The Virginia casino industry is on a hot streak in terms of revenue. However, some important context is the relatively short lifespan of gambling at brick-and-mortar casinos in Old Dominion.
Win from poker, slots, and table games registered another total that ranks in the top five highest for Virginia casinos during November. While four of those five sums have come in the current fiscal year, there’s a very good reason for that ranking.
Virginia casinos win $51.1 million in November
Not only did Virginia’s three physical casinos get their revenue back over $50 million in November, as October revenue sunk below that threshold, but they also posted a new top-five month in terms of their win.
Caesars Virginia in Danville, Hard Rock Bristol, and Rivers Casino in Portsmouth beat the November 2022 Virginia casino revenue total by a whopping 75.3% in November 2023. There’s some crucial context to note in that situation, however.
November 2022 was just the fifth month of the Virginia Lottery recording casino revenue. At that time, Hard Rock Bristol was the only licensee in action. Comparing Hard Rock Bristol’s November year-over-year revenue produces a marginal decline according to statistics reported by the Virginia Lottery.
Regardless, because of the additions of Caesars Virginia and Rivers Portsmouth, tax revenue for Virginia and host cities came to over $10.2 million in November 2023. That’s part of what figures to predictably be a new standard for Virginia gaming revenue for a longer period.
At the same time, it’s difficult to forecast significant growth happening soon.
Recent months could represent baseline for Virginia casinos
The last few months have seen tremendous growth for Virginia’s gambling industry. Taxes from casino revenue have been over at least $9 million in each of the past six months. Total revenue from all three casinos has hit at least $50 million in five of the past six months.
However, this could represent the norm for Virginia casinos for the foreseeable future. There is no firm timeline for when a temporary gaming venue might open in Norfolk. The status of a potential fifth casino in the state is even more up in the air.
Richmond voters rejected the notion of a casino for the second time in November. While there’s a possibility that a vote along those same lines might happen in Petersburg, that’s currently far from a sure thing.
Additionally, permanent casinos in Bristol and Danville may not open until sometime in the first or second quarters of 2024. Thus, revenue between $45 million and $55 million with tax totals between $8 million and $11 million should be the expectations for Virginia casinos for now.