Hard Rock Bristol is a temporary casino inside the Bristol Mall in Virginia whose gaming operations are generating less revenue of late. Hard Rock Hotel & Casino spent $500 million developing the gaming venue which earned $12 million last month.
The Virginia Lottery recently released a gaming revenue report indicating that Hard Rock’s $12 profit in November 2023 is a 4.4 percent year-over-year drop. Besides, it is its lowest revenue since it launches 17 months ago. The Lottery closely monitors Virginia’s budding casino industry.
Hard Rock had its third consecutive gross gaming revenue(GGR) drop last month. Statistics show that it made $37.5 million from September to November, about 9 percent less than its revenue in the same duration last year. It provides 29 table games and 908 slots.
Slots earned the property $10.1 million last month and table games raked in $1.9 million. It made an average monthly GGR of $13.7 million in its first year of operation.
Even so, it became Virginia’s first commercial casino in July 2022. Yet, the state has opened two other gaming venues.
The permanent Rivers Casino Portsmouth launched in January this year while Danville Casino opened in May. Reports indicate that Caesars Entertainment owns the Danville site and is building a $650 million permanent Caesars Virginia casino resort.
Rivers Portsmouth’s’ Change
Rush Street Gaming (RSI) opted not to develop a temporary casino and decided to build Rivers Casino Portsmouth. The permanent casino is bigger than Danville Casino and Hard Rock. Danville offers 33 table games and 830 slots.
Rivers Portsmouth offered 81 table games and 1,416 slots that raked in almost $21.6 million last month.The Hampton Roads gaming site underwent a significant transformation in November as its GGR in October and September was $20 million.
Danville Casino earned $17.5 million in November. Its revenue was highler than the $16.8 million in earned in October and lower than its September $19.1 million revenue. The three gaming properties earned $51.2 million last month, hence having a 3.3 percent month-to-month increase.
Virginia earned $10.3 million gaming taxes in November. It has a graduated tax on casino games revenue and host cities impose a 6 percent tax on the gross revenue. Bristol got $725,000, Danville earned over $1 million and Portsmouth received more than $1.5 million.
Virginia’s Gaming Strongholds
The state’s lawmakers passed new legislation in 2020 that allowed the establishment of casinos in Bristol, Danville, Norfolk, Portsmouth and Richmond. They intended to help the cities boost their economy.
Virginia’s Joint Legislative Audit & Review Commission(JLARC) conducted a study in 2020 revealing that the five cities’ gaming markets would earn the state $260 million annually in gaming taxes and boost local economies. But Richmonders opposed gaming proposals twice while the other four cities’ residents backed gaming operations.
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