A First For Virginia Casinos Revenue: Dip From Previous Month

A First For Virginia Casinos Revenue: Dip From Previous Month
Fact Checked by Jim Tomlin

Virginia’s three casinos reported almost $55.06 million in adjusted gross revenue for August, which was down 3.9% from the previous month (about $57.3 million).

It was the first time since the May 15 opening of the Caesars Danville casino, operated by the company that offers the Caesars Virginia sportsbook, that revenue fell in a month-over-month comparison for the state’s casinos.

The July mark was a state record, admittedly in a small three-month sample since there have been three casinos operating in the commonwealth.

The August slots revenue was $39.9 million, a dip of 1.3% from July (almost $41.2 million), according to The Virginia Lottery. The August table games revenue fell 6.4%, from nearly $16.1 million in July to $15.07 million last month. The August adjusted gross revenues by casino were: Rivers Casino Portsmouth, about $21.54 million; Caesars Virginia, more than $19.63 million; Hard Rock (HR) Bristol, nearly $13.89 million.

Casino taxes fell from $10,313,272 in the Virginia July casino revenue report to $9,910,449 in August.

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Breakdown of August Virginia Casino Revenue

Tax money generated in August, by casino: Rivers Casino Portsmouth, $3,876,423; Caesars Virginia $3,533,875; Hard Rock Bristol $2,500,150. Tax proceeds are distributed to the host cities (6%); to the Problem Gambling Treatment and Support Fund (0.8%), and to a Family and Children’s Trust Fund (0.2%). The remaining money is available in the Gaming Proceeds Fund.

Virginia’s land-based casino industry is still in its early stages. The Hard Rock Bristol opened July 8, 2022. The Rivers Casino Portsmouth opened Jan. 23, 2023. And Caesars Virginia in Danville opened May 15, 2023.

The Rivers Casino Portsmouth is a permanent facility with a steak house, a casual dining cafe, a quick service Asian restaurant, a pizza shop and a Starbucks. A hotel is planned. Meanwhile, other current temporary casinos will eventually be replaced by grander and larger permanent casino-hotels.

Other planned or possible locations for casinos in Virginia are in the Norfolk area and the Richmond-Petersburg area. Virginia has had online/mobile sports gambling since January 2021 but there are no Virginia online casinos, so far.

The robust Virginia sports betting industry reported more than $28.2 million in adjusted gross revenue in July, with $4.1 million being paid in taxes. The land-based casinos also have sports gambling but the action there is a tiny fraction (less than 1%) of the overall sports betting in the commonwealth when compared to the online wagering.

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Author

Bill Ordine was a reporter and editor in news and sports for the Philadelphia Inquirer and Baltimore Sun for 25 years, and was a lead reporter on a team that was a finalist for the Pulitzer Prize in Breaking News. Bill started reporting on casinos and gaming shortly after Atlantic City’s first gambling halls opened and wrote a syndicated column on travel to casino destinations for 10 years. He covered the World Series of Poker for a decade and his articles on gaming have appeared in many major U.S. newspapers, such as the Los Angeles Times, Chicago Tribune, Miami Herald and others

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