Virginia’s New Casinos Continue to Enjoy Huge Returns

Article by : Erik Gibbs Nov 17, 2023

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The Bristol Casino, the future home of Hard Rock, achieved a significant milestone by surpassing $215 million in adjusted gaming revenue in October, marking 16 months since its opening.

Virginia’s inaugural casino reported close to $12.7 million in adjusted gaming revenue for October, nearly on par with the $12.71 million reported in September, as per the latest Virginia Lottery report.

Of this revenue, $10.32 million came from the casino’s 897 slot machines, constituting approximately 81% of the total for the month. While slot revenue experienced a slight dip, table games revenue increased to $2.35 million from $2.03 million the previous month.

Over the first 16 months of operation, the casino has accumulated a total adjusted gaming revenue exceeding $215.4 million, with approximately $176 million from slots and around $39 million from table games, according to historical data.

In October, the three casinos in the state collectively reported an adjusted gaming revenue of over $49.5 million, with $37.2 million coming from slots and $12.4 million from table games, as reported by the lottery.

Rivers Casino Portsmouth contributed significantly to this total, reporting $14.3 million from slots and $5.7 million from its 81 table games, resulting in a total of $20.03 million for October.

It was back in February when the inaugural full month of operations for Rivers Casino Portsmouth was fully tracked.

The Virginia Lottery revealed that the state’s first permanent casino facility reported an adjusted gaming revenue of just over $24 million in the first full 30 days.

To provide context, the casino commenced operations on January 23, reporting over $9 million in gaming revenue for the remainder of that month. The story is no entirely different and Virginia Casinos have become major generators of revenue for the state.

The temporary Caesars Virginia facility in Danville also played a substantial role, reporting $12.6 million in revenue from its 822 slots and nearly $4.25 million from its 33 table games, amounting to a total of $16.84 million for October.

The generated casino revenues contributed $9.11 million to the overall gaming tax revenues for the month. HR Bristol, in particular, generated $2.28 million, including over $760,000 designated for Southwest Virginia.

Rivers Casino Portsmouth and Caesars Virginia also made significant contributions, generating $3.79 million and $3.03 million, respectively, with $1.24 million and about $1.01 million allocated for their respective host cities.

In total, the state netted approximately $6 million for October, according to the report.