A major Nevada-based casino operator plans to work with the Pamunkey Indian Tribe to help develop the long-planned Norfolk casino project, according to city documents.
Boyd Gaming Corp., a gaming company with several casinos in Las Vegas and across the country, would step in and help develop the casino planned for land next to Harbor Park downtown. But a proposed development agreement shows the new casino plan may revert back to operating a temporary casino while the permanent gaming facility is under construction.
According to public notice published by the city, the Norfolk City Council will vote Sept. 10 on an ordinance that amends terms of purchase and the development agreement with Golden Eagle Consulting and the Pamunkey tribe. The proposed ordinance states that Boyd would become majority owner in Golden Eagle Consulting, the company created by billionaire Jon Yarbrough that oversees development. The tribe would also possess a 20% equity interest in the company.
It’s unclear from the documents what Yarbrough’s future role would be in the project. But according to the option to purchase, Boyd and the tribe would be the only owners of Golden Eagle Consulting.
Boyd also appears to be reviving plans for a temporary casino in order to meet a statutory deadline, according to a project timeline included in the documents. Called a “transitional casino,” construction would begin Feb. 24, 2025 and the casino would open Nov. 5, 2025 — in time to meet a deadline for obtaining a gaming license by November 2025.
According to the timeline, construction of the permanent casino would begin Jan. 13, 2025, with the casino opening Sept. 13, 2027.
In a short joint statement, the tribe and Boyd said, “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 plans also include a scaled-back 200-room hotel, an at-least 935-space parking garage, a pool, restaurants, a spa and fitness center.
However the development agreements states that the minimum capital investment for the project would be $300 million. Previously, developers promised a $500 million facility.
It has been more than five years since the tribe signaled interest in building a casino on a land parcel next to Harbor Park. Norfolk voters approved the casino construction in a 2020 referendum, which came with a five-year deadline. But the project has undergone several delays and changed plans over the years.
If the developer does not obtain a gaming license by that time, voters would need to approve another referendum. Some state lawmakers have told The Virginian-Pilot they are open to the idea of extending the deadline.
Boyd operates 28 properties in 10 states, though none in Virginia, according to its website. The company made $3.7 billion in revenue in 2023 and posted a profit of around $620 million.
In a second quarter earnings call held July 25, Boyd CEO and President Keith Smith said the company was exploring a number of unannounced capital projects.
Trevor Metcalfe, 757-222-5345, trevor.metcalfe@pilotonline.com
