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The end of summer has finally brought more visitors to Virginia casinos, with revenue numbers increasing after being down for two consecutive months.
The Virginia Lottery released its report on casino gaming activity for August, during which adjusted gross revenues (AGR) from Virginia casinos rose to $63.1 million.
Key takeaways
- Compared to the $59.5 million in revenue generated by VA casinos in July 2024, the August number represents a 6.27% increase.
- As for a year-over-year comparison, Virginia casinos’ August 2024 revenue saw a 14.54% increase.
- The number of gaming venues will expand in Virginia with a new land-based casino in Norfolk.
Monthly revenue from all three Virginia casinos increased in August
All three operating casinos in Virginia saw a monthly increase in gaming revenue in August, with Rivers Casino leading the way. According to the Virginia Lottery August 2024 revenue report:
- Rivers Casino Portsmouth generated $26.65 million, showing a 3.71% monthly rise
- Caesars Virginia won $20.48 million, with an 8.90% increase from July
- HR Bristol made $15.94 million in AGR, reporting a 7.40% monthly progress
- Total: $63,065,709.01, a 6.27% increase in revenue
HR Bristol showed the biggest month-over-month difference in slot activity in August, as it generated almost $1.6 million more from slots than in July. Meanwhile, it was the only place to report a monthly decrease in table game activity.
Moreover, each venue showed progress compared to August 2023 revenue for VA casinos:
- Rivers Casino Portsmouth’s August revenue represents a 23.73% annual increase
- Caesars Virginia revenue rose 4.31% from previous year
- HR Bristol showed a 14.76% progress from August 2023
As a result, the trio of Virginia casinos reported a 14.54% annual increase in AGR.
Rivers Casino Portsmouth gave the biggest portion of taxes
For August, Virginia casinos paid $11.8 million in total tax to the state.
Taxes are divided between the Problem Gambling Treatment and Support Fund (0.8%), the Family and Children’s Trust Fund (0.2%), and the host city (6% or 7% of AGR). The remaining amount goes to the Gaming Proceeds Fund.
Of the total $11.8 million, Rivers Casino has provided the biggest share:
- $5.21 million was from Rivers Casino Portsmouth
- $3.69 million was paid by Caesars Virginia
- $2.87 million came from HR Bristol
New Virginia casino on the horizon
Virginia lawmakers approved properties in five cities: Bristol, Danville, Norfolk, Portsmouth and Richmond, allowing local voters to decide whether they want a casino in their town.
While casinos have opened or are in the process of opening in Bristol, Danville, Norfolk and Portsmouth, Richmond’s situation was a little different. Richmond voters rejected casino referendums twice, so Virginia lawmakers awarded a casino referendum vote to Petersburg. It’s set for November 2024.
Meanwhile, Norfolk’s casino developer has encountered multiple hurdles that have caused delays. The Pamunkey Tribe initially partnered with Yarbrough, who, due to disagreements with the city, had to postpone the project.
The Pamunkeys have recently partnered with Vegas-based Boyd Gaming and received the green light from the Norfolk City Council to advance casino construction plans. The temporary casino is scheduled to open on Nov. 5, 2025, while the permanent facility will be complete by September 2027.
Virginia is one of many states with legal online sports betting, but there have been no conversations about expanding to include legal online casinos.
