DANVILLE, Va. — Caesars Virginia is expected to grow and boost The City of Danville.
The resort has added jobs and supplied millions in tax revenue. Caesars put a $750 million dollar investment into the resort.
Our team spoke to a local realtor who said the housing market is booming.
"When I first started, some of the homes right across the railroad track were selling for $20,000 now they're selling for $150,000," Kelly Oakes shared.
She is a realtor with Eskey & Associates.
Oakes said the jump started about four years ago during the resort's construction. She said the boom is coming from out-of-state people choosing to live in Danville.
She said right now if you are looking to flip, sell, or rent through an Airbnb you can get the most out of the current real estate market.
Our team spoke to the Danville's City Manager Ken Larking who said Caesars Virginia is expected to bring in around $40 million in revenue each year.
He explains $20 million of the tax revenue goes towards the gaming tax and $12 million in supplemental revenue tax. Larking said the rest goes into real estate and sales tax, etc.
Oakes said the real estate tax is helping to rebuild what the city already has.
"I'm personally working with the Danville Housing Authority which is a government entity in the city to help them revitalize the downtown historical area," she shared.
Oakes said it may seem alarming to hear about the jump in area home prices but as in expert in the field she explains the housing market is finally catching up to what it should be.
The City says some of the tax revenue will also go towards local business and schools.
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