May27
Virginia Casino Plan Close to Realization; Norfolk Casino Agreement Finally Reached
January 18, 2020 TamaraTam
The state of Virginia is planning to expand casino operation for a while. It looks to introduce a brand-new resort in Norfolk city and plans are going very well. The city has allowed the Pamunkey Indian tribe to prepare the construction of an upscale resort. According to the Tribe’s statement, the official agreement will be signed soon.
About Future Resort
Virginia’s new resort is planned to be commercial property instead of a tribal venue. It will be based 13 acres away from Norfolk’s Harbor Park. The latest deal with City Council allows the Pamunkey Indian tribe to purchase land at $750,000 an acre as well as to spend $200 million on construction. As a result, the tribe will spend less than initially expected $700 million.
Pamunkey plans to operate casino facility for the first time. It has ed forces with founder and ex CEO of Video Gaming Technologies (VGT), Jon Yarbrough. Over the previous decades, the former VGT member used to tribes in launching casino venues.
Yarbrough has spoken about his endeavors:
“I have worked with countless tribes and I know what it takes for a project like this to be successful. I am confident that with the Pamunkey tribe’s strategic approach, resolve and sense of community, coupled with our financial strength, they can bring about a number of projects of which the tribe and the Commonwealth can be proud.”
Expectations
Norfolk City has authorized the casino idea, but the project still waits for official approval. General Assembly of the state should approve commercial legislation related to gambling. Upon completion of this step, Norfolk residents will have to accept the proposal as well. Despite a longer process than expected, city officials believe in a positive result. Norfolk City Manager Dr. Larry Filer mentioned:
“I am pleased to announce that we have reached mutually agreeable with the Pamunkey Indian Tribe to pursue a resort project that will conform and comply with commercial gaming legislation being considered in Virginia.”
Over the next period, the Pamunkey tribe will have additional expenses. Tribes will be included in the construction of Elizabeth River Trail in order to enable travel around the casino property. They will also have to cover costs for transportation of additional issues and utility ameliorations.
As we already mentioned, Norfolk casino will operate as a commercial venue which will lead to additional tax implications. It is still to be seen which amount of taxes casinos should pay, but the provider will have to cover operation, property and ission taxes.
Source:
“Plans for Virginia casino move ahead as agreement reached“, Erik Gibbs, calvinayre.com, January 15, 2020.
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