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

10 On Your Side 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.

Video: Rowe talks about possible casino development

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. 

10 On Your Side’s Andy Fox is in Richmond, where a news conference was held to discuss a unified effort on gaming legislation. Watch Andy’s live coverage throughout the day on WAVY News 10, beginning at noon.

Video: Lucas announces plans for Portsmouth casino

Sen. Louise Lucas, who represents District 18, which includes Portsmouth, was first to speak at Monday's news conference, where she announced the following, “I have been working for a number of years to bring a casino to Portsmouth to boost economic development and to create jobs. So I am extremely excited to join with my colleagues in southwest and southside to help make this a reality for these three localities: Portsmouth, Bristol and Danville.”

“All three of these localities are gateway cities,” said Portsmouth Mayor John Rowe. “The gateway to our great Commonwealth ought to be a place where people can get a job paying a decent wage.”

These are the projected figures showing the impact this project is expected to have in Portsmouth:

EMPLOYEES:  Projections indicate 2,000+ employees during year one of operations, growing to over 5,200 full-time employees by year seven.
YEARLY TAX REVENUE TO PORTSMOUTH AND REGION: $52.1 million in annual local tax revenue estimated after year seven of operation. 
LOCAL AND STATE ECONOMIC IMPACT:  By year seven of operation all revenue streams are projected to bring a recurring annual economic impact of $1.07 billion to Portsmouth and $2.09 billion total for Virginia

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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.