The city of Danville has hired a firm to conduct a study on how to invest new revenues from a casino development if one were to open here.
PFM, a financial advisory firm based in Philadelphia, will begin conducting the $74,375 study within the next two weeks, said Danville City Manager Ken Larking.
The Danville Regional Foundation will pay half the study’s cost and the city will pick up the remainder of the tab.
PFM is the same firm that performed a $350,000 multi-year financial forecast for the city about two years ago, as well as a $175,000 study for Danville Public Schools.
“They did a great job with that previous study,” Larking said Tuesday. “Not only did they look at how we could be more efficient, they also looked at new investments to improve our long-term sustainability. I felt like they would already be good at taking what they learned in the past and build on that to help guide the community in making investments if the new revenue becomes a reality.”
Of the $350,000 for the city’s financial forecast study by the National Resource Network, Danville paid $62,500 and the remainder was paid for with grants.
PFM was a subcontractor for the National Resource Network on the city’s study as well as for a $175,000 study for Danville Public Schools. The school division paid $40,000 and the city paid $22,500 for the study, while a foundation grant covered $87,500, and a Make It Happen Grant from the Danville Regional Foundation covered the remaining $25,000.
Danville Regional Foundation President and CEO Clark Casteel pointed out that the casino revenue study will be third time that the foundation has matched city funding for such an endeavor with PFM. The foundation provided money for the city financial forecast analysis and that for the schools.
The study should take about three or four months to complete, Larking said.
If voters approve a casino in the city, Nevada based Caesars Entertainment would be expected to invest more than $400 million in a casino project at the former Dan River Inc. Schoolfield site in Danville and create 1,300 jobs with competitive benefits packages and average pay between $35,000 and $47,000 annually.
The company has plans to build a facility with 500 hotel rooms, a 35,000-square-foot conference center, a 2,500-seat live entertainment venue, restaurants and bars, 2,000 slot machines, 75 table games, 16 poker tables and a sportsbook to wager on various sports competitions .
The project is expected to be complete in 2023 and is anticipated to generate 900 construction jobs.
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