City Council members in Portsmouth, Virginia recently learned more about a proposed casino and entertainment complex. Hospitality and Gaming Solutions President John Repa presented the findings of a market study regarding the possible development on 50 acres in the Victory Crossing area. The project would include a casino, hotel, movie theatre, concert hall, restaurants and retail.
Repa said the study estimated the casino could generate more than $300 million in gaming revenue in the first year and $382 million to $415 million during the first five years of operation.
Portsmouth Mayor John Rowe said, “We have a site that provides a workforce development process, being close to Tidewater Community College, 50 acres next to an interstate that gets about 90,000 vehicles a day. It’s a good site.”
He said city leaders won’t make any decisions about site location for at least a year. Before that, the state legislature will receive the results of a comprehensive study on gaming being conducted now by its consulting firm. Lawmakers have to reenact a casino bill in 2020. “A lot can change before then,” Rowe said, adding that a casino would not be operational until 2024.
Some who attended the presentation were concerned about the proposed casino location due to traffic and noise. One attendee said the report “just painted a pretty picture.”
Nearby Norfolk also is interested in a casino. The presentation noted the Portsmouth venue would take a projected 60 percent of casino revenue and the Norfolk facility would take 40 percent.
