Dive Brief:
- Caesars Entertainment debuted luxury casino resort Caesars Virginia in Danville, Virginia, the company announced Tuesday.
- The 320-room resort features more than 90,000 square feet of gaming space and 50,000 square feet of flexible meeting and convention space that can also serve as a 2,500-seat live entertainment venue.
- In a third-quarter earnings call, CEO Tom Reeg said Caesars is hoping tailwinds from the Virginia opening, as well as its New Orleans development, will offset the company’s recent revenue declines.
Dive Insight:
Caesars Virginia is owned in partnership between Caesars Entertainment and the Eastern Band of Cherokee Indians. The property includes a full-service spa, a pool and dining options including Ramsay’s Kitchen, a concept by chef and television personality Gordon Ramsay.
The hotel tower offers floor-to-ceiling views of the property’s Southern Virginia surroundings, including Danville’s historic “Three Sisters” smokestacks.
In October, Caesars New Orleans opened following a $435 million revamp. In a third-quarter earnings call held later in the month, Caesars CEO Tom Reeg said he expected tailwinds in New Orleans and Virginia to offset “competitive impacts” in the company’s regional division.
Caesars Entertainment saw revenues decline in the first and third quarters of 2024. The recent openings, however, “will complete the elevated CapEx cycle for the company as we now turn to harvesting the investment we made in these flagship destinations,” Reeg said on the October call.
Hard Rock International also opened its first Virginia hotel in the region in November, with the debut of the Rock Hotel Casino Bristol. The 620,000-square-foot property includes more than 300 hotel rooms.
