Caesars Entertainment’s latest casino in Virginia to cost more than planned
By Bob Garcia
The casino has had another $100 million tacked onto its construction budget
While it is true that budgets are part of an organization’s financial planning, it appears that the Caesars Virginia casino project has gotten a little out of hand for Caesars Entertainment by a large margin. According to the company’s original plans, the entire project was supposed to cost around $400 million; however, that figure has now been raised to an extra $100 million, which is quite considerable.
Robert Livingston, Senior VP of Caesars, broke the news during a public input meeting earlier this week, which was attended by more than 70 members of the community. While it is true that the budget was raised by about 20%, Livingston said during the meeting that the number of rooms is also likely to increase from 300 to 500. This suggests that at least that much of the budget increase is being reflected in a major expansion at the property. Mike Schlang, senior director of design and construction for Caesars Virginia, also attended the meeting. He made it clear to attendees that the project is evolving and the company is trying to do its best to understand every little detail. In addition, he said they are analyzing what can be preserved from the site.
The casino will be built on the former Dan River Inc. site in Schoolfield. The community relates to this location because of its three smokestacks, which is why Schlang said the new project will take care to preserve the towers to continue to give them a vital and iconic part of the site. In addition to the different range of casino games, the venue will also feature different restaurants, a brewery, and a sports bar. Celebrity chefs such as Gordon Ramsay will be present, Schlang said. According to Livingston, permits for the projects are expected to be granted by mid-November.