Caesars Increases Planned Cost of Virginia Casino to $500mn

Caesars Increases Planned Cost of Virginia Casino to $500mn

Caesars Virginia will now be a $500 million project after the latest update provided by casino giant Caesars Entertainment, Inc.

On Thursday, the company shared the official final architectural renderings for its Danville, Virginia project at a special event attended by members of the City Council as well as other state and local leaders.

Caesars also revealed crucial updates to the scheme that will see the development of a bigger hotel and casino complex than originally planned.

As mentioned above, the company has increased the scheme’s projected cost to $500 million, up $100 million from its previous estimate.

According to the latest updates, Caesars Virginia will now feature a larger hotel with 500 rooms and suites, 200 more than what the Nevada-based gaming and hospitality powerhouse had initially proposed.

The resort will further feature 40,000 square feet of meeting and convention space, and entertainment center with room for up to 2,500 people, different food and beverage options, including a Gordon Ramsay restaurant, as well as a spa, pool, and fitness center.

The casino portion of the complex will include 1,400 slot machines and table games, a Caesars Sportsbook, a World Series of Poker live poker room with 25 tables, and more.

Caesars expects its Virginia project to generate 900 construction and more than 1,300 permanent jobs after launch.

An Economic Driver

Unveiling the latest Danville renderings, Caesars President and COO Anthony Carano said that their planned resort will be “an economic driver for the region, both as a tourist and entertainment draw and through the more than a thousand good-paying jobs [it]

will create.”

Mr. Carano added that “the people of Danville have entrusted us to build a world-class resort, and we look forward to proving that trust was well founded.”

Danville was one of the five cash-strapped cities that were given the nod to host Las Vegas-style casinos under a sweeping gambling expansion reform approved by Virginia lawmakers last spring. The properties are hoped to create new revenue streams and revitalize these cities’ economies.

Caesars said that groundbreaking for its Danville property is set for December and that they are on track to open it in late 2023. The complex will be developed at the site of the former Dan River Mills industrial complex in the city’s Schoolfield area.

Some demolition work is expected to take place in the coming weeks. Caesars said that the old water tower at the site will be taken down next week to make room for power and other utilities to be relocated onto the property.

The old plant’s most iconic pieces – its three surviving smokestacks, will remain a focal point and the tallest element of the future casino resort.

Source: Caesars Entertainment Unveils Official Renderings of Caesars Virginia – a $500 Million Resort to be Built in Danville, PR Newswire, September 16, 2021

The post Caesars Increases Planned Cost of Virginia Casino to $500mn appeared first on Casino News Daily.

Original source: https://www.casinonewsdaily.com/2021/09/17/caesars-increases-planned-cost-of-virginia-casino-to-500mn/

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