Casino Project. Caesars Virginia shall construct the Project (which will include the elements described in this Section 3) either as new construction or as a combination of new construction and existing structures or new construction and modifying existing structures consistent with First Class Casino Standards, the Act and all other Governmental Requirements and in compliance with this Agreement, after receiving and considering public comment and comment from the City regarding proposed design plans for the Project. Caesars Virginia will make an initial capital investment, inclusive of all costs associated with the planning, design, and construction of the Project, of at least seven hundred fifty million dollars ($750,000,000.00) to develop the Project on the Xxxxxxxxxxx Property with an emphasis on a total destination resort with many facets and amenities, and Caesars Virginia agrees to make additional capital expenditures each year to maintain the Project at First Class Casino Standards. As part of the Project, Caesars Virginia will include a casino with a mixture of gaming devices, table games, poker tables, and a sportsbook (the “Casino”). The Project shall also include multiple restaurant options available to guests of the Project, including restaurant options that feature a national and combination of regional and/or local culinary experts, one of which shall be a fine dining restaurant. As an experienced casino operator, CEC shall maintain all operational control of the Casino, including authority to make decisions regarding its gaming amenities, in an effort to maximize revenue.
Casino Project. 3 Section 1.10 Casino Opening Date.....................................3 Section 1.11 City....................................................3 Section 1.12 Commission (or Gaming Commission).......................3 Section 1.13 Debt....................................................3 Section 1.14 Effective Date..........................................3 Section 1.15 Environmental Laws......................................4 Section 1.16 Gaming Authorities......................................4 Section 1.17 Gaming License..........................................4 Section 1.18
