Rush Street

RIVERS CASINO PORTSMOUTH PROMISES LOCAL, PRIVATE-SECTOR MINORITY OWNERS

News Release | Portsmouth, VA Posted on 09.03.21

RIVERS CASINO PORTSMOUTH PROMISES LOCAL, PRIVATE-SECTOR MINORITY OWNERS City of Portsmouth partner’s Rush Street Gaming announce minority ownership initiative 

Portsmouth, VA, and Chicago, IL—September 3, 2020—Portsmouth’s casino development partner, Rush Street  Gaming, is making good on its earlier commitment to pursue local, private-sector minority owners for the new  casino planned for Victory Boulevard.  

Rivers Casino Portsmouth will solicit minority participation for 5% of the equity contribution or $5 million,  whichever is greater, from minority-owned businesses or private investors who are minorities and, as required  by securities laws, are accredited investors. Rivers Casino will also maintain a preference for Portsmouth  residents. This will help ensure that the transformative economic impact of Rivers Casino Portsmouth starts and  stays at home in Greater Portsmouth.  

Having successfully championed minority investment programs for its casinos in other markets, Rush Street  Gaming intends to work collaboratively with Virginia Lottery regulators and the City of Portsmouth Economic  Development Authority to safeguard a transparent process. 

To avoid conflicts of interest, public-sector employees, elected officials at any/all levels of government, their  spouses, dependents, and immediate family members are ineligible to participate as investors or owners. 

Portsmouth Economic Development Authority Chairman Ray A. Smith, Sr. expressed excitement for the plan.  “Rush Street has a track record of including minority participation in their developments. 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,” continued  Chairman Smith, “and I applaud them for that.” 

“Creating opportunity for qualified, private-sector minority investors is paramount to building the community  collaboration that’s been successful at other Rush Street casinos,” said Senior Vice President of Development for  Rush Street, Jacob Oberman. “This is another way we give meaning to our Portsmouth First policy—hiring,  purchasing and owning.” 

To receive more information as it becomes available, interested parties can email  

portsmouth.minorityinvestors@rushst.com.

www.RiversCasinoPortsmouth.com 

  

All public information of the Portsmouth Entertainment District is available at:  

https://www.accessportsmouthva.com/entertainment-district.  

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About Rush Street Gaming: Founded by Neil Bluhm and Greg Carlin, Rush Street Gaming and its affiliates have  developed and operate successful casinos in Pittsburgh, Philadelphia, Des Plaines, IL (Chicago area) and  Schenectady, NY. By placing an emphasis on superior design and outstanding customer service, Rush Street  Gaming has become one of the leading casino developers in the United States. Existing casinos generate over $1  billion in annual gaming revenues, and all Rush Street Gaming casinos have been voted a “Best Place to Work”  or “Top Workplace” by their team members.