The Norfolk casino project has acquired a new development partner in Boyd Gaming, a Las Vegas-based gaming company that ranks among the largest regional resort operators in the nation.
Casino. org reported earlier this month that the Pamunkey Indian Tribe, which is Norfolk’s chosen gaming developer that received backing from local voters for a casino project along the Elizabeth River during the November 2020 election, has enlisted Boyd to assist in realizing its long-postponed aspirations. Such reports emerged after revised planning documents were presented to the Norfolk City Council indicating Boyd's involvement.
This week, the development consortium confirmed the rumors after Norfolk officials sanctioned a resolution that modifies the Pamunkey Tribe’s casino agreement. The resolution identifies Boyd and the federally recognized tribe as partners in Golden Eagle Consulting II, LLC, the entity through which Norfolk reached the original Development Agreement on January 19, 2020.
Golden Eagle was initially under the control of Jon Yarbrough, a billionaire who built his fortune by establishing a leading manufacturer of gaming machines tailored for tribal casinos. Yarbrough, whose worth is estimated to exceed $4 billion by Forbes, was introduced to the Pamunkey Tribe by a colleague prior to the Virginia lawmakers' approval of commercial gambling in five cities in 2020, with Norfolk being one of the designated locations.
Yarbrough aimed to assist the tribe in acquiring Class III gaming privileges, which would have marked a first in Virginia. However, after the authorization of commercial casinos, the tribe situated about 60 air miles north of Norfolk sought to partner with the city for its gaming development.
As a tribal casino in such proximity posed a risk to the economic benefits of being a host city for a commercial casino, Norfolk chose to collaborate with the tribe and Yarbrough. The original concept, a $500 million project titled HeadWaters Resort and Casino, has since encountered continuous delays due to various issues that Casino. org has reported on extensively over the last four years.
Yarbrough is stepping away from the project and selling his interest to Boyd, which planning documents indicate will constitute an 80% stake in Golden Eagle. Robert Gray, the chief of the Pamunkey Indian Tribe, states that Boyd possesses the expertise to get the project not only underway but also completed.
"In Boyd, we have found a partner with the national expertise, financial strength, and strong commitment to community,” said Gray. “Together, we will deliver on our tribe’s promise to develop an amazing casino and resort that will attract tourists to Norfolk, provide local residents with good-paying jobs, and generate significant economic benefits for both Norfolk and the entire Commonwealth of Virginia.”
Kevin Smith, the president and CEO of Boyd Gaming, stated that the company's interest was anchored in the fact that Norfolk “is one of the largest underserved gaming markets in the Mid-Atlantic region. ” He mentioned that this opportunity will enable Boyd to “further expand and diversify. ”
The financial specifics regarding Boyd Gaming acquiring a majority stake in Golden Eagle were not immediately revealed, although such details are expected to surface in the future since Boyd is a publicly traded entity. The SEC mandates that public companies engaged in significant acquisitions disclose these transactions to the public.
HeadWaters is no longer in use, as the project is now referred to simply as the Norfolk Casino. The most recent plan is a $300 million project that includes a 200-room hotel and a casino floor featuring 1,500 slots, 50 table games, and a sportsbook. Eight restaurants and bars also feature in the current layout.
The casino is still planned for a 13. 5-acre site positioned next to the Harbor Park baseball stadium.
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