The first physical casino in Virginia has reported its first financial numbers.
The Hard Rock Casino at Bristol made about $11.7 million in adjusted gross revenue (AGR) in a partial month after opening on July 8, according to a news release from the Virginia Lottery.
The temporary Bristol facility was one of four approved by the municipality’s voters in November 2020. The others, in various stages of planning, are in Norfolk, Portsmouth and Danville.
A permanent casino in Bristol is scheduled to open in 2024, including a hotel with more than 300 rooms and a live entertainment venue.
There are no Virginia online casinos yet.
Breakdown of Bristol Casino Revenue
In the first few weeks of operation, the Hard Rock Casino in Bristol made about $10.236 million in AGR from its 870 slot machines, and nearly $1.5 million from its 21 table games.
The exact total for monthly revenue was $11,717,478, according to the state lottery’s release.
The casino is right on the border with Bristol, Tennessee – and Tennessee, like the sports betting in Virginia, offers wagering on sports via a mobile-only market. Tennessee has no physical casinos (of course, neither did Virginia until the Hard Rock opened), so the casino will draw a strong visitor presence from both states.
The casino pays 18% in state taxes on AGR, so the Virginia taxes for the month came to $2.1 million. Of that, a little more than $700,000 went to the Regional Improvement Commission, $16,873 was earmarked for the Problem Gambling Treatment and Support Fund and $4,218 went to the Family and Children’s Trust Fund.
Online Virginia Sportsbooks Thriving
The Bristol casino is the latest development in what has become a thriving gaming scene in Virginia.
Virginia sports betting launched in January 2021 and has been very successful, ranking among the top 10 states in monthly wagering handle.
And because the market is all online, VA sports betting apps have been solely responsible for the state’s handle.
The top mark for sports wagering handle was in January 2022, when the state drew more than $485.5 million in wagers. That came amid a streak of six consecutive months when Virginia’s handle for sports betting exceeded $400 million.
That streak ended and the action has slowed in the past few months after March Madness, but this is expected at the slowest time of the year for sports betting. The pattern of lower handles in the summer is a trend that happens nationwide in the more than 30 states with legal, regulated wagering on sports.
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