The Norfolk casino project has a new development partner in Boyd Gaming, the Las Vegas-based gaming firm that stands as one of the nation’s largest regional resort operators. Boyd Gaming has stepped in to replace billionaire Jon Yarbrough as the majority owner in the joint venture with the Pamunkey Indian Tribe.
Earlier this month, news emerged that the Pamunkey Indian Tribe, Norfolk’s selected gaming developer, had aligned with Boyd Gaming to advance their long-stalled casino project. This partnership was confirmed after the Norfolk City Council received updated planning documents indicating Boyd’s involvement and subsequently approved a resolution amending the tribe’s casino agreement. The resolution formally designates Boyd and the tribe as partners in Golden Eagle Consulting II, LLC, the entity that holds the original Development Agreement with Norfolk, signed on January 19, 2020.
Initially, Golden Eagle was controlled by Jon Yarbrough, a billionaire who generated his fortune from manufacturing gaming machines tailored to tribal casinos. Forbes estimates Yarbrough’s net worth at over $4 billion. He became linked to the Pamunkey Tribe through a colleague before the 2020 legislative approval that allowed commercial gambling in five Virginian cities, Norfolk included.
Yarbrough aimed to help the Pamunkey Tribe secure Class III gaming privileges, a first for Virginia. However, with the legalization of commercial casinos, the tribe, located roughly 60 air miles north of Norfolk, petitioned to become Norfolk’s gaming development partner. Faced with the dilemma of a tribal casino potentially undermining the economic advantages of hosting a commercial casino, Norfolk opted to collaborate with the tribe and Yarbrough. Their initial $500 million project, known as HeadWaters Resort & Casino, encountered numerous delays over the past four years, well-documented by Casino.org.
Yarbrough is now exiting the project, selling his stake to Boyd, which planning documents suggest constitutes an 80% share in Golden Eagle. Robert Gray, the Pamunkey Indian Tribe’s chief, expressed confidence in Boyd’s ability to both initiate and complete the ambitious project.
“In Boyd, we have found a partner with the national expertise, financial strength, and strong commitment to community,” Gray remarked. “Together, we will deliver on our tribe’s 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.”
Kevin Smith, president and CEO of Boyd Gaming, underscored the company’s interest by highlighting Norfolk as “one of the largest underserved gaming markets in the Mid-Atlantic region.” He added that the project allows Boyd to “further expand and diversify.”
Although the financial specifics regarding Boyd Gaming’s acquisition of the majority stake in Golden Eagle haven’t been disclosed yet, such details are expected to emerge, given Boyd’s status as a publicly traded company. The SEC mandates that public companies reveal material acquisitions to the public.
Rebranded from HeadWaters, the project is now known simply as the Norfolk Casino. The latest plan involves a $300 million investment featuring a 200-room hotel, a casino floor with 1,500 slots, 50 table games, and a sportsbook. The development will also include eight restaurants and bars. The casino is set to be situated on a 13.5-acre site adjacent to the Harbor Park baseball stadium.
