Although it was among the most foregone of conclusions, August revenue for Virginia’s three casinos in 2023 blew away its only same-month predecessor. Given the youthful state of the casino industry in Virginia, though, the new August high may not stand long.
Future developments will likely push casino revenue in the future well beyond its current state. To what extent that growth will occur is somewhat still up in the air, however.
Virginia casinos report over $55 million in August revenue
Three active casinos in Virginia just recorded their best August ever. That was bound to happen, though.
The first brick-and-mortar commercial casino in Virginia opened in June 2022. That was the Hard Rock Bristol.
Thus, August 2022 was just the third month of activity for the casino industry in Virginia. Since then, Caesars Virginia in Danville and Rivers Casino Portsmouth have both opened.
Those subsequent openings are a big part of the reason why August 2023 revenue and taxes are both up 74.1% compared to August 2022.
Furthermore, according to the Virginia Lottery’s August revenue report, casino win for the first two months of the current fiscal year are up 76.9% over the same period in FY2022-23.
While these totals now stand as Virginia’s best for casinos in August, that probably won’t be the case next year.
More similar developments are on the horizon.
Casino industry expands in Virginia
Casinos in Virginia have not yet come close to reaching what is likely to be their final form. For starters, the Bristol and Danville casinos are currently operating in temporary accommodations as construction continues on their permanent, larger venues.
In addition, developers of the future Headwaters Resort & Casino in Norfolk are making progress toward beginning construction on a temporary facility there. Another possible addition pertains to the state capital.
In November, Richmond residents will again vote on the issue of whether they want a casino in their city. Churchill Downs and Urban One just released their plans for the Richmond Grand Resort & Casino, should voters approve.
A casino in Richmond could potentially drive up gambling revenue and taxes in Virginia in the future. If Headwaters opens its temporary facility sometime in the next year, August 2024 could be more lucrative either way.
