The Virginia Lottery’s June 2024 report on casino gaming revenue reveals a decrease in the state’s total earnings from its major casinos. With a combined revenue of $59.5 million, this marks a 5% drop from May’s $62.7 million.
Revenue Trends and Casino Performance
In June, the decline in total casino revenue highlights a significant shift from the previous month. The combined revenue decrease reflects broader industry trends and possibly seasonal variations. Rivers Casino Portsmouth, Hard Rock Hotel & Casino Temporary Bristol, and Caesars Virginia are the primary contributors to this revenue.
Rivers Casino Portsmouth stood out with $25.9 million in revenue, driven predominantly by its slot machines. This casino’s performance illustrates the strong consumer preference for slot machines, which generated $17.9 million out of the total. The revenue from table games, while substantial at $7.9 million, was a smaller portion of the overall earnings.
In contrast, Hard Rock Hotel & Casino Temporary Bristol reported $14.3 million in revenue. Here, slot machines also played a major role, contributing $12 million, while table games added $2.3 million. This distribution indicates a similar preference among patrons for slot machines over table games.
Caesars Virginia, meanwhile, achieved a total revenue of $19.2 million. The casino’s revenue was heavily influenced by its slot machines, which brought in $14 million. The $5.2 million from table games further underscores the substantial role slots play in overall revenue generation.
The state’s tax revenue from casino gaming totaled $10.7 million for June. This revenue is allocated according to state statutes, supporting various funds including the Problem Gambling Treatment and Support Fund, the Family and Children’s Trust Fund, and the host city’s initiatives. For the Hard Rock Hotel & Casino Temporary Bristol, this means that funds are directed to the Regional Improvement Commission, demonstrating the broader impact of casino revenues on local communities.
Future Developments and Their Impact
Virginia’s casino industry is set for significant changes with the construction of permanent casinos and new entertainment projects. Caesars Virginia, currently under construction, represents a major investment in the region. With a budget of $650 million, the facility will include a 500-room hotel, a casino floor with over 1,300 slot machines and 85 table games, a poker room, and various amenities such as a spa and an entertainment venue with a 2,500-person capacity. This development is expected to boost local economic activity and create numerous jobs.
Similarly, the Hard Rock Hotel & Casino Bristol is on track to open in summer 2024. This permanent venue will feature a large performance space, an expansive outdoor entertainment area, and a 24/7 casino operation. With the addition of two hotel towers and a pool, it is projected to generate between 1,200 and 1,500 jobs, further enhancing the region’s economic prospects.
In April 2024, the Petersburg City Council approved a significant new project involving Bruce Smith Enterprise and The Cordish Companies. The $1.4 billion Live! Gaming & Entertainment District, including the Live! Casino & Hotel Virginia, is set to transform Petersburg into a major entertainment destination. This development will likely have a profound impact on the local economy and the state’s casino industry.
The June 2024 casino revenue report underscores a modest decline in gaming earnings across Virginia’s major casinos. Despite this decrease, the robust performance of individual casinos, particularly in slot machine revenue, highlights ongoing strong consumer interest. The upcoming permanent casinos and new entertainment projects are poised to reshape the industry landscape, potentially driving future revenue growth and enhancing the economic vitality of the region.