Danville officials expect a revenue boost of about $25 million from the city’s casino in 2024-25, as revealed by City Manager Ken Larking in his presentation of the proposed $347.79 million budget for the upcoming fiscal year.
Most of the casino money is set to cover an average of 5% pay-for-performance increase for municipal employees, capital and special projects and economic development initiatives, the City Manager said.
Larking unveiled the budget during a briefing with reporters in the Danville City Council chambers Tuesday morning. He anticipates $25 million in revenue from the temporary Danville Casino and the full Caesars Virginia casino hotel resort when it opens late this year.
Of that total, $20 million would be in the form of gaming tax money. Meanwhile, at least $5 million would come from direct payments from Caesars under an agreement between the city and the company.
The proposed budget represents an increase of approximately $22.7 million compared to the current fiscal year’s adopted budget of $325.1 million. “About half of this increase [about $12 million] is attributed to expected additional revenue generated from gaming tax from the casino resort, which is expected to be $25 million — a $12 million increase from the current year,” Larking said.
With a focus on sustaining essential city services at optimal levels, Larking highlighted the overarching theme of the forthcoming budget, emphasizing that “Danville is Home” and “Danville is Here.”
Public engagement and input will play a crucial role in the budget adoption process, with scheduled public hearings on the school budget and the overall city budget slated for May and June, respectively.
Original article: https://www.yogonet.com/international/noticias/2024/03/26/71428-virginia-danville-officials-forecast-25-revenue-surge-from-caesars-casino-in-202425-budget
