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Virginia casinos generated $59.5 million in revenue in June, down 5.15% compared to May, per the latest data from the Virginia Lottery.
Month-on-month revenue dropoffs were the standard in gaming markets across the country, with Virginia faring better than several other states.
Key takeaways
- Virginia online casinos are a $100 million market waiting to happen.
- Land-based casinos saw monthly revenue drop just over $3 million in June.
- A new casino could be on the way in Petersburg.
VA online casinos could generate $100 million
One month doesn’t typically cost you $100 million, but that’s exactly what happened in Virginia. Online casinos are illegal in the state, and every month that goes by without iGaming, casinos lose millions in revenue.
Using revenue and Census Bureau data, PlayUSA projects Virginia online casinos could’ve brought in at least $100 million in revenue in May:
| 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 |
Despite the opportunity for considerable revenue, online casinos have barely moved the needle among lawmakers. In fact, it’s land-based casinos that have made the most noise, with Richmond and Portsmouth making headlines for what has become a twisting, turning journey to start construction on the state’s fifth casino.
Monthly casino revenue from 3 VA casinos
Virginia is home to three casinos at the moment: Rivers Casino Portsmouth, Caesars Virgnia and Hard Rock Bristol. In June, all three casinos saw monthly revenue declines:
| June 2024 Reveue | May 2024 Revenue | % change | |
|---|---|---|---|
| Rivers Casino Portsmouth | $25,947,230.16 | $26,999,539.33 | -3.90% |
| Caesars Virginia | $19,216,180.60 | $20,283,455.18 | -5.26% |
| Hard Rock Bristol | $14,350,248.01 | $15,462,796.76 | -7.20% |
| Total | $59,513,658.77 | $62,745,791.27 | -5.15% |
While monthly numbers were down, casinos fared well year over year. Revenue was up $7.3 million in June compared to June 2023, a 14% increase.
In a wider context, Virginia’s June revenue was solid despite the May-to-June slide. For example, Indiana casinos plummeted 9.8% month-on-month and yearly revenue ticked up 3.7%.
Land-based casino drama ratchets up with Portsmouth OK
When casinos were legalized in Virginia a few years ago, lawmakers approved properties in five cities: Bristol, Danville, Norfolk, Portsmouth and Richmond. However, the legalization came with a caveat: local voters had to approve their casino.
Votes went smoothly in Bristol, Danville, Norfolk and Portsmouth. Three of those cities opened casinos — Norfolk’s casino developer has run into multiple hurdles it can’t seem to clear.
The fifth city, Richmond, put a casino to a referendum vote twice and both times locals voted “no.” As a result, Virginia lawmakers ended Richmond’s casino eligibility and awarded a casino referendum vote to Petersburg.
