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The summer heat that’s melted casino revenue in multiple states this past month seems to have had very little effect on Virginia casinos.
Casino revenue in the state in July was down only slightly at 0.3% compared to June. Year over year, revenue was up 3.8%, rising from $57.3 million in July 2023 to $59.5 million this past month, according to revenue figures from the Virginia Lottery.
Key takeaways
- Virginia online casinos could’ve generated more than $100 million in revenue in June.
- Land-based Virginia casinos saw yearly revenue rise around $2 million.
- Hard Rock Bristol’s revenue was up around $550,000 in July.
- Year-on-year revenue has increased every month this year.
With no online casinos, $100 million in monthly revenue lost
No conversation about casino revenue is complete without mentioning online casinos. The seven states with legal iGaming are reaping considerable benefits. June revenue figures from those seven states reveal the average online casino market generated $79.8 million.
Despite the massive revenue opportunity iGaming presents, states have been far slower in adopting online casinos than they are in legalizing online sports betting. One of the key factors in that slowness is that, while online sports betting doesn’t impact land-based casino revenue that much, casino owners are worried their properties will lose customers to online casinos.
Multiple studies have disproven this; in general, online casinos are a win for casinos and a win for their customers. What would that win look like in Virginia? Based on PlayUSA’s analysis of Census Bureau data and iGaming revenue reports, Virginia online casino operators could’ve earned more than $100 million in June:
| State | May online casino revenue | Population (according to 2023 Census Bureau data) | Per-capita revenue |
|---|---|---|---|
| Pennsylvania | $216.5 million | 13 million | $16.65 |
| Michigan | $198.6 million | 10 million | $19.86 |
| New Jersey | $192.1 million | 9.3 million | $20.65 |
| Connecticut | $46.3 million | 3.6 million | $12.86 |
| West Virginia | $17.9 million | 1.8 million | $9.94 |
| Delaware | $3.9 million | 1 million | $3.90 |
| Rhode Island | $2.3 million | 1.1 million | $2.09 |
| Average | $79.8 million | 6.5 million | $12.27 |
| Virginia (Projected) | $106.7 million | 8.7 million | $12.27 |
Hard Rock Bristol’s Solid July Helps Buoy Revenue
Overall, casino revenue dipped from $59.5 million in June to $59.3 million in July. In the context of the national casino market, Virginia’s land-based casinos broke even.
| July 2024 | June 2024 Reveue | % change | |
|---|---|---|---|
| Rivers Casino Portsmouth | $25,694,915.07 | $25,947,230.16 | -0.97% |
| Caesars Virginia | $18,804,969.56 | $19,216,180.60 | -2.14% |
| Hard Rock Bristol | $14,842,472.88 | $14,350,248.01 | 3.43% |
| Total | $59,342,357.51 | $59,513,658.77 | -0.29% |
Hard Rock Bristol played an important role in keeping numbers steady last month. The property saw its revenue rise around $500,000 in July, nearly offsetting the $660,000 in losses Caesars Virginia and Rivers Casinos Porstmouth posted.
Year on year, revenue jumped more than $2 million, good for a 3.8% increase and marking the seventh straight month that yearly revenue increased.
