In Danville, Virginia, officials are looking ahead to the 2023-24 budget, which is expected to include revenue from the $500 million Caesars Virginia casino resort in Schoolfield, opening in late 2023. The venue is projected to generate $38 million in annual revenue by its third year of operation. Danville City Manager Ken Larking noted, “We won’t know the actual number for sure until it actually opens and then we’ll see what it looks like in reality.”
That anticipated $38 million would include $12 million in annual payment from Caesars, $22 million in yearly gaming tax revenue and $4.2 million in other tax revenue including sales, lodging, meals and property taxes.
An interim report from the Investing in Danville committee and an analysis by the financial consulting firm PFM indicated citizens wanted the casino tax revenue to be used for public education and economic development, followed by public safety, infrastructure, community health, quality housing, financial stability and quality of life amenities.
Caesars Virginia will include a casino with more than 1,400 slots and 75 table games, Caesars Sportsbook and a 25-table World Series of Poker Room, plus a 500-room hotel with a spa, pool area and fitness center; 40,000 square feet of meeting and convention space; numerous restaurants and bars; and an entertainment venue for up to 2,500 guests. The project will create 900 construction jobs and 1,300 permanent jobs.
Founded in 1903 by Dan River Inc., Schoolfield was one of the largest textile mill villages in Virginia and the South. The three prominent smokestacks at the site, known as the Three Sisters, will anchor the new casino, officials said. Also, a common design element will be red brick and tonal colors, a reference to Danville’s textile history.
