Caesars Entertainment Invests $250M in Danville, Virginia Casino Resort

42

Caesars Entertainment, a powerhouse in the global casino industry, is pumping an impressive sum of a quarter-billion dollars into the development of an integrated resort casino in Danville, Virginia. This venture, located just above the North Carolina border, is a gamble that appears set to rivet the public’s attention, bolstered by the success of the temporary casino that kicked-off operations a year ago.

Last May, gamblers flocked to the Danville Casino, a captivating venue set in a pavilion tent brimming with an array of gaming options. After a year in action, financial statements from the Virginia Lottery Board, the regulatory body overseeing casino gaming in the commonwealth, indicate thriving transactions.

Follow us on Google News! ✔️


Spanning the casino’s first eleven months of business, there is no report yet for May 2024, the Danville Casino raked in a gross gaming revenue (GGR) edging close to $222 million. Encouragingly, this profit defied pre-opening projections, leading to an unexpected injection of tax revenue for the City of Danville.

Originally introduced with 740 slot machines and 25 live dealer table games, the Danville Casino now boasts over 800 slots and escalated their table games to 33. The number of employees, initially around 400, has escalated to about 460, reflecting the growing demands of the temporary casino.

Danville emerges as a particularly magnificent city, flourishing in the newfound wealth. As per Virginia’s gaming laws, the city receives 6% of the casino’s montly GGR. Up until April, this meant the city savored a gain surpassing $13.3 million, dwarfing predictions made by city officials prior to the casino’s launch.

Expressing delight over their bounty, Danville City Manager Ken Larking acknowledged that the city had set aside $13 million for the first annual operation of the temporary casino. Surprisingly, it appears the actual revenue might well be approximately $1.5 million more.

In turn, this windfall from the casino is being allocated for societal improvements encompassing investments in education, workforce development, economic incentives, and public safety initiatives, all aimed at heightening the quality of life for Danville residents. Larking expressed satisfaction with Caesars role in these developments.

Similarly, Caesars officials too echo the sentiment, having recurrently hiked the overall investment budget for the forthcoming Caesars Virginia, the permanent casino. Within less than two years, the budget jumped from the initial $400 million in November 2020 to an imposing $750 million recently. This willingness to invest despite inflation-induced cost escalations seemingly stems from the robust performance of their temporary casino.

The permanent integrated resort, esteemed as the “big bad boy” by Barron Fuller, Caesars’ president of regional operations, and the costliest casino project presently under construction statewide, will adorn Virginia’s gambling scene with 320 hotel guestrooms and a vibrant casino floor. The casino floor will host over 1,300 slot machines, 85 live dealer table games, 24 electronic table games, a World Series of Poker Room, and a spacious Caesars Sportsbook.

Beyond gaming, guests can unwind at the fully-equipped spa and resort-style pool and dine at the various restaurants and bars. For entertainment-seekers, a 2,500-seat concert venue is embedded within over 50,000 square feet of convention and meeting spaces. Upon its inauguration, projected to be before the year ends, the City of Danville anticipates an annual haul of $25 million from the casino, which will employ approximately 900 full-time workers.