The developer of a casino in Portsmouth is seeking to broaden the ownership group of the project.
The Virginia city’s casino development partner is Rush Street Gaming, which is providing an opportunity for a 5% minority ownership stake in the project.
Last month, Rush introduced its plans for the Portsmouth casino, which will operate under the Rivers brand, along with their online sports betting platform, BetRivers.
Rush Street officials are extending an opportunity for minority-owned businesses and private investors to apply for ownership in the upcoming $300 million project. The ownership offered will be 5% of the project’s value or a minimum of $5 million, whichever is higher.
In April, the Virginia General Assembly made the decision to legalize casino gambling. Consequently, Portsmouth has become one of five cities within the commonwealth that have the opportunity to have a casino. However, before any casino can be established, each city must successfully pass a voter referendum.
Potential Portsmouth casino minority partners
The process will be overseen by the Portsmouth Economic Development Authority in collaboration with the Virginia Lottery, the regulatory body for gaming in the Old Dominion State.
According to the developer of the Portsmouth casino, Rush Street has implemented a policy that prohibits public-sector employees, elected officials, and their immediate family members from becoming investors or owners. This restriction is primarily aimed at preventing any potential conflict of interest.
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Rush Street Gaming’s decision was praised by Ray A. Smith Sr., Chairman of Portsmouth EDA.
Rush Street has consistently demonstrated their commitment to promoting minority participation in their projects. This commitment is evident in both the development agreement with the Portsmouth EDA and the Lottery Board pre-certification proposal, where they have included plans for minority participation in ownership, contracting, and employment. I commend Rush Street Gaming for their transparent and inclusive approach, which not only upholds the public’s trust but also sets a positive example for others in the industry.
About the Danville casino
In May, the Portsmouth City Council gave its approval to Rush Street Gaming as the preferred gaming operator. Following this, the Portsmouth EDA later confirmed the development agreement.
The site for the casino resort in the southeastern Virginia city will be located along I-264, on the Elizabeth River. Positioned at the intersection of Victory Boulevard and Cavalier Boulevard, the 50-acre casino site has been acquired by Rush Street Gaming for a minimum payment of $10 million to the city.
The Portsmouth casino is set to cover an impressive area of 400,000 square feet and will offer an array of familiar attractions. Visitors can indulge in table games, slot machines, a poker room, and a sportsbook. Moreover, the resort will boast a hotel, conference space, bars, restaurants, and various entertainment options to ensure a complete and memorable experience.
The Hampton Roads region will benefit from the creation of 2,000 permanent jobs through this project. Moreover, an additional 1,400 temporary construction jobs will be generated.
The anticipated annual revenue from the five Virginia casinos, once they are fully operational, is projected to exceed $1 billion.
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