Provided by Casino Marousi – Καζίνο Μαρούσι
https://casinomarousi.com
https://casinomarousi.gr

Get the latest local business news delivered FREE to your inbox weekly.
Temporary casino opens in Danville
It looks like numerous changes will be made to Danville’s agreement with Caesars Virginia, including an increase in the casino project’s cost to $750 million and language allowing the company to hire fewer workers than initially promised.
The changes also propose elimination of a promised separate entertainment venue. Instead, the venue would occupy a 40,000-square-foot conference center included in the project.
The Danville City Council will consider whether to approve the revisions, along with several others, during its Tuesday meeting.
City officials have been in talks with Caesars Virginia representatives on possible changes to the agreement for sometime, said City Manager Ken Larking.
Construction continues on the Caesars Virginia casino hotel project in Schoolfield. The Danville City Council will consider revisions to the agreement among the city, Danville Industrial Development Authority and Caesars that would bring changes to the project.
“We’ve been working on this for months,” Larking told the Danville Register & Bee on Wednesday. “Since construction began, we started talking about this.”
The development agreement among the city, the Danville Industrial Development Authority and Caesars Entertainment was signed Sept. 3, 2020. The agreement named Caesars as the preferred casino operator for Danville and outlined development, operational, payment and other requirements for each party.
The full casino project, expected to be complete late this year, broke ground in August 2022. A temporary gambling facility, Danville Casino, opened at the site in Schoolfield on May 15.
“Every project evolves over time, and more than three years have passed since the development agreement was signed,” Caesars Virginia General Manager Chris Albrecht told the Danville Register & Bee Thursday. “We needed to update the agreement to ensure it reflects how the project has changed based on market forces and before the permanent resort opens later this year.”
Alterations to the agreement, if approved by the council, would increase the original amount of the capital investment specified in its language from $400 million to $750 million — nearly twice what was originally announced.
Though the $400 million figure was still in the contract, this isn’t the first jump in the project’s price, which initially was increased to $500 million in September 2021 and then to $650 million in August 2022.
“A lot of that is related to the cost of construction and other issues on the site,” Larking said of the latest hike.
The larger investment reflects an increase in the scope of the project, along with rising costs since the project began in 2020, Albrecht said.
“One notable addition was the inclusion of a parking garage, which was not part of our original plan but adds significant value to our guests,” Albrecht said.
Also, when building a project on property that previously included another facility — in this case Dan River Inc. — “you never know what kinds of structures are in the ground,” Larking said.
Examples of items that contributed to the cost increase include tunnels having to be removed from underground, the parking garage, building more than the minimum of 300 hotel rooms required in the agreement, and other expenses that added up, Larking said. Of course, there was also inflation.
Construction continues on the Caesars Virginia casino hotel project in Schoolfield. The Danville City Council will consider revisions to the agreement among the city, Danville Industrial Development Authority and Caesars that would bring changes to the project.
Though there was talk of building 500 hotel rooms, that was never promised in the agreement, Larking pointed out.
The previous cost increase nearly two years ago also included an announcement of Caesars Virginia’s joint partnership with the Eastern Band of Cherokee Indians on the project.
Danville voters approved the Caesars Virginia casino project during a city referendum in November 2020.
In December 2018, the city council adopted a resolution of support requesting that the citizens of Danville have an opportunity to vote in a referendum on whether to allow casino gaming in the city.
In 2020, the General Assembly adopted, and then-Gov. Ralph Northam signed, legislation granting the voters of Danville permission to decide on the matter.
On June 2, 2020, the city council formally named Caesars Virginia, LLC to be its preferred casino gaming operator if the project is approved by voters. Danville citizens voted in favor of allowing casino gaming at 1100 West Main St.
As for the number of employees promised for the project, the agreement initially called for 1,300 jobs. But proposed new language lowers the requirement to between 900 and 1,300 workers hired.
“Since we began working on this project, the hospitality landscape has changed significantly,” Albrecht said. “As our industry evolves, the employment range in the development agreement allows us the flexibility to operate a world-class resort in a way that leaves room for innovation, efficiency and the exceptional experience we’ve promised to deliver in Danville.”
Larking agreed that the workforce is different from what it was before the pandemic.
“It’s not surprising,” Larking said of the jobs adjustment. “The world has changed with regard to employees.”
There is a challenge finding workers since the pandemic, with more people who have left the workforce, Larking said.
Revisions also would eliminate the separate entertainment venue and instead have it occupy the same space as the conference center, if the venue is built to “First Class Casino Standards.”
“By having a first-class multi-purpose space, we can ensure this space is used most days of the year, not just on the specific days that concerts and other entertainment are occurring,” Albrecht said.
The conference center/meeting space was initially going to be 35,000 square feet, according to the agreement, but would expand to 40,000 square feet with the revisions.
Other changes proposed for the agreement include adding language to the section on the minimum wage Caesars Virginia is required to pay its workers. The revision would call for Caesars to pay its employees at least $15 an hour or 125% of the federal minimum wage, whichever is greater.
The federal minimum wage is $7.25 an hour, while the state minimum wage is currently $12 an hour.
“The minimum wage provision has been updated to include language required by the [Virginia] General Assembly,” Albrecht said.
The revisions also provide an estimated cost for rehabilitation of the smokestacks, or the “Three Sisters,” at the Schoolfield site. The original contract called for Ceasars to pay up to $600,000 and the city to cover the cost above that amount. The current estimated total cost is $2.1 million, which leaves $1.5 million for the city to pay.
“Costs have increased across the board and work on the smokestacks is no exception,” Albrecht said. “However, Caesars and the city, who are splitting the cost of the rehab, both recognize how iconic the stacks are to Danville and to the skyline in Schoolfield.”
Other revisions include:
Establishes a new final completion date of Dec. 31, 2024;
John R. Crane (434) 791-7987


jc****@re*********.com












Get the latest local business news delivered FREE to your inbox weekly.
{{description}}
Email notifications are only sent once a day, and only if there are new matching items.
Temporary casino opens in Danville
Construction continues on the Caesars Virginia casino hotel project in Schoolfield. The Danville City Council will consider revisions to the agreement among the city, Danville Industrial Development Authority and Caesars that would bring changes to the project.
Construction continues on the Caesars Virginia casino hotel project in Schoolfield. The Danville City Council will consider revisions to the agreement among the city, Danville Industrial Development Authority and Caesars that would bring changes to the project.
Get up-to-the-minute news sent straight to your device.

source
Visit
Provided by Casino Marousi – Καζίνο Μαρούσι
https://casinomarousi.com
https://casinomarousi.gr

Contact :

ca***********@gm***.com

Please follow and like us: