PORTSMOUTH, Va. — The Portsmouth City Council held a work session Tuesday to find out more about the possibility of a casino in the city.
The meeting took place in council chambers on the 6th Floor of Portsmouth City Hall.
The session featured nationally recognized gaming economists Alan Meister, Ph.D. and John Repa. The men provided a briefing on their market study of the potential for the development of a casino gaming establishment to anchor an entertainment district in the Victory Crossing area of Portsmouth.
Earlier this month, the council identified that area as a location for the casino and entertainment district. The vacant land sits near I-264 and Victory Boulevard, near the Portsmouth campus of Tidewater Community College.
The discussion about bringing some form of gambling establishment to Portsmouth has been a longstanding conversation.
Norfolk also talked about a potential casino in the city. Discussions have included a waterfront development in Downtown Norfolk. The Pamunkey Tribe expressed interesting in building the resort casino.
One of the conclusions of the study presented in Portsmouth Tuesday was that it was possible for Portsmouth and Norfolk to have their own casinos with each seeing benefits.
The study projected Portsmouth would take a projected 60% of casino revenue in Hampton Roads, while Norfolk would take 40%.
It envisions a hotel on Portsmouth's casino property, along with dining and retail.
The study estimated between $382 to $415 million in total casino revenue during its first 5 years. Operating expenses in the first five years were projected to be between $112 to $120 million.
The gaming economists said a casino would help the city when it comes to tourism and unemployment, two areas which they identified as weaknesses.
Portsmouth Mayor John Rowe said city leaders are still about a year away from being able to make any solid decisions.
"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," said Rowe.
Before city leaders can bring the casino up for a vote, the state is awaiting the results of a comprehensive study on gaming regulations from its own consulting firm.
The general assembly has to reenact a casino bill in 2020.
Rowe said a lot can change before then.