Posted on: September 24, 2024, 08:21h.
Last updated on: September 24, 2024, 09:06h.
The Norfolk casino project targeting a paved parking lot next to the Harbor Park Minor League Baseball Stadium secured critical approval this week.
The Norfolk Architectural Review Board (ARB) voted 6-1 on Monday evening in favor of the Norfolk casino design along the Elizabeth River. The development comes from the Pamunkey Indian Tribe and its new partner, Las Vegas-based Boyd Gaming.
ARB members forwarded the plan with conditions, including further clarity about how the resort will impact foot traffic, how building materials will reflect sunlight and impact river views, and how the resort will impact the seawall initiative.
It’s going to be an icon on the waterfront. It’s going to be a symbol on the intercoastal waterway,” ARB member Gregory Rutledge told 10 On Your Side. “It’s got to look right. It’s got to stand up for the test of time. These details matter.”
ARB is tasked with reviewing all development projects concerning land purchased from the city or encroaching onto city property.
The Norfolk casino, if fully approved and greenlit by the Virginia Lottery, the state’s casino regulator, would be built on 9.35 acres of land that’s currently owned by the city and functions as a parking lot for the stadium. The city has agreed to sell the paved acreage for $10.5 million.
Closer to Construction
The Norfolk casino gaining ARB’s blessing is a monumental first in the resort project’s long-delayed path to realization. Norfolk voters approved of the casino almost four years ago during the November 2020 election.
The Pamunkeys originally partnered with Tennessee billionaire Jon Yarbrough for a casino on the tribe’s sovereign land about 60 air miles north in King William. After Virginia lawmakers authorized commercial casinos in five cities, including Norfolk, the city partnered with the tribe on the commercial opportunity in exchange for the Pamunkey Tribe folding on its tribal casino endeavor.
Yarbrough amassed his fortune through Video Gaming Technologies, a gaming manufacturer that specialized in developing slot-like electronic bingo-based devices that satisfied Class I and II gaming laws under the federal government’s Indian Gaming Regulatory Act. After years of delays largely stemming from design challenges and legal concerns about where a temporary casino might operate, Yarbrough agreed to sell his position in the Norfolk casino project to Boyd earlier this month.
Boyd acquired an 80% stake in Yarbrough’s Golden Eagle Consulting II. The tribe retains its 20% share as Yarbrough departs.
Golden Eagle will develop, build, and operate the Norfolk casinos, which was previously called HeadWaters Resort & Casino, but which has since ditched that branding. With the ARB sign-off, the project moves to the Norfolk Planning Commission.
Budget Unknown
Norfolk’s development agreement with the tribe requires that any casino be built at a minimum cost of $300 million. Boyd says the budget will be much bigger, but hasn’t publicly revealed a projected cost.
The latest outline includes a 200-room hotel and casino floor with 1,500 slot machines, 50 live dealer table games, and a sportsbook. Boyd plans to open a 7,200-square-foot temporary tent casino next year while construction on the permanent resort begins.
Boyd will be playing catch up to secure market share in the Hampton Roads region after Rivers Casino Portsmouth opened in January 2023. Rivers is just a 15-minute drive from where the Norfolk casino will operate.
