Virginia Casino Revenue Falls in April, Venues Report $60M Combined

Article by : Erik Gibbs May 22, 2024

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The Virginia Lottery’s monthly report has revealed that the state’s three casinos—Hard Rock Hotel & Casino Temporary Bristol, Rivers Casino Portsmouth, and Caesars Virginia—collectively generated $60.1 million in gaming revenue for April.

This figure marks a 7% decrease compared to the $65 million generated in March, but it is nearly a 70% increase from April of the previous year when only two casinos were operational.

The three casinos contributed significantly to state finances, paying a combined $10.8 million in taxes from this revenue.

In April, slot machines proved to be the most profitable segment, bringing in $43.9 million. Table games also performed well, generating $16.2 million.

Rivers Casino Portsmouth emerged as the highest-grossing casino in April, with a total revenue of $26.4 million. This revenue was divided between its 1,446 slot machines, which brought in $18.4 million, and its 81 table games, which generated $8 million.

Despite being the top performer, Rivers Casino Portsmouth experienced a decline in income compared to the previous month.

Hard Rock Hotel & Casino Temporary Bristol reported a total revenue of $13.9 million for April. The revenue from its 911 slot machines was $11 million, while its 29 table games contributed $2.9 million. Like the other casinos, Hard Rock Bristol saw a decrease in income compared to March, reflecting a general downward trend in monthly earnings.

Caesars Entertainment’s temporary casino in Danville recorded $19.7 million in adjusted gross gaming revenue for April. This total included $14.4 million from its 804 slot machines and $5.2 million from its 33 table games.

Despite experiencing a decline in revenue compared to the previous month, Caesars Danville still made a significant contribution to the state’s gaming revenue.

The development of permanent casino facilities in Virginia is progressing well, with Caesars Virginia leading the charge. The construction of Caesars Virginia began with a groundbreaking ceremony in August and is expected to cost $650 million.

Once completed, Caesars Virginia will feature a 500-room hotel, a casino gaming floor with more than 1,300 slot machines, 85 live table games, 24 electronic table games, a WSOP poker room, and a Caesars Sportsbook.

Additional amenities will include a spa, pool area, fitness center, 40,000 square feet of meeting and convention space, and an entertainment venue capable of accommodating up to 2,500 guests.

Hard Rock Hotel & Casino Bristol is set to open its permanent location in the summer of 2024.

This new facility will include a 3,200-seat performance venue and a 20,000-person capacity outdoor entertainment venue, enhancing its appeal as a major entertainment destination.

The casino will operate 24/7 and is expected to create between 1,200 and 1,500 jobs, significantly boosting the local economy. The amenities at Hard Rock Bristol will also feature two hotel towers and a pool, providing a comprehensive resort experience.

Additionally, Petersburg has made a strategic decision by selecting The Cordish Companies to develop a new casino, pending voter approval in an upcoming referendum.