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Caesars hopes to invest more than $400 million and create 1,300 jobs with competitive benefits packages and average pay between $35,000 and $47,000 annually, officials said. The facility would be located in the Schoolfield area of Danville.
Danville and Caesars Entertainment are nearing a development agreement for a proposed casino in the city, should residents vote “yes” on the Nov. 3 referendum.
Now Danville City Council must decide whether to give it a stamp of approval at its next meeting Sept. 1.
Danville City Manager Ken Larking gave the highlights of the development agreement during council’s meeting Tuesday night.
If a casino is approved by voters, Caesars would — by the end of 2020 — pay $5 million to buy the Schoolfield site where the casino would be built, and pay $15 million to the city within 30 days of the referendum.
Larking told council that, based on estimates by Caesars, the development will generate — by the third year of operation — $22 million in state-collected gaming tax revenue remitted to the city, $12 million in annual supplemental payments to Danville, and $4.2 million in meals, sales, lodging, and property taxes.
- Guarantee a minimum of $5 million in gaming tax revenue each year for every full year the Caesars is in operation;
- Provide a supplemental annual payment directly to the city based on a percentage of net gaming revenue;
- Reimburse the city for up to $360,000 for the cost of the Schoolfield master plan, currently underway by WRT, LLC;
- Buy a new fire engine and an emergency services vehicle;
- Make financial contributions to community groups for education and other charitable purposes;
- Establish a dedicated funding source to pay for infrastructure, community and economic development in the Schoolfield neighborhood corridor from the site to the North Carolina border;
- Construct a Caesars-branded resort casino with a minimum of $400 million in capital investment to include multiple restaurants and bars, a hotel with 300 four-star guest rooms, a 35,000-square-foot conference center, a 2,500-seat live-entertainment venue, a pool and a spa. The resort is expected to be open in 2023;
- Employ 1,300 full-time equivalent employees, earning an hourly wage of at least $15 per hour;
- Provide health insurance, paid time off for vacation and holidays, educational benefits and savings benefits to its employees;
- Generate 900 construction jobs during the construction period.
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