After a year of operations, the temporary Caesars Danville casino in Virginia continues to generate substantial revenue for the city and region, exceeding initial projections. The temporary facility, which opened in May of last year, has amassed $222 million in gaming revenue to date.
Danville has benefited from this revenue, receiving nearly $20 million as part of its agreement with the casino—$7 million more than anticipated. The revenue is being directed toward neighborhood parks, school improvements, and economic development initiatives.
Danville City Manager Ken Larking stated: “We figured it would be more, but we didn’t know it was gonna be this much more.” Larking highlighted that the impressive earnings come from a temporary setup with limited gaming options compared to the forthcoming permanent casino, currently under construction right next door.
Danville City Manager Ken Larking
Larking outlined how the city plans to utilize the additional funds. “We want to invest in what would grow our city including more businesses, more opportunities for jobs, better quality of life, better recreational amenities, better education, workforce development, those are the kinds of things that we’re investing in,” he said.
The temporary casino has attracted an average of 100,000 visitors per month. General Manager Chris Albrecht anticipates this number will increase significantly once the permanent casino opens.
Temporary Caesars casino in Danville
Albrecht explained: “That’s really going to bring a lot more customers from further away when we have all the offerings from the hotel, the restaurants, the entertainment meeting space, the pool, and the spa.”
In addition to attracting more visitors, the staffing at the casino is expected to triple, from around 400 employees to approximately 1,200. Albrecht highlighted the importance of these new jobs: “Those jobs are number one and that incremental revenue to the city will help support existing businesses and hopefully new investment into this market as well.”
The construction of the permanent casino, located adjacent to the temporary one, is progressing as planned. The new facility is set to open by the end of the year.
Earlier this month, local media reported that the anticipated opening of Caesars Virginia Casino later this year has prompted officials in Danville to revisit the original development agreement. Both city authorities and representatives from Caesars cited several reasons for the revision, including changing economic conditions and evolving workforce dynamics.
Rendering of the proposed casino in Danville, Virginia
Larking said: “The city had some things they wanted to see changed to the agreement. Caesars had some things changed and we came up with what we believe to be a mutually agreeable decision.”
One notable alteration involves the project’s cost. Initially pegged at $400 million, the new proposal sets the capital investment at $750 million. Larking attributed this increase to various factors such as the pandemic, rising business costs, the discovery of underground tunnels, and inflation-driven increases in labor, material costs, and supply chain disruptions.
Original article: https://www.yogonet.com/international/noticias/2024/05/27/72351-virginia-temporary-caesars-casino-in-danville-surpasses-revenue-expectations-in-first-year
