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Norfolk approves land sale for Pamunkey Tribe Casino
The Norfolk City Council held a public hearing Tuesday before voting 7-1 to approve a land sale and intergovernmental agreement with the Pamunkey Indian Tribe. The agreement is a major step forward for the Tribe's plan to build a $700 million riverfront casino and hotel in Norfolk.
The Pamunkey Indian Tribe is proposing to build a casino with 3,500 to 4,500 slot machines and up to 225 table games, a 750-seat entertainment venue, 3-5 restaurants, a hotel and spa, and a waterfront promenade.
The sale agreement for 13 acres of city-owned land to the Pamunkey Tribe is contingent upon the tribe getting final casino approval from either the state for a commercial casino or the federal govenment for an Indian gaming casino.
TERMS OF THE DEAL
1. Land Purchase
The City of Norfolk will sell 13.25 acres of land to the Pamunkey Tribe on a five-year option to buy. The Tribe will pay $100,000 per year for the option and $10 million to purchase the land if their casino application is successful. The current market value is $750,000 per acre.
2. Revenue Sharing Agreement
If the casino is approved under the U,S, Indian Gaming Regulatory Act, The Tribe will pay 4% of gambling revenues to the City of Norfolk. If the casino is licensed under Virginia law, the Tribe will be taxed per state law.
TIMEFRAME
The timeframe for opening a casino in Norfolk is likely 3-4 years away. The Virginia General Assembly is considering legislation that will mandate voter approval in five cities with proposed casinos. If passed in the next legislative session, these casino referendums would appear on the November 2021 ballot. If passed by the voters, construction of a commercial casino in Norfolk would start soon afterwards, and completion would be in 2022-2023.
If the Pamunkey Indian Tribe does not pursue a federally-approved tribal casino, the voter process would be bypassed. However, the federal process is lengthy and the timeframe is similar.
