$500M Casino, Hotel Proposal Clears Hurdle

ATLANTA-A proposed plan to revamp and develop the state’s first casino, in addition to a hotel destination at the Underground Atlanta project in the Downtown area has gained support from the City Council. In order for the $500 million proposal to move forward, the use of the 12.5 acre property, which currently serves as a tourist retail destination, must be approved by the board of directors of the Georgia Lottery Corp., says Dan O’Leary, partner of the entity that currently leases the city-owned property.

If given the go-ahead, Aderhold/O’Leary LLC would use private financing in order to commence a two-phase casino/hotel destination. Phase I would include a $50 million renovation to the existing infrastructure, which includes open-air and enclosed retail, to house 225,000 square feet of video lottery terminals and retail space. Phase II would include a 400-room hotel, an additional 100,000 square feet of VLT games and a large theater where Las Vegas-style shows would be performed. “It’s anticipated we would have phase I open for business within 12 months,” O’Leary tells GlobeSt.com. “Phase II is about three or four years down the road for opening.”

Aderhold/O’Leary, which acquired an 88-year lease hold interest on the property in 1999, is projecting the creation of 2,000 direct jobs with the development, not including construction work. “When you use a job multiplier it will create a total of 12,000 indirect and direct new jobs,” because of increased traffic in the surrounding area, explains O’Leary.