Virginia has one of the youngest gaming industries in the United States. Virginia Lottery recently released the state’s first casinos’ monthly revenue report. The state isn’t a key stakeholder in the country’s gaming sector but it has a promising future.
The report showed the performance of one temporary casino and another permanent casino. It might attract other gaming operators to invest in Virginia.
Virginia Casinos’ First Revenue Figures
Virginia opened its first land-based casino in July. A Virginia Lottery report indicates that Hard Rock Bristol earned almost $12 million in adjusted gross revenue (AGR) last month. Its precise revenue was slightly above $11.7 million.
The state’s temporary casino that offers table games, sports gambling, and in-person slots started operating on July 8. The Lottery’s report shows that Hard Rock Bristol earned the money from 21 gaming tables and 870 slot machines. It is located on the Bristol Mall’s site and is a vital placeholder as the permanent gaming facility’s construction continues.
AGR is the variation between the winnings that a casino pays out and the money players wager on various games. Virginia Lottery stated that slots play generated about 87 percent or $10.2 million of the casino industry’s revenue.
Virginia casinos pay a dynamic tax rate that increases in various tiers. For instance, casinos that generate their first $200 million pay an 18 percent tax.
So, Virginia earned $2.1 million in tax in July and Bristol received six percent of it through the Regional Improvement
Commission. One percent of the tax will fund problem betting treatment and the Family and Children’s Trust Fund.
Will Virginia Open More Casinos Soon?
Existing casinos in Virginia are restricted to the former Bristol Mall’s premises. But this might change soon. PlayVirginia indicated that Hard Rock Bristol will soon have gaming space that is more than thrice the mall’s area.
The temporary casino’s gaming floor covers 30,000 square feet and there are plans to increase it to 100,000 square feet. Besides, Hard Rock Bristol won’t remain as the state’s only permanent casino forever.
The Virginia Lottery has granted casinos in three cities such as Portsmouth, Norfolk, and Danville. They will provide a retail bookmaker, twelve gaming tables, and over a hundred slots.
Richmond City had a referendum in November 2021 to allow casino gaming. But its voters opposed its gaming bill. Still, a potential Urban One developer and city leaders are planning to organize another referendum in 2023.
Reports claim that several casinos will be opened in Virginia by 2024, within the same deadline for Bristol’s permanent casino. The Eastern Band of Cherokee Indians recently declared that they had partnered with Caesars Entertainment. They held a groundbreaking ceremony for Caesars Virginia, a property that it will build in Danville.
Portsmouth and Rush Street Gaming have agreed to construct a Rivers casino. Also, Norfolk partnered with the Pamunkey Tribe for a gaming project named the HeadWaters Resort & Casino.
A temporary site for HeadWaters is currently under construction and PlayVirginia reported that it will open in a few months. Virginia’s monthly revenue figures will escalate fast once all these facilities open. Its players can only play table games and slots in Bristol now.
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