{"id":1457,"date":"2024-12-20T20:18:42","date_gmt":"2024-12-20T21:18:42","guid":{"rendered":"https:\/\/extraniceshirts.org\/?p=1457"},"modified":"2024-12-27T20:58:47","modified_gmt":"2024-12-27T20:58:47","slug":"norfolk-casino-developers-say-construction-will-soon-begin","status":"publish","type":"post","link":"https:\/\/extraniceshirts.org\/index.php\/2024\/12\/20\/norfolk-casino-developers-say-construction-will-soon-begin\/","title":{"rendered":"Norfolk Casino Developers Say Construction Will Soon Begin"},"content":{"rendered":"

The developers behind the casino planned for Virginia’s Norfolk say construction will soon begin in earnest.<\/span><\/p>\n

\"Norfolk
A rendering of a $750 million casino resort in Norfolk. Voters in the Virginia city approved of such a gaming development back in 2020, but no work has yet been done on the resort. (Image: Boyd Gaming)<\/figcaption><\/figure>\n

Boyd Gaming and the Pamunkey Indian Tribe held a ceremonial groundbreaking<\/a> 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.<\/span><\/p>\n

That will soon change, officials at Las Vegas-based Boyd say. David Strow, Boyd’s vice president of corporate communications, told WTKR <\/i>that residents should expect to see work on the resort start “next month.”<\/span><\/p>\n

\n

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.<\/span><\/p>\n<\/blockquote>\n

Boyd’s update came after WTKR <\/i>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<\/a>.<\/span><\/p>\n

Boyd Involvement<\/b><\/span><\/h2>\n

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.<\/span><\/p>\n

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.<\/span><\/strong><\/p>\n

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.<\/span><\/p>\n

\n

While three other casinos authorized through local referendums during the same election have been built and are up and running<\/a>, 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.<\/span><\/p>\n<\/div>\n

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<\/a>.<\/span><\/p>\n

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.<\/span><\/p>\n

Latest Blueprint<\/b><\/span><\/h2>\n

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.<\/span><\/p>\n

A temporary gaming pavilion tent is likely to open next year as construction of the permanent casino resort persists.<\/span><\/p>\n

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<\/a> to that effort.<\/span><\/p>\n

The post Norfolk Casino Developers Say Construction Will Soon Begin<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The developers behind the casino planned for Virginia’s Norfolk say construction will soon begin in earnest. A rendering of a $750 million casino…<\/p>\n","protected":false},"author":1,"featured_media":1459,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"_links":{"self":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts\/1457"}],"collection":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/comments?post=1457"}],"version-history":[{"count":2,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts\/1457\/revisions"}],"predecessor-version":[{"id":1460,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts\/1457\/revisions\/1460"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/media\/1459"}],"wp:attachment":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/media?parent=1457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/categories?post=1457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/tags?post=1457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}