Virginia Casinos Revenues Total $59.5 Million in June
In June 2024, Virginia’s trio of casinos reported a combined total of $59.5 million in gaming revenues, according to the latest data from the Virginia Lottery, cited by Virginia Business. This figure represents a modest decline from the previous three months, each of which saw revenues surpassing $60 million.
The Bristol Casino: Future Home of Hard Rock, operating temporarily, contributed approximately $14.35 million in adjusted gaming revenues (AGR), derived from wagers minus winnings. This revenue included about $12.04 million from 907 slot machines and around $2.31 million from 29 table games. Since opening in July 2022 as Virginia‘s first operational casino, the Bristol facility has played a pivotal role in the state’s gaming landscape. Its permanent counterpart, however, has had its opening delayed from July to late fall this year, promising a significant expansion with more than 1,500 slots, 75 table games, and additional amenities, including a 303-room hotel.
Rivers Casino Portsmouth, which opened in January 2023 as the state’s first permanent casino, led June’s revenue figures with nearly $25.95 million. This amount came from $17.96 million generated by 1,417 slots and $7.98 million from 84 table games.
The temporary Caesars Virginia casino in Danville, which started operations in May 2023 after receiving its license in April of the same year, reported around $19.22 million in AGR. This total was split between $14.03 million from 826 slots and $5.19 million from 36 table games. The permanent location for this casino is set to open later in the year, featuring a 320-room hotel and a roughly 90,000-square-foot casino floor at an estimated cost of $750 million.
Despite the overall strong performance, June’s revenues marked a 5.1% decrease from May’s $62.7 million. However, year-over-year comparisons show a 14% increase from June 2023’s $52.2 million. Rivers Casino Portsmouth saw the most substantial year-over-year revenue growth at 26%, followed by the Bristol Casino at 12.9%, and Caesars Virginia with a 1.5% increase.
Millions Paid in Taxes
In terms of taxation, Virginia’s casinos contributed approximately $10.71 million in taxes from June’s AGR, benefiting various local and regional initiatives. The host cities of Portsmouth and Danville received 6% of their respective casinos’ AGRs, amounting to about $1.56 million and $1.15 million, respectively. Meanwhile, 6% of Bristol Casino’s AGR, totaling about $861,000, was allocated to the Regional Improvement Commission for distribution across Southwest Virginia.
Additionally, the Problem Gambling Treatment and Support Fund received 0.8% of the total taxes, approximately $85,700, while the Family and Children’s Trust Fund, which supports family violence prevention and treatment programs, received 0.2% or about $21,424.
As the industry continues to evolve, the state anticipates further developments, including the potential opening of the HeadWaters Resort & Casino in Norfolk and a casino referendum in Petersburg this November. These initiatives reflect ongoing efforts to expand and regulate casino gaming in Virginia, aiming to boost local economies and provide new entertainment and employment opportunities.
