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According to the latest report released by the Virginia Lottery, the three operating casinos generated $52.86 million in adjusted gaming revenue(AGR) last month. The figure is a 9.67% drop from Virginia casinos’ record win of $58.52 million in December.
All three casinos – Hard Rock Hotel & Casino Bristol, Rivers Casino Portsmouth, and Caesars Virginia – showed a monthly decrease in total AGR.
January’s slot revenue total ($37.91 million) represented an 11.49% decline from December, while table game win ($14.95 million) dropped 4.69%.
Virginia casinos brought in $9.52 million in taxes in January. This is almost 19% down from December’s $11.73 million in taxes from the activity.
Rivers Casino Portsmouth remains on top among the three Virginia casinos
Each casino’s revenue total represents the sum earned from slot machines and table games.
According to the Virginia Lottery’s January 2024 gaming report, Rivers Casino is once again the top performer since it has more slots (1466) and table games (81) than Caesars (808 and 33) and Hard Rock (911 and 29).
In terms of monthly revenue change, Rivers Casino Portsmouth reported the slightest decrease from December. Here’s a comparison:
- Rivers Casino Portsmouth: $23.58 million, a 1.29% drop from December
- Caesars Virginia: $17.24 million, a 12.67% monthly decline
- Hard Rock Bristol: $12.08 million, 19.07% fall from the previous month
Caesars and Hard Rock are both temporary casino license holders awaiting the completion of their permanent locations. Once those completions are over, both locations will feature more slots and table games.
Hard Rock Hotel and Casino announced the opening in the summer, while the Caesars project is expected to be complete in late 2024.
Virginia casinos see January taxes drop almost 19%
Virginia’s casinos must pay an 18% tax rate of AGR, the amount of gross revenue remaining after they pay out winnings.
As mentioned, the three gaming venues in the Old Dominion state collected $9,515,514.95 in taxes in January, representing an 18.85% monthly decline.
While the timing of the tax distributions varies, the allocation of the monthly taxes from the casino activity is divided as follows:
- Host City / RIC (6%/7% of AGR): $3,171,838.32
- Problem Gambling Treatment and Support Fund (0.8% of total tax): $76,124.12
- Family and Children’s Trust Fund (0.2% of total tax): $19,031.03
- Remaining available in the Gaming Proceeds Fund: $6,248,521.48
- Total tax: $9,515,514.95
There are no legal Virginia online casinos, but you can keep track of their progress and other states with our online casino bill tracker.
