New norfolk casino can gambling tax revenue brings millions
The Pamunkey Indian Tribe's proposed casino in Norfolk could add millions of gaming tax revenue, City Manager Chip Filler said. The new casino project is awaiting approval in November from Norfolk residents.
Norfolk's Casino Project
At a working session of the City Council earlier this week, officials from Norfolk, Virginia announced estimates of the gaming tax revenue that the planned Pamunkey Indian Tribe casino may generate. The first public forecasts since December revealed that every year the town would benefit from tens of millions of gambling taxes. According to City Manager Chip Filer, every year roughly $34 million to $44 million will enter the treasury of the municipality. This is because as previously reported, the Pamunkey tribe is constructing the $500 million hotel-casino complex.
However, Norfolk's ambitious casino proposal rests on a November 3 referendum. But if designed as planned, Filer expects the city would prosper not only from casino tax but also from local taxes such as lodging, drinks, and real estate levies. In addition, he noted that if Norfolk's new casino reaches equivalent revenue as MGM's national harbor near Washington, D.C. The benefit for the city would be valued at $44.5 million.
Society's Problems
There were two major questions posed by the general debate about the proposed casino proposal. The key problems of Norfolk residents is public safety and addiction to gambling. Considering the development of a project on that size, public safety will certainly require a boost. Provided that the city's tourists would rise in thousands, Filer predicted that an extra $6-$8 million might be expected to improve public safety.
On the other hand, provided that the new casino will contain 3,000 slot machines and 150 table games, there is a strong probability that fresh funds will be required for the city s gambling rehabilitation initiative. About 5% of the gambling tax income could be geared into supporting the gambling recovery policy according to Filer.
With that in mind, those figures are just predictions and are yet to be proven officially. But according to Filer, the city will only make only $24.8 million in gaming tax revenue, even though a smaller casino were constructed, one that would actually cost $350 million than $500 million.
Proposed Casino Idea By The Pamunkey Indian Tribe
If accepted in November, 3,000 slot machines would appear on Norfolk's $500 million casino project. There will also be 150 table sports, as well as a luxurious hotel with 300 seats. The planned proposal outlines sales valued at between $415 million and $485 million a year. The project predicts about 6.2 million visitors per year, of which 78% will be outside the city of Norfolk. A further 15% of the tourists were expected to come outside Virginia.
But the town won't just benefit from the gaming tax and other state taxes. The new casino project predicts the development of 2,500 permanent places of operation. And it plans to recruit 90% of its labor force locally, according to a new statement by the Tribe. With that in mind, the empoyees' annual salaries would be approximately $100 million according to the report.
