Hampton Roads Takes A Gamble On A Second Casino
The launch of Norfolk’s temporary gaming facility next to Harbor Park marks an exciting new chapter for entertainment in and around the city.
This heightens competition with Rivers Casino Portsmouth, which opened in 2023 as the first permanent casino in Virginia.
In a very short time, Rivers Casino has become a major entertainment venue for the region, located at Victory Boulevard and Missy Elliott Boulevard.
All indications suggest things are going well, but what this means for the future of both venues remains uncertain.
The new 250,000-square-foot building offers more than 1,400 slot machines, nearly 60 table games and around two dozen poker tables.
In addition, it features several dining and bar options and more than 25,000 square feet of event space.
City officials originally forecast $16 million in annual tax revenue, and so far the operation has delivered that and more.
In 2023, Rivers Casino produced $249m in total revenue and provided $15m in tax contributions for Portsmouth.
In 2024, revenues increased to $310m, with nearly $20m in tax contributions, and 2025 will likely be even stronger.
As the casino has benefited the city by helping to fund public schools, reduce tax burdens, and support public services.
Portsmouth has used $39m of casino revenue over the past two years to lower property taxes, increase public education funding by $18m, and provide personal property tax relief.
Norfolk’s temporary facility, called The Interim Gaming Hall, opened earlier this month with 132 slot machines.
The permanent casino, planned for fall 2027, will include a 65,000-square-foot gaming area, a 200-room hotel, a parking garage, several restaurants, a spa and a pool deck overlooking Harbor Park.
According to a 2019 report from the Joint Legislative Audit & Review Commission, only about 9% of casino patrons from Portsmouth and Norfolk came from outside Virginia, highlighting the challenge of attracting visitors beyond the Hampton Roads region.
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Economic pressures and industry changes may pose greater risks than competition alone. Rising costs for housing, insurance and everyday expenses limit local discretionary spending, while online betting and other alternatives are increasingly vying for consumers’ attention.
Even so, officials in Portsmouth are leveraging the casino’s success to launch larger-scale development.
The city recently began construction on The Landing Hotel—an eight-story, 106-room hotel connected to Rivers Casino—which is scheduled to open in early 2027.
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Additionally, Portsmouth is developing an entertainment district around the casino and an Innovation District aimed at attracting high-paying industry jobs.
As Norfolk opens its temporary facility and both cities plan for the future, Hampton Roads’ gaming landscape continues to evolve.
For now, Portsmouth remains ahead, but the coming years will determine whether Norfolk can challenge the first-mover advantage and how both casinos adapt to a shifting economic and entertainment environment.
