The presence of a temporary and the introduction of a permanent Caesars casino will have a profound impact on the Danville economy according to the budget proposal announced by City Manager Ken Larking.
Let’s take a look at the main points behind this budget and analyze its impact on the top-rated sportsbooks industry.
Danville Is Home
Danville City Manager Ken Larking’s overall theme to his budget proposal was to maintain essential city services while bolstering other locally funded projects. His catchphrases, “Danville is Home” and “Danville is Here”, punctuated his commitment to providing residents with the superior level of civil service they have come to know.
A significant portion of the funding in Larking’s $347.79 million budget for the upcoming fiscal year will be generated by the temporary and soon-to-be operational permanent Caesars casino, expected to deliver $25 million to the city’s tax coffers. The gaming revenues are expected to be in the neighborhood of $20 million while the remaining $5 million will be direct payments made by Caesars to the city of Danville.
Budget Boom
The 2024-2025 Danville city budget is approximately $22 million more than last year but half of that will be generated by taxes collected on the permanent casino when it opens. Larking said, “About half of this increase [about $12 million] is attributed to expected additional revenue generated from gaming tax from the casino resort, which is expected to be $25 million — a $12 million increase from the current year,” Larking said.
Public hearings for both the city and school budgets will take place in May and June before the budgets are ultimately finalized.
Hail Caesars
The long-anticipated grand opening of the Caesars Virginia casino and hotel is looming with a grand opening expected later this year. The temporary casino is operating but the 12-story structure towering above the Danville skyline can be seen from miles away and has drawn interest from residents and visitors.
Vice President and General Manager Chris Albrecht said, “Every time I walk around and talk to folks here in the city, all they reference is no matter where I am driving, I can see. They can see this. This has truly changed the skyline of Danville and when you come from miles around, you see this great addition to the three sisters and again a truly important moment for us.” The three sisters Albrecht referenced are the three smokestacks that have been preserved, a nod to Danville’s mill industry of a bygone era.
A topping-off ceremony in which a tree and an American flag were placed on the top of the hotel signifies the completion of the building is close at hand.
“In some cultures, they say putting the tree above the building demonstrates respect for the earth that we disrupted here,” Albrecht said. “That tree symbolizes that we’re going to give back to it.”
Countdown to Caesars
As for when the permanent casino will open Albrecht stated, “I no longer have to say next year or late next year. We are opening this year. We are on target, and everything is moving along well,” he said.
The permanent Caesars Virginia resort will feature the following:
- The property plans to include a 320-room hotel featuring floor-to-ceiling views.
- A world-class casino gaming floor with over 1,300 slots, 85 table games, 24 electronic table games, a WSOP poker room, and a Caesars Sportsbook.
- A full-service spa, pool, upscale bars and lounges, and a variety of dining options.
- A 2,500-seat live entertainment theater.
- Over 50,000 square feet of meeting and convention space.
