Hard Rock Bristol didn’t exactly fall on hard times last month. However, its adjusted gross revenue (AGR) dropped slightly from the month before.
That’s according to the latest revenue report from the Virginia Lottery, which revealed that Bristol, the state’s only casino, generated $12.7 million in AGR in November.
The month’s revenue numbers for the Virginia casino were down roughly $1.4 million from October’s revenue totals. The total is also $1.6 million off September’s all-time high since the casino opened in July.
Slots continue to be Virginia casino money maker
Bristol opened five months ago and is serving as a temporary casino site until Hard Rock completes construction on its $400 million permanent property. Since the casino opened this past July, slots have carried the casino’s revenue numbers.
In November, Bristol’s nearly 900 slots accounted for $10.4 million of the casino’s $12.7 million in AGR or nearly 82% of its total for the month.
Month-on-month, slots revenue isn’t quite as impressive, dropping around $800,000 compared to October’s revenue. Here’s how the slots AGR has looked over the past five months:
- November: $10.4 million
- October: $11.2 million
- September: $11.3 million
- August: $11.4 million
- July: $10.2 million
Table games see a significant dip
Whereas slots AGR dropped less than 10% month-on-month in November, table games saw a 21% decrease. The casino’s 21 table games produced $2.2 million in AGR, marking the second straight month table game revenue has gone down after peaking in September:
- November: $2.2 million
- October: $2.8 million
- September: $3 million
- August: $2.8 million
- July: $1.5 million
Hard Rock Bristol tax revenue stays above $2 million
For the fifth straight month, Hard Rock’s Bristol casino generate at least $2 million in tax revenue:
- November: $2.2 million
- October: $2.5 million
- September: $2.6 million
- August: $2.6 million
- July: $2.1 million
Casinos pay an 18% tax revenue on their AGR, which is bets minus winnings. The state distributes that tax revenue across four different areas. Here’s how that distribution looked in November:
- Regional Improvement Commission (6%): $759,022
- Problem Gambling Treatment and Support Fund (0.8%): $18,217
- Family and Children’s Trust Fund (0.2%): $4,554
- Leftovers in the Gaming Proceeds Fund: $1.5 million
Since the casino opened in June, it has generated more than $10 million in tax revenue.
AGR, tax revenue could double when permanent Virginia casino opens
Earlier this month, Hard Rock broke ground on the construction of its $400 million Hard Rock Hotel & Casino Bristol. The property’s gaming floor will feature 1,300 slots and 50 table games.
Based on the casino’s current revenue relative to the number of slots and table games it has, we could see its monthly AGR exceed $25 million. If that’s the case, then, based on numbers from the past month, Hard Rock Bristol could see tax revenues pass $4.5 million per month.