A local revenue agreement between the city of Danville and Caesars Virginia will not change in the wake of the company’s acquisition, said City Manager Ken Larking.
Fertitta Entertainment, a Houston-based conglomerate, acquired Caesars in a $17.6 billion all-cash transaction. The deal, first announced in May and finalized last week, includes Fertitta taking on Caesar’s outstanding $11.9 billion debt.
“There will be no impact from the change in ownership,” on the city’s agreement with Caesars, said Larking in an email. “I’ve been told that all the leadership at Caesars that I work with will remain the same.”
Caesars Virginia entered into a local development agreement with Danville before it opened its permanent location in the city in December 2024. As part of the agreement, Caesars pays Danville a minimum of $5 million per year, regardless of the casino’s revenue. On top of that minimum, the city receives gaming tax revenue from Caesars.
“All successors to the agreement must adhere to the terms,” Larking said in the email, though he said Friday he has not spoken with Fertitta directly.
Since Caesars opened in 2024, it has exceeded the $5 million annual minimum in payments to Danville. In the 2025 fiscal year, Caesars paid Danville nearly $12 million from that agreement and an additional $31.4 million in gaming tax revenue.
The projected amount for the upcoming fiscal year is nearly five times the $5 million minimum at $23 million, according to the city’s website, which tracks casino revenue and how it’s spent.
According to a May news release about the acquisition, Caesars shareholders will receive $31 in cash for each outstanding Caesars share.
The combination of Caesars and Fertitta will offer guests a broader array of destinations and experiences, still connected by the Caesars Rewards loyalty network, according to the release.
But things in Danville will look much the same, according to Larking.
“The transfer of ownership will have no impact on our development agreement,” he said.
Caesars nor Fertitta returned messages left by Cardinal News on Friday.
