in 2015, has faced numerous challenges and has seen little progress. The tribe has struggled to secure necessary city approvals for the proposed site at Harbor Park, and while several versions of the casino’s design have been presented, none have been finalized.

The Boyd Gaming partnership brings renewed hope for the project, particularly as Boyd is expected to take over financing, development, and operations for the $500 million project. Boyd Gaming is a well-established regional operator with a portfolio of 28 casinos across 10 states, including the Sky River Casino in California, which it operates for the Wilton Rancheria Tribe.

Despite the renewed momentum, the project faces significant pressure. Virginia’s General Assembly legalized digital sports betting and commercial casinos in 2020, allowing up to five cities, including Norfolk, to develop casinos. While other cities like Portsmouth, Danville, and Bristol have made considerable progress, with Portsmouth’s Rivers Casino already reporting $250 million in revenue in its first year, the Norfolk project has lagged behind.

The delay has been a source of frustration for Norfolk officials, particularly as other Virginia casino projects advance rapidly. Norfolk Mayor Kenny Alexander expressed concerns that Golden Eagle was running out of time to meet the requirements necessary to secure a casino license. With the new partnership, there is hope that Boyd Gaming can expedite the process and get the project back on track.

Boyd Gaming and the Pamunkey Tribe now face a race against time to meet the conditions of the referendum. A temporary gaming facility must be operational by November 2025 and located close to the permanent site. The project’s success is crucial for both the tribe and the city of Norfolk, as well as for the broader economic impact it promises to deliver to the Commonwealth of Virginia.