If Portsmouth’s casino earns a profit of $175 million in one year or $250 million over two years while competing against Norfolk’s casino, then Rush Street must begin building the hotel within a year.īut if work on the hotel hasn’t started after four years of the Portsmouth casino being open, then the city’s economic development authority takes over the project and can seek a new builder.īarnes said he wants the casino to succeed and benefit the city, but the flexibility in the development agreement creates uncertainty, making it feel more like a handshake deal than a binding document. E-Pilot Evening Edition Home Page Close Menu
