{"id":3405,"date":"2024-09-11T20:35:28","date_gmt":"2024-09-11T20:35:28","guid":{"rendered":"http:\/\/restaurace-pohoda.eu\/?p=3405"},"modified":"2024-09-26T13:38:03","modified_gmt":"2024-09-26T13:38:03","slug":"norfolk-casino-development-confirms-boyd-gaming-involvement","status":"publish","type":"post","link":"http:\/\/restaurace-pohoda.eu\/index.php\/2024\/09\/11\/norfolk-casino-development-confirms-boyd-gaming-involvement\/","title":{"rendered":"Norfolk Casino Development Confirms Boyd Gaming Involvement"},"content":{"rendered":"

The Norfolk casino project has a new development partner in Boyd Gaming, the Las Vegas-based gaming firm that is one of the nation\u2019s largest regional resort operators.<\/span><\/p>\n

\"Norfolk
Boyd Gaming has teamed up with the Pamunkey Indian Tribe for its Norfolk casino. Boyd is replacing billionaire Jon Yarbrough as the majority owner of the development. (Image: Casino.org<\/em>)<\/figcaption><\/figure>\n

Casino.org <\/i>reported earlier this month that the Pamunkey Indian Tribe, Norfolk\u2019s preferred gaming developer that secured approval from local voters<\/a> for a casino undertaking along the Elizabeth River during the November 2020 election, had brought in Boyd<\/a> to help bring its long-delayed dreams to fruition. Those reports surfaced after updated planning documents were submitted to the Norfolk City Council showing Boyd\u2019s involvement.<\/span><\/p>\n

The development consortium confirmed the speculation this week after Norfolk officials approved a resolution amending the Pamunkey Tribe\u2019s casino agreement. The resolution designates Boyd and the federally recognized tribe as partners in Golden Eagle Consulting II, LLC, the entity that Norfolk reached the original Development Agreement on Jan. 19, 2020.<\/span>\u00a0<\/span><\/p>\n

New Norfolk Casino Team<\/b><\/span><\/h2>\n

Golden Eagle was initially controlled by Jon Yarbrough, a billionaire who amassed his wealth by founding a leading manufacturer of gaming machines specifically made for tribal casinos. Yarbrough, estimated to be worth over $4 billion by Forbes<\/i>, had been introduced to the Pamunkey Tribe by a colleague before Virginia lawmakers approved commercial gambling<\/a> in five cities in 2020 and Norfolk was among the designees.<\/span><\/p>\n

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Yarbrough had hoped to aid the tribe in gaining Class III gaming privileges, which would have been a first in Virginia. But after commercial casinos became authorized, the tribe located about 60 air miles north of Norfolk petitioned the city to become its gaming development partner.<\/span><\/p>\n<\/div>\n

Since a tribal casino so close threatened to jeopardize the economic benefit of becoming a host city to a commercial casino, Norfolk went with the tribe and Yarbrough. The initial concept, a $500 million undertaking called HeadWaters Resort & Casino, has since suffered repeated setbacks due to an array of issues that Casino.org <\/i>has covered extensively<\/a> over the past four years<\/a>.<\/span><\/p>\n

Yarbrough is departing the project and selling his stake to Boyd, which planning documents suggest will be an 80% position in Golden Eagle. Robert Gray, the chief of the Pamunkey Indian Tribe, says Boyd has the skillset to get the project not only started but finished.<\/span><\/p>\n

\n

In Boyd, we have found a partner with the national expertise, financial strength, and strong commitment to community,\u201d said Gray. \u201cTogether, we will deliver on our tribe\u2019s promise to develop an amazing casino and resort that will attract tourists to Norfolk, provide local residents with good-paying jobs, and generate significant economic benefits for both Norfolk and the entire Commonwealth of Virginia.\u201d<\/span><\/p>\n<\/blockquote>\n

Kevin Smith, president and CEO of Boyd Gaming, said the company\u2019s interest was pegged because Norfolk \u201cis one of the largest underserved gaming markets in the Mid-Atlantic region.\u201d He added that the opportunity will allow Boyd to \u201cfurther expand and diversify.\u201d<\/span><\/p>\n

Terms Unknown<\/b><\/span><\/h2>\n

The financial details of Boyd Gaming buying a majority stake in Golden Eagle weren\u2019t immediately disclosed, though such information will likely come to light in the future since Boyd is a publicly traded company. The SEC requires public companies that undertake material acquisitions to disclose those acquisitions to the public.<\/span><\/p>\n

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HeadWaters is no more<\/a>, as the project is now being referred to simply as the Norfolk Casino. The latest blueprint is a $300 million endeavor with a 200-room hotel and a casino floor with 1,500 slots, 50 table games, and a sportsbook. Eight restaurants and bars are also in the current design.<\/span><\/p>\n<\/div>\n

The casino remains slated for a 13.5-acre site located next to the Harbor Park baseball stadium. \u00a0<\/span><\/p>\n

The post Norfolk Casino Development Confirms Boyd Gaming Involvement<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Norfolk casino project has a new development partner in Boyd Gaming, the Las Vegas-based gaming firm that is one of the nation\u2019s largest regional resort operators. Boyd Gaming has teamed up with the Pamunkey Indian Tribe for its Norfolk casino. Boyd is replacing billionaire Jon Yarbrough as the majority owner of the development. (Image:…<\/p>\n","protected":false},"author":1,"featured_media":3407,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[16],"tags":[],"_links":{"self":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/3405"}],"collection":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/comments?post=3405"}],"version-history":[{"count":2,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/3405\/revisions"}],"predecessor-version":[{"id":3408,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/3405\/revisions\/3408"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/media\/3407"}],"wp:attachment":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/media?parent=3405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/categories?post=3405"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/tags?post=3405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}