Boyd Gaming to Propel the Development of Norfolk Casino

Despite several years of delays related to a proposed Norfolk Casino by the Pamunkey Indian Tribe, the project may finally break ground at some point next year with the establishment of a temporary venue followed by the development of a permanent casino, city documents reveal.

Previously, the casino project in Norfolk, Virginia had a price tag of a mind-blowing $500 million. However, updated development agreements, which are yet to receive approval from the Norfolk City Council, suggest that the minimum investment of the project would be $300 million.

Importantly, the proposed development agreement may see Boyd Gaming, a major gaming and hospitality giant join the project. Per the proposed agreement, the company would acquire a majority stake in Golden Eagle Consulting, a company created by billionaire Jon Yarbrough, and play a key role in the development, financing and operations of the Tribe’s future casino in Norfolk.

According to the city documents, with Boyd Gaming as the majority owner in the company, the project is expected to lift off. While Boyd is expected to acquire a majority stake in Golden Eagle, the documents do not explain how that would be accomplished and what the future role of Yarbrough may be. Still, the Tribe is expected to own approximately 20% stake in Golden Eagle and there likely won’t be any other stakeholders.

The Company Confirmed Its Intention to Help the Project

Boyd Gaming acknowledged its participation in the project. In a statement from the company, disclosed by WHRO on Tuesday, the operator explained: “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.”

Considering the approval of voters from 2020, the Tribe has until November 2025 to secure a license. This puts the need for the establishment of a temporary venue, which is exactly the case according to the new proposal.

Per the proposed development agreement, a new temporary establishment, recognized in the documents as a “transitional casino” would be constructed starting late in February next year. This “transitional casino” is expected to secure a gaming license within the deadline set for November 2025 and open its doors around that time.

On the other hand, the construction of the permanent Norfolk Casino is expected to start on January 13, 2025. According to the development agreement proposal, the permanent casino is expected to open on September 13, 2027.