Virginia Casino Revenue Continues Strong Start In March

According to the Virginia Lottery, the revenue from casinos in Virginia experienced a further surge in March.

According to the most recent report, the total adjusted gaming revenue for Virginia casinos in March reached $37,431,23065. This figure represents the second-highest monthly record for the state’s casinos, following February’s total earlier this year.

In only its second full month of operation, the state’s two casinos contributed significantly to the revenue. Rivers Casino Portsmouth, which commenced its full-service operations in late January, emerged as the top earner with $23.6 million. Meanwhile, Bristol Casino (soon to be the future home of Hard Rock) also made a notable contribution, accounting for $13.8 million of the overall monthly revenue.

A closer look at Virginia casino revenue in March

The year began with a bang in January and has maintained its fast pace ever since.

Slot machine revenue comes close to a record

Although March fell short of setting a new monthly record for slot machine revenue in Virginia, it came remarkably close. The total revenue generated from slots during that month amounted to $27.8 million, which was only about $500,000 less than the record-breaking total of $28.3 million achieved in February.

The primary sources of revenue at both Virginia casino locations were the slot machines. Rivers Casino Portsmouth generated a total of $15.9 million in revenue, while Bristol Casino, which will soon become the home of Hard Rock, came in a close second with $11.9 million.

Before February, the revenue generated by slot machines never surpassed $19 million.

Rivers Casino Portsmouth gamblers account for most of Virginia’s table game revenue

In Virginia, the revenue generated from table games usually falls far behind the revenue from slot machines on a monthly basis. However, this pattern remained consistent in March, as the casino visitors in Portsmouth had a great affinity for the table games.

The revenue generated from table games at the Rivers Casino Portsmouth location surpassed $7.7 million, which was more than three times the $2 million earned by Bristol Casino.

Since the legalization of casino gambling in the state, table game revenue has consistently remained in the high $2 million range per month. However, the past two months have witnessed a significant surge, with February’s revenue reaching an impressive $10 million.

Virginia casino gambling tax reaches $6.7 million

In March, the casino gambling industry in Virginia generated a sum of $6,737,631.52 in tax revenue. Approximately $4.3 million was contributed by Portsmouth, while the remaining $2.5 million was derived from Bristol.

The tax revenue allocated to the host cities amounted to 6% of those figures. Therefore, Portsmouth was granted $1.4 million, while Bristol received $282,262.

The Virginia Problem Gambling Treatment and Support Fund received $53,900, equivalent to 0.8% of the total taxes. Additionally, 0.2% of the taxes, amounting to $13,475, were allocated to the Family and Children’s Trust Fund.

Approximately $4.4 million was allocated to the state’s Gaming Proceeds Fund as the remaining total.

March and February totals provide optimism for Virginia casino industry

It was expected that February would set a record high for casino revenue in Virginia, as it marked the first full month with both of its casinos operating.

March’s revenue came very close to the record, which is a positive sign. It fell short of February’s total by only $962,145.96, but it exceeded January’s second-highest total of $22.5 million this year.

Since its inauguration in January, the Rivers Casino Portsmouth has consistently generated monthly casino revenue surpassing $14.9 million, a milestone previously unattained in Virginia. Remarkably, for the third consecutive month, the revenue totals have exceeded $22 million. This remarkable achievement marks the first instance in the state’s history where revenue has exceeded $30 million in consecutive months.

The upward trajectory of success is expected to persist throughout the year, with Caesars Virginia preparing to inaugurate its temporary casino in the upcoming summer. Anticipated by officials, the permanent Caesars Virginia casino is projected to welcome visitors in the following year.

Caesars Virginia is set to become the third casino in the state, bringing with it a significant boost to the Danville economy. Specifically, by 2024, the city expects a substantial surge of $39 million. Experts project that in the upcoming fiscal year alone, the casino will generate revenue of $12.1 million for the city.