Share
The Virginia Lottery released its report on casino gaming activity for September. According to the regulators’ latest report, September revenue for Virginia casinos was down from August but considerably up from September last year.
The three operating casinos in Virginia are:
- Hard Rock Bristol, working since July 8, 2022
- Rivers Casino Portsmouth, live since Jan. 23, 2023
- Caesars Virginia, running since May 15, 2023
HR Bristol was the only casino operating in September last year. With more casino developments on the horizon, revenue for Virginia casinos may even be higher this time next year.
Virginia casinos produce almost $52M in revenue, Rivers tops competitors
During September, three Virginia casinos generated $51.91 million in adjusted gaming revenue (AGR) from slots and table games.
The figure is a 5.71% monthly decrease from the $55.06 million generated in August. But it is a considerable yearly increase (262.75%) from September last year when HR Bristol generated $14.31 million in AGR.
According to the latest report by the Virginia Lottery, out of the total September 2023 revenue number, Virginians gambled:
- $38.99 million on slot machines
$12.92 playing table games
To be more specific, here’s a total revenue breakdown by casino, with Rivers Casino beating its competitors:
- Rivers Casino Portsmouth: $20.05 million ($14.06 million from slots and $5.99 million from table games)
- Caesars Virginia: 19.14 million ($14.25 million from slots and $4.89 million from table games)
- HR Bristol: $12,72 million ($10.68 million from slots and $2.04 million from table games)
Virginia casinos gather over $9 million in taxes in September
State law imposes a graduated tax on a casino’s adjusted gaming revenue (AGR), calculated as total bets minus winnings. Virginia casinos collected $9.3 million in taxes throughout September, which goes toward the Gaming Proceeds Fund.
Taxes that Virginia casinos collected in September dropped by 5.71% from $9.91 million gathered in August.
Of the total tax on casino AGR, Virginia specifies distributions to:
- Problem Gambling Treatment and Support Fund
- Family and Children’s Trust Fund
- The host city
Some plans for newly proposed Virginia casinos exposed
The Virginia gambling scene may get richer for a few more gaming venues soon. Urban One and Churchill Downs partnered to propose Richmond Grand Resort & Casino worth $562 million.
It will be up to Virginia voters to decide if they want a casino in Richmond by voting in the November elections. Supporters of the new Virginia casino project estimated that the project would create about:
- $26.5 million immediate investment in the city
- 1,300 permanent jobs
- $30 million in annual tax revenue
Another Virginia casino project on the horizon is the Headwaters Resort & Casino in Norfolk. The gaming venue should feature a hotel and an entertainment venue.
The developers applied for the project’s first phase more than a year after it was supposed to open and are now making progress in beginning construction on a temporary facility. The project will be built in a parking lot next to Harbor Park, home to the Norfolk Tides minor league baseball team.
