The Virginia casino industry has witnessed significant growth with the opening of three temporary casino facilities: Hard Rock Hotel & Casino Temporary Bristol, Rivers Casino Portsmouth, and Caesars Virginia. The Virginia Lottery’s recent report provides insights into gaming revenue, tax contributions, and the progress of permanent casino developments.
Revenue Analysis:
In January, the total gaming revenue across the three casinos amounted to $52.9 million. This revenue was primarily driven by slot machines, generating $37.9 million, while table games contributed $14.9 million. Rivers Casino Portsmouth emerged as a major revenue generator, with $23.5 million in total revenue. Hard Rock Hotel & Casino Temporary Bristol followed with $12 million, and Caesars Virginia reported $17.2 million in adjusted gross gaming revenue.
Tax Contribution:
The Virginia Lottery disclosed that the three casinos collectively paid $9.5 million in taxes to the state. This tax revenue is crucial for funding various public services and initiatives within Virginia.
Casino License Approvals and Temporary Operations:
The process of obtaining casino licenses and establishing temporary facilities has been instrumental in kickstarting the Virginia casino industry. The Virginia Lottery Board granted licenses for Hard Rock Hotel & Casino Temporary Bristol and Rivers Casino Portsmouth in April and November 2022, respectively. Subsequently, both casinos commenced operations within a few months. Caesars Virginia received its license approval in April 2023, with its temporary facility in Danville opening in May 2023.
Future Developments:
The construction of permanent casino establishments signifies a significant milestone for the Virginia gaming landscape.
Caesars Virginia:
Construction is underway for Caesars Virginia, a $650 million project that promises a luxurious gaming and entertainment experience. The future complex will feature a 500-room hotel, over 1,300 slot machines, 85 live table games, a WSOP poker room, and a Caesars Sportsbook. Additionally, amenities such as a spa, pool area, fitness center, and expansive meeting space are planned.
Hard Rock Hotel & Casino Bristol:
Scheduled to open in summer 2024, Hard Rock Hotel & Casino Bristol aims to redefine entertainment in the region. The establishment will boast a 3,200-seat performance venue, a 20,000-person capacity outdoor entertainment venue, and a vibrant casino floor operating 24/7. Moreover, the project is anticipated to create 1,200 to 1,500 job opportunities and will feature two hotel towers, along with recreational facilities.
The Virginia casino industry is witnessing rapid expansion, driven by robust revenue figures, significant tax contributions, and ambitious development projects. With the establishment of permanent casino resorts on the horizon, Virginia’s gaming landscape is poised for further growth, offering both economic opportunities and enhanced entertainment options for residents and visitors alike.