Caesars Joins with Native Band in Venture

Caesars Entertainment, Inc. (NASDAQ: CZR) and the Eastern Band of Cherokee Indians (“EBCI”) today announced their partnership in the development of Caesars Virginia, which officially breaks ground in Danville this week.

The $650-million project will be a tourism engine and economic driver for Danville and the broader region. The full-service entertainment facility will create thousands of construction and operational jobs and is scheduled to open in late 2024.

Caesars Virginia will include a 500-room hotel and a world-class casino gaming floor with over 1,300 slots, 85 live table games, 24 electronic table games, a WSOP poker room and a Caesars Sportsbook.

In addition, the resort will feature a full-service spa, pool, high-quality bars and restaurants, a 2,500-seat state-of-the-art live entertainment theater and 40,000 square feet of meeting and convention space.

Caesars, the largest domestic casino-entertainment company with more than 50 owned and managed properties, will serve as the manager of the casino. Caesars, EBCI and a local minority investor will be partners in the joint venture.

Upon its completion in 2024, Caesars Virginia will attract visitation from new customers and existing members of the best-in-class Caesars Rewards player loyalty program who reside in the broader Danville region and across the country.

Cherokee Band Principal Chief Richard Sneed said, “This venture is a vital opportunity for our nation and our people.

“We are excited to be expanding our longstanding and successful partnership with Caesars Entertainment to develop a first-class resort that will be defined by luxury and service that Caesars' guests have known and come to expect.”

CZR shares hiked $3.94, or 8.6%, to $50.04.