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May 8, 2024

The Big Gamble: Danville's New Caesars Casino Raises Stakes with $750 Million Investment

Virginia's gaming scene is about to hit a new level of excitement with the upcoming launch of the Caesars casino in Danville. However, the road to opening day has seen its fair share of twists and turns. Here's what you need to know:

The Big Gamble: Danville's New Caesars Casino Raises Stakes with $750 Million Investment
  • Cost Surge: Original estimates pegged the casino's development at $400 million. That figure has now ballooned to a staggering $750 million.
  • Employment Shifts: In a surprising move, Caesars plans to reduce the initial promise of 1,300 jobs to just 900 positions.
  • Opening Timeline: Eager gamblers and entertainment seekers can mark their calendars for December 2024, the expected grand opening.

A Bet on the Future

DANVILLE, Va. – The anticipation for Virginia's latest blackjack destination has been building since Caesars broke ground on their Danville property in 2022. What was once a $400 million venture has now escalated to an impressive $750 million investment, reflecting both the ambition of Caesars Entertainment and the dynamic nature of construction costs and workforce dynamics.

A New Deal with Danville

In response to these changing circumstances, Caesars and the City of Danville have revisited their development agreement. A notable outcome of these discussions is Caesars' commitment to selling back 10 to 20 acres of its property to the city for the development of a public park, signaling a commitment to community engagement alongside their commercial ambitions.

City Manager Ken Larking shed light on the situation, explaining, "A lot has changed in the past few years regarding the nature of construction, the nature of the workforce, and some things that come up that we needed to see happen as well. So, we worked together for the past several months to come up with an agreement that we can both be satisfied with."

Economic Implications

Despite the reduced employee count, the project's massive investment spells good news for Danville's coffers, promising a significant boost in real estate tax revenue. However, the adjustments to the casino's scope and employment plans have sparked conversations about the project's long-term impact on the local economy and job market.

What's Next?

Before these changes become set in stone, the Danville City Council must give its stamp of approval in the upcoming Tuesday meeting. With all eyes on this decision, the community eagerly awaits the future of this ambitious project.

As the countdown to December 2024 begins, the new Caesars casino in Danville represents more than just a place to play blackjack or slots; it stands as a testament to the evolving landscape of entertainment, economy, and employment in Virginia.

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