The Virginia Lottery has recently released its monthly report detailing the gaming activity at the state’s casinos: Hard Rock Hotel & Casino Temporary Bristol, Rivers Casino Portsmouth, and Caesars Virginia. In August, the gaming revenue reached an impressive $63.1 million, representing a 6.4% increase from July’s revenue of $59.3 million.
Monthly Gaming Revenue Overview
In August, the overall gaming revenue can be categorized into two main segments: slots and table games. The total revenue of $63.1 million reflects a robust performance in both areas, with slots generating $48.1 million and table games contributing $14.9 million. This strong showing underscores the growing popularity of casinos in Virginia and the increasing participation of players across different gaming options.
Casino Performance Highlights
Virginia’s casinos showed remarkable individual performances, each contributing significantly to the overall gaming revenue.
Rivers Casino Portsmouth emerged as a major contributor, generating $26.6 million in revenue. This casino benefitted from a substantial number of slot machines, accounting for $19.2 million from 1,378 slots, while its 85 table games added $7.4 million to its total revenue.
In comparison, the Hard Rock Hotel & Casino Temporary Bristol reported revenues of $15.9 million, with $13.3 million generated from 905 slots and $2.6 million from 29 table games. This indicates a strong reliance on slot machines, mirroring the trend observed at Rivers Casino.
Caesars Virginia, located in Danville, reported an impressive $20.4 million in adjusted gross gaming revenue. Its revenue was divided between $15.6 million from 826 slot machines and $4.8 million from 36 table games, further emphasizing the balanced appeal of both gaming formats.
Tax Revenue and Community Contributions
From the total gaming revenue generated, the state of Virginia collected $11.7 million in taxes. The allocation of these funds is guided by statutory requirements, ensuring support for various community and social initiatives. Key distributions include the Problem Gambling Treatment and Support Fund, the Family and Children’s Trust Fund, and allocations for the host cities of the casinos.
For the Bristol casino specifically, a portion of the tax designated for the host city will go to the Regional Improvement Commission (RIC), facilitating local development and community support initiatives. This allocation highlights the importance of casinos not just as entertainment venues but also as contributors to the social and economic fabric of their communities.
Future Developments in Virginia’s Casino Industry
Virginia’s casino industry is on the verge of significant transformation with ongoing construction and planned developments of permanent casinos. These future projects are expected to have a profound impact on local economies and employment opportunities.
Caesars Virginia
Caesars Virginia is currently under construction following a groundbreaking ceremony in August 2022. The project, which has a budget of $650 million, will feature a wide range of amenities designed to enhance the gaming and entertainment experience. Among these features are a 500-room hotel, a casino gaming floor with over 1,300 slots, 85 live table games, 24 electronic table games, a WSOP poker room, and a Caesars Sportsbook.
In addition to gaming options, the facility will include a spa, pool area, and fitness center, along with 40,000 square feet of meeting and convention space. An entertainment venue accommodating up to 2,500 guests will further position Caesars Virginia as a key player in the state’s tourism and entertainment landscape.
Hard Rock Hotel & Casino Bristol
The permanent Hard Rock Hotel & Casino Bristol is set to open in 2024 and will significantly enhance the local entertainment offerings. Its planned features include a 3,200-seat performance venue and an outdoor entertainment venue with a capacity of 20,000 people. The casino will operate 24/7, and it is expected to create between 1,200 to 1,500 jobs for local residents.
In addition to gaming and entertainment facilities, the project will encompass two hotel towers, a pool, and various amenities that cater to a diverse range of guests. This development is anticipated to be a major economic driver for the region, attracting tourists and creating jobs.
Norfolk Casino Project
In a recent development, the Norfolk City Council approved a purchase and development agreement with the Pamunkey Indian Tribe and Boyd Gaming for the construction of a long-planned casino project in Norfolk, Virginia. This initiative marks a significant step forward in expanding the state’s casino offerings and creating new job opportunities. The partnership aims to create a vibrant entertainment destination that will attract visitors and contribute to the local economy.
Petersburg Casino and Entertainment District
In April, the Petersburg City Council unanimously approved Bruce Smith Enterprise and The Cordish Companies as development partners for a casino and entertainment district. This project entails a massive $1.4 billion investment aimed at creating a Live! Gaming & Entertainment District that will feature a Live! Casino & Hotel Virginia. This venture is poised to revitalize the Petersburg area, attracting more visitors and enhancing local businesses.
The August revenue report for Virginia’s casinos highlights a thriving gaming industry, marked by a notable increase in revenues and promising future developments. As the state prepares for the opening of permanent casinos and new gaming projects, the anticipated economic impacts and job creation will benefit local communities. With the ongoing investment in Virginia’s gaming landscape, the state is poised to become a prominent player in the regional casino market, providing entertainment, jobs, and support for various community initiatives.