Cordish argues that its contract with Norfolk mandates that it develop and operate any casino in the city.<\/strong><\/p>\nCasino Projections<\/b><\/h2>\n
Norfolk City Council says it has a solid deal with the Pamunkey Indian Tribe. The city will receive full market value for the vacant land at $750,000 per acre. The tribe will pay $100,000 annually for gaming rights, which will be given to Norfolk Public Schools.<\/p>\n
The casino is expected to employ 2,500 full-time workers, generate an economic impact of $850 million annually, and deliver the city up to $31 million annually and gaming and sales taxes.<\/strong><\/p>\n“As we look ahead to what will be a long economic recovery from the pandemic, this project will be a huge shot in the arm for the local economy,” said Jay Smith, spokesman for the Pamunkey Resort and Casino. “At a time now when we can likely expect to see a drop in local revenue for the City, this new stream of money — to the tune of tens of millions of dollars annually — will be an important part of the City’s ongoing ability to provide city services to its residents.”<\/p>\n","protected":false},"excerpt":{"rendered":"
The Cordish Companies is financing “Informed Norfolk,” an organization working against bringing a new casino to Norfolk, Va. The political action committee is urging voters in Norfolk to oppose a ballot referendum on November 3 asking if they want to legalize commercial gambling in the waterfront city. Cordish owns the Waterside District commercial marketplace located […]<\/p>\n","protected":false},"author":25,"featured_media":151440,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,60],"tags":[],"acf":[],"yoast_head":"\n
The Cordish Companies Funding Norfolk Casino Opposition<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n