Virginia Casinos Post Year-On-Year Increase in Revenues for July

The Virginia Lottery has released its report on casino gambling in the state for July 2024, revealing that the VA’s three licensed casinos generated $59,342,357.51 in revenues for the month. This marked a 3.57 percent increase from revenues of $57,295,952.78 recorded in July 2023.

Revenues Grow Despite Caesars’ Poor Performance

Hard Rock Bristol and Rivers Casino Portsmouth powered Virginia’s casino revenue growth. The biggest revenue-generating casino in the state, Rivers Casino Portsmouth, also saw the most significant year-on-year growth, increasing revenues by nearly 15 percent.

Despite operating at reduced slots capacity of over 30 machines compared to July 2023, the casino generated from this game segment 27.8 percent more revenues in July 2024. While adding a few more table games, the casino actually posted a decrease in table game revenues, from $8,069,889.50 in 2023 to $7,436,848.54 in 2024.

Hard Rock Bristol grew its revenues by 9.67 percent while keeping the same number of table games and adding under ten slot machines. Slot machine revenues increased by 6.1 percent year-on-year. Table game revenues saw a more significant rise, going from $2,515,176.50 in July 2023 to $3,149,940.50 in July 2024, an increase of over 25 percent.

While the two other Virginia casinos performed well year-on-year, Caesars Virginia posted a significant revenue drop, losing 12.16 percent over the period. Despite having more than 50 new slot machines, the casino only saw slot revenues of $14,386,991.06, nearly 9.5 percent less compared to July 2023. Additionally, adding more than ten new table games couldn’t stop an almost 19.9 percent drop in table game revenues for the period.

Local Causes Benefit from Increase in Tax Numbers

The revenue increase benefits local causes in Virginia, which receive some of the state’s taxes. Operators pay an 18 percent tax on the first $200 million of revenue. Local cities collect a 6 percent fee of the Adjusted Gaming Revenues (AGR), which is paid as tax by the casino operator. The Virginia Problem Gambling Treatment and Support Fund receives 0.8 percent of the tax, while the Family and Children’s Trust Fund gets 0.2 percent of the tax. Any remaining taxes are allocated to the Gaming Proceeds Funds.

Hard Rock Casino contributed $890,548.37 to Bristol, with Rivers Casino giving $1,541,694.90 to Portsmouth. Caesars Virginia’s revenues may have dropped, but it still contributed $1,128,298.17 to Danville. 

Overall, the Problem Gambling Treatment and Support Fund collected $85,453, while the Family and Children’s Trust Fund gained $21,265.25. The Gaming Proceeds Funds took home $7,014,266.66.