DANVILLE, Va. – Negotiations to provide a multi-million dollar casino for the city of Danville are nearing completion. That’s what Danville City Manager Ken Larking told council members Tuesday night.
Caesars Virginia has been chosen as Danville’s gaming operator, provided voters approve the casino in a November 3rd referendum.
The agreement is a legally binding document that outlines what Caesars is promising to deliver to the city of Danville.
The development agreement provides that Caesars spend a minimum of $400 million to build a hotel, restaurants, conference center and entertainment venue; employ 1,300 equivalent full-time employees; generate 900 construction jobs; pay $15 million to the city within 30 days of the referendum; guarantee $5 million in gaming tax revenue annually; and give the city direct payment yearly based on a percentage of net gaming revenue.
Larking said it is expected that by the third year in operation the casino-resort will produce $22 million in tax revenue for Danville, $12 million in supplemental payments to the city, and $4.2 million in meals, sales, motel, and property taxes.