NORFOLK – OCTOBER 30, 2024 – Today, Boyd Gaming Corporation and the Pamunkey Indian Tribe broke ground on their Norfolk casino resort on the north bank of the Elizabeth River, just east of Harbor Park. Scheduled to open in late 2027, the $750 million waterfront resort will feature a 200-room hotel, eight food and beverage outlets, and a casino with 1,500 slot machines and 50 table games.
The Norfolk State University Spartan “Legion” Marching Band provided a boost of excitement as more than 200 community and business leaders from across the Hampton Roads area joined members of the Boyd Gaming team, Pamunkey Indian Tribe citizens and City of Norfolk officials to celebrate the start of the project. Citizens of the Pamunkey Indian Tribe performed a traditional Blessing of the Land before the first shovels of dirt were turned by Boyd Gaming President and Chief Executive Officer Keith Smith, Chief Robert Gray of the Pamunkey Indian Tribe, and Mayor Kenny Alexander of the City of Norfolk.
“In three short years, this site will be home to an entertainment and gaming destination that this entire community can take pride in,” Smith said. “It will be a destination that will draw visitors from throughout the mid-Atlantic region and serve as an economic engine for this entire community, as we expect to generate nearly $3 billion in local economic benefits during our first 10 years of operation.”
Furthering Boyd’s long-standing commitment to supporting its communities, the Company announced two major donations to local non-profits at the ceremony – a $100,000 donation to Norfolk State University, and a $50,000 donation to the USO Mid-Atlantic.
Smith said: “Boyd has long believed that we are only successful as a company if our communities are successful. This is why we are committed to making our communities better places to live and work through good-paying jobs, opportunities for local businesses and support for local non-profits. We pledge to fulfill that commitment here in Norfolk, starting today and continuing in the years ahead.”
“Today isn’t just about breaking ground on a casino; it’s the next step in providing an opportunity for our Tribe,” said Robert Gray, Chief of the Pamunkey Indian Tribe. “We pursued opening a casino as a way to take control of our destiny and to provide our own opportunities while also lifting up the community around us. And that’s exactly what we intend to do. And we could not be more excited to have Boyd Gaming as our partner.”
Boyd, the Pamunkey Indian Tribe and the City of Norfolk will seek approval from the Virginia Lottery for a transitional casino facility, with a scheduled opening in late 2025. Pending final regulatory approvals, the permanent resort will open in late 2027.
“I am excited about this significant milestone in our journey to bring a world-class casino and hotel resort to the City of Norfolk,” said Kenny Alexander, Mayor of the City of Norfolk. “Boyd Gaming Corporation, in partnership with the Pamunkey Indian Tribe, is set to deliver a premier destination that will generate meaningful revenue, create jobs and revitalize our waterfront. This project will not only enhance our tourism efforts, but will also allow us to invest in key priorities that will benefit our community for years to come.”
Additional information on the project is available at https://norfolk.boydgaming.com, and renderings of the project are available here.
Forward-looking Statements and Boyd Gaming Corporation Information
This press release contains "forward-looking statements" concerning Boyd Gaming, which is subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Generally, the words "believe," "anticipate," "expect," "may," "should," "could," “will,” and other future-oriented terms identify forward-looking statements. Forward-looking statements include, but are not limited to, statements relating to the following: (i) the expected benefits of the project, the expected accretive effect of the project on Boyd's financial results and profile, expected cost, revenue, financial condition and future prospects; (ii) future industry developments and trends; (iii) the anticipated timing for completion of the proposed project; and (iv) assumptions underlying any of the foregoing statements.
These forward-looking statements are based on management’s current beliefs and expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Boyd Gaming’s ability to control or estimate precisely. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company’s other current and periodic reports filed from time to time with the SEC. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Neither Boyd Gaming nor any other person undertakes any obligation to update or revise publicly any of the forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required.
About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 28 gaming entertainment properties in 10 states, manager of a tribal casino in northern California, and owner and operator of Boyd Interactive, a B2B and B2C online casino gaming business. The Company is also a strategic partner and 5% equity owner of FanDuel Group, the nation's leading sports-betting operator. With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering guests an outstanding entertainment experience and memorable customer service. Through a long-standing company philosophy called Caring the Boyd Way, Boyd Gaming is committed to advancing Corporate Social Responsibility (CSR) initiatives that positively impact the Company's stakeholders and communities. For additional Company information and press releases, visit https://investors.boydgaming.com.
About the Pamunkey Indian Tribe
The Pamunkey Indian Tribe is one of 11 Virginia Indian tribes recognized by the Commonwealth of Virginia and the state’s first federally recognized tribe by the U.S. Bureau of Indian Affairs. This federal recognition came in 2016 and allows the tribe to pursue economic development opportunities that will ensure their long-term viability. Their 1,600 acres of Pamunkey land are tucked in along the north bank of the Pamunkey River in King William County, where they continue to be stewards of the environment and contributing members of the surrounding community. Claiming Pocahontas as an early ancestor, the tribe currently has approximately 60 citizens living on the reservation and another 470 living throughout the country.