Virginia Casinos Chalk Up Record-Setting March Revenues

The three casino destinations in the southern American state of Virginia saw their aggregated adjusted gaming revenues for March increase by nearly 74% year-on-year to top an all-time high of over $65 million. 

Home to almost nine million people, Virginia legalized casino gambling in February of 2020 and today hosts the Rivers Casino Portsmouth, Caesars Virginia and Hard Rock Bristol facilities. This trio altogether offers an array of 3,177 slots as well as 143 gaming tables featuring blackjack, poker, baccarat, craps, roulette and mahjong entertainment.

Public Proceeds

In its report for March, the Virginia Lottery revealed the improved performance saw the three land-based casinos pay a total of $11.7 million in taxes, which represented a boost of 57.7% year-on-year and encompassed an impressive $3.9 million in combined payments to their host communities. 

The regulator disclosed this figure simultaneously embraced a little over $93,700 for the state’s Problem Gambling Treatment and Support Fund, along about $23,400 for the Family and Children’s Trust Fund and nearly $7.7 million for the education-focused Gaming Proceeds Fund.

“Of the state tax on casino adjusted gaming revenues, the statute specifies distributions to the Problem Gambling Treatment and Support Fund, the Family and Children’s Trust Fund and the host city,” read a statement from the Virginia Lottery.

“For the Bristol casino, statute specifies the portion of taxes reserved for the host city go to the Regional Improvement Commission.” 

Leading Light

With its 50,000 sq ft gaming floor, Rivers Casino Portsmouth from operator Rush Street Gaming saw its adjusted gaming revenues for March rise by 17% year-on-year to approximately $27.7 million, led by an over 22% improvement in receipts from its collection of 1,462 slots to some $19.5 million. 

Opened in January 2023, this facility also posted a comparable swell of 8% in takings from its 81 gaming tables to $8.2 million, giving it a total monthly tax bill just shy of $5 million.

Interim Inspiration

Hard Rock Hotel and Casino Bristol premiered as Virginia’s first casino in July of 2022, with the enterprise having since been run out of temporary premises on the site of the former Bristol Mall. 

The 30,000 sq ft operation from Hard Rock International is hoping to relocate to a $550 million purpose-built facility in July, featuring a 90,000 sq ft gaming floor and a multitude of restaurants, along with a 300-room hotel, a sportsbook and a 3,200-seat entertainments space.

In the meantime, the provisional Hard Rock Bristol saw its adjusted gaming revenues for March exceed $16.2 million, which represented a lift of 17.8% year-on-year, as monthly receipts from its 29 gaming tables including poker tables similarly improved by over 70% to surpass $3.2 million. 

This surge was complemented by a 9.4% increase in takings from the venue’s collection of 911 slots to just north of $13 million and took the Bristol-based casino’s total monthly tax bill to slightly beyond $1.5 million.

Freshman Feat

Caesars Virginia has been similarly operated out of an interim home since debuting eleven months ago and will have to wait until the end of the year to relocate into a new $650 million facility being built on the site of a former textile mill. 

The enterprise from Caesars Entertainment Incorporated and the federally-recognized Eastern Band of Cherokee Indians envisions this fresh abode featuring a 78,000 sq ft casino and 320-room hotel, in addition to a full-service spa, a pool, a variety of dining and bar options and a 2,500-seat live entertainment center.

Despite its young age, the temporary 40,000 sq ft Caesars Virginia, with its tent-like appearance, still managed to chalk up roughly $21 million in adjusted gaming revenues for March, with its 33 gaming tables accounting for a very healthy $4.7 million of this total. 

The operation in the southern city of Danville furthermore saw its 804 slots rack up some $16.3 million in monthly receipts, giving it an associated tax bill of almost $3.8 million.

Stay tuned as we have a close eye on the legislation process for VA online casinos.

(Image: Alan Gignoux / Alamy)