Portsmouth’s casino development partner, Rush Street Gaming, announced Thursday that it will offer 5% or $5 million ownership (whichever is greater) of the proposed $300 million Rivers Casino Portsmouth to a local minority-owned business or private investor who is a person of color.
“Rush Street has a track record of including minority participation in their developments,” Portsmouth Economic Development Authority (EDA) Chairman Ray A. Smith Sr. said in a statement. “In both the development agreement with the Portsmouth EDA and the Lottery Board pre-certification proposal, minority participation in ownership, contracting and employment was included in their plan. Rush Street Gaming is moving forward with the process in an open and transparent manner, ensuring the public trust, and I applaud them for that.”
Rush Street Gaming will work with Virginia Lottery regulators and the Portsmouth EDA on the minority ownership process. Public-sector employees, elected officials and their spouses, dependents and immediate family members will not be able to participate as investors or owners in order to avoid conflicts of interest.
