Caesars Virginia Marks One Year: Continued Revenue Surpassing Initial Forecasts in Danville
Caesars Entertainment is investing a sizable sum of $250 million to construct an integrated resort casino in Danville, Virginia, situated just north of the North Carolina border. The company is convinced that the success of its temporary casino, which opened a year ago, will result in substantial gains.
The temporary Danville Casino, a pavilion tent gaming space, opened on May 15, 2023. Over the course of its operation thus far, this venue has generated impressive profits. According to revenue reports from the Virginia Lottery Board, the temporary casino has amassed a gross gaming revenue (GGR) of approximately $222 million during its first 11 months in business - this figure exceeded initial projections and significantly enhanced the tax funds available to the City of Danville.
Unveiled with 740 slot machines and 25 live dealer table games, the temporary casino has since grown and now offers over 800 slots and 33 tables. Caesars has also expanded their workforce, with the number of employees increasing from an initial 400 to approximately 460 team members.
Generous Returns for the City
As the host city, Danville will receive 6% of the casino's monthly GGR in accordance with Virginia's gaming laws. Through April, the city was granted over $13.3 million, a substantial sum that greatly exceeded pre-opening predictions.
Anticipating revenue of $13 million for the inaugural year, Danville City Manager Ken Larking remarked last week, "Who would have thought a tent could generate so much visitation?" Currently, the city is prepared to receive around $1.5 million more than expected when the temporary casino finishes its cycle by the end of May.
The additional funds are being used for investments in education, workforce development, economic incentives and growth, public safety initiatives, and general enhancement of the quality of life for Danville citizens.
"We are extremely satisfied with Caesars," expressed Larking.
Caesars shares the optimism; officials have repeatedly augmented the projected cost for the upcoming permanent casino, now called Caesars Virginia. Intended as the largest and most expensive casino project in the state, the budget has been upscaled over the last few years, starting with an initial $400 million and expanding to $500 million in 2021 and $650 million in 2022. More recently, the figures were further increased to $750 million.
While inflation, which has caused a significant surge in material and labor expenses, is mentioned as a factor, the thriving performance of the temporary casino undoubtedly provides some relief regarding the higher budget.
The Spectacular Permanent Casino
Known as the "big bad boy" by Barron Fuller, Caesars' president of regional operations, Caesars Virginia is expected to become Virginia's premier resort casino. The integrated resort will cater to guests with its 320 guestrooms, a massive casino floor complete with over 1,300 slot machines, 85 live dealer table games, 24 electronic table games, a World Series of Poker Room, and a Caesars Sportsbook. Visionaries behind the project additionally envision a full-service spa, a resort-style pool, multiple restaurants and bars, a 2,500-seat concert venue, and an impressive 50,000 square feet of meeting and convention space.
As the grand opening is expected to arrive before the end of the year, Larking estimates that the Danville City Council anticipates receiving around $25 million annually from the permanent resort. Eventually, this casino is expected to employ approximately 900 full-time workers.
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Source: www.casino.org
