The Virginia Lottery has released its latest report on the gaming activity of the state’s two casinos, namely the Hard Rock Hotel & Casino Temporary Bristol and Rivers Casino Portsmouth. This report covers the gaming revenue generated during the month of March 2023, shedding light on the performance of these two establishments in the Virginia casino market. This article provides an overview of the key figures and insights from the report.
Total Gaming Revenue:
In March 2023, the combined gaming revenue from the two casinos in Virginia amounted to $37.4 million.
This figure represents a modest 2% decrease compared to the total gaming revenue reported for February, which stood at $38.4 million.
Revenue Breakdown:
Slot machines accounted for a significant portion of the total revenue, generating $27.8 million during the month.
Table games contributed $9.5 million to the overall gaming revenue.
Tax Contributions:
Under Virginia law, a graduated tax is imposed on a casino’s adjusted gaming revenue, calculated as wagers minus winnings.
For the month of March, a total of $6.7 million in taxes were paid to the Gaming Proceeds Fund.
Casino Licensing and Openings:
The Virginia Lottery Board granted the casino license for the Hard Rock Hotel & Casino Temporary Bristol in April 2022.
The temporary casino facility, located on the former Bristol Mall site, officially opened its doors to the public on July 8, 2022.
Rivers Casino Portsmouth received approval for its casino license in November and commenced operations on January 23.
Tax Distribution:
Virginia’s tax on casino Adjusted Gaming Revenue has specific allocations outlined in the statute.
These allocations include contributions to the Problem Gambling Treatment and Support Fund, the Family and Children’s Trust Fund, and the host city.
Notably, for the Bristol casino, the statute designates that the portion of taxes designated for the host city benefits the Regional Improvement Commission (RIC).
The Virginia Lottery’s release of the casino gaming revenue report for March 2023 provides valuable insights into the performance of the state’s two casinos. While the total gaming revenue experienced a slight decrease from the previous month, it highlights the ongoing contribution of these establishments to the state’s economy. As the casino market in Virginia continues to evolve, monitoring these figures remains crucial for understanding the industry’s dynamics and its impact on tax revenue distribution.