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The original item was published from 9/2/2020 4:52:00 PM to 10/7/2020 11:04:52 AM.

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Danville, VA Local Government News and Announcements

Posted on: September 2, 2020

[ARCHIVED] City Council OKs casino development agreement

The City Council on Tuesday night voted to approve a development agreement with Caesars Virginia as the city’s casino gaming operator.

The development agreement is a legally binding document that outlines what Caesars Virginia is promising to deliver to the City of Danville should the casino gaming referendum pass on Nov. 3.

The highlights of this development agreement include promises to do the following:

  • 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 35,000square-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.
  • Generate 900 construction jobs during the construction period.
  • Within 30 days of the referendum, pay $15 million to the City.
  • Guarantee a minimum of $5 million in gaming tax revenue each year for every full year Caesars is in operation.
  • Provide an annual supplemental payment directly to the City based on a percentage of net gaming revenue.

Based on estimates provided by Caesars and reviewed by Convergence Strategy Group, City Manager Ken Larking says it is expected that, by year three of operation, this project will produce $22 million in state-collected gaming tax revenue remitted to the City of Danville, $12 million in supplemental payments to the City of Danville, and $4.2 million in meals, sales, hotel/motel, and property taxes.

The resort is to be located at the former Dan River Mills industrial complex in Schoolfield.

Several other matters were on the agenda Tuesday night. City Council voted to:

  • Amend the City Code to permit a local legends banner display program on approved streetlight poles at approved locations. The intent of the program is to provide an opportunity for businesses, individuals, organizations, community groups, churches, or other interested parties to recognize and honor Danville natives who deserve recognition because of their national or international, positive and notable achievements by sponsoring a permanently mounted banner on designated streetlight poles in designated medians.
  • Support a grant application to assist a private developer in the redevelopment of an unannounced project in the River District. This project would be redeveloped as a mixed-use facility with a $3.76 million capital investment, creating a hospitality component with a minimum of 10 full-time and 13 part-time jobs, some commercial and retail space, and four market-rate apartments.
  • Support a potential grant to prepare a 50-acre, shovel-ready pad on a lot at the Southern Virginia Multimodal Park. The City of Danville is a member of the Staunton River Regional Industrial Facility Authority, which is in advanced stages of discussions with several prospects interested in the potential future site.
  • Authorize the issuance of bonds in the maximum aggregate principal amount of $16 million to finance the acquisition, construction, and equipping of various capital projects.

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