Virginia’s inaugural permanent casino, Rivers Casino Portsmouth, has made a strong entry into the state’s gaming landscape. In its first full month of operation since opening on January 23, the casino reported impressive revenue figures, setting a positive tone for its future. Here’s a closer look at the noteworthy achievements and contributions of Rivers Casino Portsmouth.
Strong Revenue Performance:
Rivers Casino Portsmouth marked its debut by generating a robust revenue of $24.5 million during its first full month of operation.
This significant revenue stream is poised to contribute substantially to Virginia’s gaming landscape.
Tax Contributions:
Rivers Casino Portsmouth’s revenue yielded over $4 million in tax revenue, reflecting its significant financial impact.
Notably, the city of Portsmouth received $1.5 million in tax revenue, enhancing local funding and resources.
Casino Features and Offerings:
The casino is situated within a planned Entertainment District along Victory Boulevard, strategically positioned south of I-264.
Its extensive offerings include 1,448 slot machines, 57 table games, a poker room boasting 24 tables, and the popular BetRivers sportsbook.
The majority of the revenue, over $17 million, was generated through slot machines, with table games contributing $7.5 million to the overall total.
Statewide Gaming Revenue:
In February, the Virginia Lottery reported combined gaming revenue of $38.4 million from both Hard Rock Hotel & Casino Bristol and Rivers Casino Portsmouth.
Slot machines accounted for $28.3 million of this total, while table games contributed $10 million.
Tax contributions to the Gaming Proceeds Fund neared $7 million during the same period, further supporting statewide initiatives.
Legislative Development:
Despite the success of Rivers Casino Portsmouth, legislative matters in Virginia did not always favor casino expansion.
The Virginia Senate Finance and Appropriations Committee voted against House Bill 1373, which sought to allow Petersburg voters to decide on a $1.4 billion casino resort planned by The Cordish Companies.
This development highlights the complexities of casino expansion in the state and the varied responses to proposed projects.
Rivers Casino Portsmouth’s impressive revenue figures and significant tax contributions underscore its successful entry into Virginia’s gaming industry. The casino’s comprehensive offerings and strategic location have positioned it as a notable player in the state’s entertainment landscape. As Virginia continues to navigate the dynamics of casino expansion, the performance of establishments like Rivers Casino Portsmouth will be closely monitored, shaping the future of the gaming sector in the state.