Share
Virginia casinos saw their revenue drop 7.7% from $65.1 million in March to $60.1 million in April.
The decline in monthly revenue isn’t a surprise as casinos in markets across the country tend to slide into a revenue slump starting in April and ending after the summer.
In seven states, that revenue sting is somewhat offset by online casino revenue. However, online casinos are not legal in Virginia.
Key takeaways
- Virginia casinos experienced a 7.7% drop in revenue from March to April
- Online casinos could generate nearly $160 million in revenue
- Rivers Casino Portsmouth continues its reign as the state’s top revenue-earner
Online casinos could be a huge boost to declining spring revenues
In general, casinos haven’t figured out how to stop the revenue slide that starts in April and continues through the summer. Betting of all types tends to be down in those months, only to bounce back in September when the NFL season kicks off.
Yet while there might not be a solution for generating more revenue from existing gaming, one option is for more states to adopt online casinos. Though online casinos in the US also experience spring and summer declines, the revenue they generate can be considerable.
For example, in March (a solid revenue month in most markets), Pennsylvania online casinos posted $233.1 million in revenue. And Michigan’s online casino revenue hit $215.2 million.
The seven states with online casinos took home more than $700 million in March, good for an average of $119.2 million per state and $18.34 per capita, a calculation that divides total revenue by the number of people in a state.
If that per-capita average was applied to Virginia, the state could generate $160 million or more in its best months:
| State | March online casino revenue | Population (according to 2023 Census Bureau data) | Per-capita revenue |
|---|---|---|---|
| Pennsylvania | $233.1 million | 13 million | $17.93 |
| Michigan | $215.2 million | 10 million | $21.52 |
| New Jersey | $197.1 million | 9.3 million | $21.19 |
| Connecticut | $44.3 million | 3.6 million | $12.31 |
| West Virginia | $20.7 million | 1.8 million | $11.50 |
| Delaware | $4.6 million | 1 million | $4.6 |
| Average | $119.2 million | 6.5 million | $18.34 |
| Virginia (projected) | $159.6 million | 8.7 million | $18.34 |
Rivers Casino Portsmouth anchors April revenue
Rivers Casino remains Virginia’s anchor casino. The property was the only one to break the $20 million mark in April, notching $26.4 million in revenue. That was down 4.7% from what they recorded for VA’s March 2024 casino revenue.
| April 2024 | March 2024 | % change, month-on-month | ||
|---|---|---|---|---|
| Rivers Casino Portsmouth | $26.4 million | $27.7 million | -4.7% | |
| Caesars Virginia | $19.7 million | $21.1 million | -6.6% | |
| Hard Rock Bristol | $13.9 million | $16.3 million | -14.7% | |
| Total | $60.1 million | $65.1 million | -7.7% |
Caesars Virginia finished the month at $19.7 million, down from the $21.1 million in took home the previous month.
Hard Rock Bristol suffered the biggest monthly losses, seeing its revenue tumble from $16.3 million in March to $13.9 million in April.
While all three casinos faced monthly losses, April’s revenue numbers had a bright spot. Hard Rock and Rivers’ combined revenue in April was up 52.8% over the same month in 2023.
What’s ahead for Virginia casinos
Casinos in the state known as the Old Dominion are likely in for a steady decline. Revenue totals should drop in May and June.
The best-case summer scenario is that revenue levels off in July and August before returning to life in September. The likely case, however, is that we’ll see a decline in one or both of those months before things bounce back by fall.
As for Virginia online casinos, we won’t see any launches this year. No iGaming bills have been proposed in the state legislature, and online casinos aren’t on the ballot in November.
When, and if there’s movement on that front you can keep track of the legal progress with our Online Casino Bill Tracker.
That being said, Virginia is a prime candidate for online casinos, as all but one of the states that have legalized and launched iGaming are located in the eastern United States: Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island and West Virginia.
Looking into 2025, we may see the state’s fifth casino open in Petersburg. Voters will likely decide the matter via a referendum in November.
