A group working with Virginia’s Pamunkey Indian Tribe has purchased more than 600 acres in New Kent County near the capital of Richmond for a casino resort the tribe plans to develop.
The man behind the group that bought the land is venture capitalist Jon Yarbrough, the founder of Video Gaming Technologies (VGT), which became known for developing unique Class II gaming machines. VGT was sold to Aristocrat for $1.28 billion in 2014.
Yarbrough said the Pamunkeys’ vision for a “best-in-class” casino resort “will be a catalyst for additional economic growth in Virginia, giving the tribe a solid foundation for other projects. 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.”
County tax records show it was purchased for $3.05 million by an Illinois limited liability company.
The tribe said last month it wants to build a destination resort with gaming and a hotel and was looking for land somewhere in eastern or central Virginia for what it envisions as a $700 million facility also featuring an array of non-gaming attractions.
The tribe said the resort would employ 4,000 full-time workers, with a payroll of $200 million and would have an economic impact of $1 billion a year for the state.
Chief Robert Gray said the tribe still is actively considering other sites. He added Yarbrough is working with the tribe to help it become self-sufficient—for example, the proposed casino resort could provide revenue for broadband and housing projects in rural eastern Virginia.
“Now that we have made our plans public, we intend to aggressively pursue land acquisitions that make sense for us and that can help bring our larger economic plans to fruition,” Gray said. “The Pamunkey people are patient, but we are ready to put this into high gear. Our young people need educational and job opportunities and our older tribe members need better access to health care and housing. And this is not something we intend to wait five years for.”
Unlike the six tribes recognized by Congress earlier this year in legislation that specifically bars them from launching gambling enterprises, the Pamunkey’s Bureau of Indian Affairs recognition in 2016, like that of other BIA-recognized tribes, allows them to get into the business.
