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After years of delays, the development team looking to build a Virginia casino in Norfolk could finally get the project moving forward with the help of one of the nation’s leading gambling operators.
The Pamunkey Indian Tribe announced last week partnering with Boyd Gaming Corp. which would help it support the HeadWaters casino project planned for land next to Harbor Park downtown.
Key takeaways
- Norfolk City Council will vote on whether Boyd Gaming can become the tribe’s new development partner for the long-awaited casino.
- The specifics of the contract remain unknown, but the two companies said they plan to complete the project by September 2027.
- Boyd’s support comes years after many delays in opening a Norfolk casino or losing the authorization that Norfolk’s voters approved in a 2020 referendum.
Boyd brings financial strength to the Pamunkey tribe’s casino project
According to a WHRO Public Media news article, Norfolk Mayor Kenny Alexander said Tuesday that Boyd Gaming is the right partner for the tribe to get this project going. Alexander said:
“Of course, they were struggling to get the project out of the ground. Bringing in Boyd — someone with the ability and the wherewithal and experience and more importantly the financial strength to build a world-class casino resort hotel — is exactly what we need.”
Boyd and the Tribe said in a joint statement to WHRO:
“Boyd Gaming has started the process required to help the tribe bring its vision to fruition, in a way that will deliver meaningful benefits for the tribe, the city of Norfolk and the Commonwealth of Virginia.”
The latest presentation from Aug. 19 did not include the name of the Headwaters Resort & Casino, which the officials included in previous versions. Although it could indicate the new version might contain Boyd’s heading, no official details on the name were revealed.
The local report said the documents specifying Boyd Gaming’s engagement in the project should be presented to the Norfolk City Council in the coming weeks.
Boyd to become a majority owner of Golden Consulting
Boyd will acquire a majority interest in Golden Eagle Consulting, the gambling firm founded by billionaire Jon Yarbrough. The tribe will also acquire a 20% stake in Golden Eagle.
Boyd’s new ownership will empower it to lead the Virginia casino project development.
It remains unclear how Boyd will acquire its stake in the gambling firm and how Yarbrough will fit into the casino project’s plans.
Founded in 1975, Boyd Gaming owns 28 gaming properties, including several casinos in Las Vegas, Nevada, and in nine other states.
In November 2022, Boyd Gaming acquired Boyd Interactive, an online real money and social gaming leader. Boyd Gaming also owns a 5% stake in Flutter’s FanDuel.
The future of Norfolk’s casino finally looks brighter
Despite being the first gaming venue announced in the state, the Pamunkey’s casino project hasn’t moved an inch.
Just a few months after a plan to build a casino (between Harbor Park and the Norfolk Amtrak station) was announced in December 2018, Virginia’s General Assembly moved in a different direction, approving commercial casinos to open in five cities across the state:
- Bristol
- Danville
- Norfolk
- Portsmouth
- Richmond
Voters in Norfolk and other cities (except for Richmond, where voters rejected the proposal twice) approved local referendums in 2020. The measure paved the way for developers to get things going.
But the Pamunkey outline fell behind all the others.
Years later, the $500 million resort casino project proposal still needs city approval. The tribe and Yarbrough planned to make a casino resort featuring:
- 65,000 square feet of gaming floor
- Restaurants
- A hotel with a raised amenity deck with a pool
- Spa, fitness center, meeting spaces and parking garage
Meanwhile, Portsmouth’s Rivers Casino opened its doors in January 2023 and is the state’s only permanent facility. In addition, there are two other casinos currently operating in temporary facilities:
- Hard Rock Hotel and Casino in Bristol
- Caesars Virginia in Danville
Both are working on opening permanent locations later this year. Caesars Virginia will be on the former site of Dan River Mills’ Schoolfield Division. The grand opening of the permanent Hard Rock Hotel & Casino in Bristol, initially planned for July, has been pushed back to later in 2024.
To get their state license and the voter referendum authorizing the project, Boyd and the Pamunkeys must open a temporary casino next to Harbor Park by November 2025. The revised development contract contains an updated timeline stating construction will be completed in September 2027.
