PORTSMOUTH, Va. (WAVY) – A possible casino could be on the horizon for the City of Portsmouth.

WAVY has confirmed the waterfront property includes the former Holiday Inn Site. It would include a first class hotel and about a 140,000 square foot casino on this property next to the marina.

According to our sources, a parking garage would be torn down and replaced with a conference center and the visitor’s center would also be torn down and replaced with some type of residential housing.

The development group is called Portsmouth Resorts LLC., and 10 On Your Side has learned that developer John R. Lawson Executive Chairman with W.M. Jordan is a principle partner in the group.

Roughly 40 percent of the land is city-owned and non-taxable.

This is big, exciting news, but it is not a done deal.  It is a work in progress and what is central is that legislation is passed this session in the General Assembly. 

WAVY’s Andy Fox is in Richmond where the announcement of a unified effort on gaming legislation was just announced. Watch Andy’s live coverage throughout the day on WAVY News 10, beginning at noon.

Portsmouth’s announcement comes less than a month after the Pamunkey Indian Tribe released details on its interest in bringing a casino and spa to the Norfolk waterfront. That deal is far from done.