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Virginia Casinos Show Slight Revenue Increase In May

The Virginia Lottery released the state’s casino revenue report for May, which reflected a slight improvement from April.

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Tebearau Egbe Avatar
3 mins read

On Friday, the Virginia Lottery released the state’s casino revenue report for May, which reflected an improvement from April.

The results showed that revenue from the three licensed casinos reached $63.7 million in gaming revenue, as opposed to $60.1 million last month.

Caesars Virginia, Hard Rock Bristol, and Rivers Casino Portsmouth are the three casinos in Virginia. The Virginia Lottery Board approved a casino license for Hard Rock Bristol in April 2022, and the temporary facility was opened about two months later, on July 8.

Rivers Casino Portsmouth, on the other hand, opened to the public on Jan. 23, 2023. With Caesars Virginia, the lottery board approved the casino’s license in April 2023, and the temporary facility opened to the public on May 15, 2023.

Key takeaways 

  • Virginia’s three licensed casinos reported a combined gaming revenue of $63.7 million in May.
  • Rivers Casino Portsmouth led in adjusted gross revenue (AGR) with $26.9 million.
  • Hard Rock Bristol will open a permanent site later this year which is expected to boost its revenue.

Rivers Casino Portsmouth leads Virginia’s casino revenue in May

Rivers Casino Portsmouth has been holding it down for the state by being the biggest generator.

In May, the casino accounted for $26.9 million in AGR. The legal requirement of Virginia imposes a progressive tax on a casino’s AGR, which is the amount of wagers minus wins.

Caesars Virginia came in second with an AGR of $20.2 million, and Hard Rock Bristol stood at $15.4 million.

Allocation of Virginia casino taxes

Virginia gaming taxes are allocated to the Problem Gambling Treatment and Support Fund, the Family and Children’s Trust Fund, and the host city. Specifically for the Bristol casino, a portion of these taxes designated for the host city is directed to the Regional Improvement Commission (RIC).

For May, taxes of $11.3 million went to the Gaming Proceeds Fund:

  • $2.7 million was from Hard Rock Bristol
  • $3.6 million from Caesars Virginia
  • Rivers Casino Portsmouth came in with the biggest share at $4.8 million

iGaming as a potential solution for VA’s casino revenue decline

Despite a slight increase in this month’s numbers, the Old Dominion has been experiencing a downward trend. One potential solution could be the introduction of legal online casinos, given the recent shift in the gambling industry.

Records indicate that online casinos are now generating more traffic than land-based establishments. However, it may take a while for VA online casinos to be incorporated, as lawmakers have not proposed any iGaming bills thus far.

PlayUSA is keeping track of online casino legislation in VA and across the country with our Online Casino Bill Tracker.

However, the state has a positive outlook, as Hard Rock Casino is opening a permanent site in Bristol later this year. Each month, the casino has recorded a slow increase.

After reaching a peak in March with a revenue of $16.27 million, Hard Rock’s VA April 2024 casino revenue dropped to $13.94 million. Then this month, revenue experienced another increase reaching $15.4 million.

As it prepares for a permanent site with a much larger facility, its revenue likely ought to see a boost, however, will it sit next to or before Rivers Casino Portsmouth will remain unknown until operations at the permanent site kickstart.

 

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Tebearau Egbe has written about gambling for more than four years. She has a Master's degree in philosophy and possesses a unique ability to dissect complex industry developments, distilling them into insightful narratives for readers.

View all posts by Tebearau Egbe

Tebearau Egbe has written about gambling for more than four years. She has a Master's degree in philosophy and possesses a unique ability to dissect complex industry developments, distilling them into insightful narratives for readers.

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