(Danville) — Danville City Council is looking over some proposed changes to their operating agreement with Caesars.
For the past few months, city staff and Caesars have worked on some amendments. The development agreement is a legally binding document that outlines what Caesars Virginia is promising to deliver to the City of Danville.
The new agreement will increase the capital investment from $400 million to $750 million. It also clarifies that the entertainment venue and conference center Caesars promised can occupy the same space, if the venue meets “First Class Casino Standards.”
Another change adjusts the employment requirement from 1,300 to a range between 900-1,300. It also sets a completion date of December 31, 2024. If Caesars doesn’t think they’ll meet that opening date, the new agreement requires them to notify the city six months in advance.
Another line item requires Caesars to provide the city $360,000 for the cost of the Schoolfield master plan being developed by WRT, LLC.
The agreement also reports the estimated cost to rehabilitate the three Smokestacks is now over two million dollars. The original contract called for Caesars to pay up to $600,000 with the City paying the rest.
The new deal also allows the City to purchase future open space and the former water filtration plant. Caesars has agreed to donate property on Wood Avenue to the City for use as a public street.
Another new clause lets the City lease 100 square feet of space near the casino entrance for local tourism promotions. This would include a suitable location near the entrance to the Casino floor, “for the purpose of locating a desk, promotional kiosks and related facilities.”
Council will vote on the amended agreement next week.
