The Danville City Council on Tuesday voted to approve a development agreement between the Virginia city and gaming and hospitality operator Caesars Entertainment Inc. for the construction of a casino at the site of the former Dan River Mills industrial complex in the Schoolfield area.
The agreement cements a deal between Danville and Caesars announced earlier this year when the city selected the company as its preferred casino operator.
City leaders and Caesars officials are expected to sign the agreement later today at a formal signing ceremony.
Local news outlets report that Caesars has promised to invest $400 million into its planned casino resort. The company has also told city leaders that it would hire 1,300 people at $15 per hour minimum and would buy the city an ambulance and a firetruck.
The major casino operator has also promised to give the city $15 million in an upfront payment. Caesars projects that its casino would contribute more than $20 million in tax revenue to the city by the property’s third year of operation.
The company will pay another $5 million to purchase the Schoolfield site where it plans to build its casino resort, it also became known.
Last Step Before Referendum
The City Council’s vote on the development agreement and its signing later today are the final steps Danville and Caesars need to complete in order for their deal to be solidified.
The future of the proposed casino complex now lies with Danville voters who are set to cast their votes on the matter at a citywide referendum during the November 3 General Election.
Caesars launched in August its Caesars For Danville referendum campaign and appointed co-chairs and members of a special committee that will be working to educate residents of the city on the benefits the company’s planned casino will have on the city’s economy.
If city voters approve the casino proposal on November 3, Caesars will be able to convert the 85-acre former Dan River Mills industrial site into a full-fledged casino resort. Caesars Virginia, as the complex will be named, will feature a hotel with at least 300 rooms, casino with slot machines, table games, and a sportsbook, full-service spa, a 2,500-seat live entertainment theater, 35,000 square feet of meeting and convention space, and multiple bars and restaurants.
Caesars has said that if its project gets approved, it will break ground on the casino resort in late 2021 or early 2022. The property is expected to be launched sometime in 2023.
Las Vegas-style casino gambling had long been banned in Virginia until state lawmakers legalized the practice earlier this year. Under the state’s plan, five cash-strapped cities around Virginia were authorized to host casinos in a bid to create new revenue sources for their struggling economies.
Aside from Danville, the cities of Bristol, Richmond, Portsmouth, and Norfolk were also given the green light to partner with casino operators and build full-scale gambling venues with slot machines and table games.
Voters in each of the five cities need to approve their respective casino plans in order for these to move forward.
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