Caesars Casino Virginia continues to struggle with funding, with project development costs rising to over $750Million for the first time.
Virginia’s Caesars Casino began development in 2020 with a local vote, where at the time construction costs were estimated to be $400m.
Costs have continued to rocket up since initial plans. However, with Caesars upping costs from $400m to $500m in 2021. By 2022 construction was supposedly set to cost $650m and the latest update this year is more bad news for the casino.
Caesars now project that its Virginia location will cost around $750m to build, with a staggering increase of over $250m from initial build costs.
Increased labour and material costs was the main reason the build price has soared so high, but other expensive construction issues also had to be accounted for – such as underground tunnels that were discovered under the property, further complicating plans.
The new Caesars located in Danville is still on track to be completed by the end of this year – but with construction fees soaring past the expected total costs, there could be a slight delay to the grand opening.
Caesars Not The Only Virginia Casino Struggling
It isn’t just Caesars that is struggling with the rapid increase of construction costs, with other gaming based sites in VA also seeing costs soar as they look to complete development this year.
Hard Rock Casino & Hotel in Bristol is another that has seen construction fees rise due to increased labour & material costs – with the project expected to cost $300m in 2019 when it was first announced.
Hard Rock representatives reported in February that the resort construction estimate has increased by $250m to $550m in total, with fees almost doubling in the space of five years.
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