February Revenue From Virginia Casinos Tops $38 Million
Casino revenue numbers are in for Virginia, and during the month of February, the state hit an all-time high in revenue.
Last month, the two Virginia casinos tallied $38.4 million total adjusted gaming revenue.
February stood as the first full month of operation for Rivers Casino Portsmouth, the state’s newest gambling facility. It dominated that month, boasting a revenue total of $24.7 million. Bristol Casino — Future Home of Hard Rock accounted for $13.7 million of the state’s revenue total.
Closer look at Virginia casino revenue in February
Since then, casino gambling numbers have been steady. Those figures jumped as of late due to the opening of the state’s second casino.
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Slot machine revenue
Slot machines continued to dominate the revenue totals in Virginia during February. Rivers Casino nearly topped the single-month record for slot revenue on its own. Portsmouth casino slot revenue came out to $17.1 million. The Bristol Casino slot revenue totaled $11.2 million. As a whole, the state topped its own monthly record by about $10 million.
Table game revenue more than doubled month-to-month
In January, table game revenue topped the $4 million mark for the first time in state history. Fast forward one month, and that total more than doubled, coming out to a record $10.07 million. Rivers Casino Portsmouth shattered that record on its own. Table game revenue at that facility came out to $7.5 million. Meanwhile, Bristol’s table games produced $2.5 million in revenue.
Roughly $7 million toward gaming proceeds fund
In total, Virginia’s casino dollars accounted for $6,910,807.79 in taxes.
That includes 6% of the adjusted gaming revenue ($2,303,602.60, to be exact) going back to the host cities. Another 0.8% of the total tax ($55,286.47) went toward the state’s problem gambling treatment and support fund. And 0.2% of those tax dollars then went into Virginia’s family and children’s trust fund.
What does single-month record mean for Virginia long term?
It’s no shocker that the state’s highest revenue totals came during the first full month of both casinos operating. It’s to be expected with more options for residents, one being the bright shiny new toy in town.
But as a whole, it’s a positive sign for the industry within the state. There’s been plenty of debate on adding more casinos. The recent numbers show that not only are they self-sustaining, but they produce plenty of taxes that go toward a great cause.
Recently, plans for a casino in Petersburg officially hit life support. Should language in the state’s pending budget change, there’s room for plans to revitalize. House Appropriation Chairman Barry Knight told the Times-Dispatch that “it’s absolutely an option.”
Additionally, plans for a Richmond casino fell through after voters turned down the project in November 2021. That’s where Petersburg stepped in, as its failed HB 1373 vote wanted to leapfrog Richmond in the casino pecking order.
One study showed that if both casinos take shape, they wouldn’t necessarily drastically eat at each other’s revenue. Virginia Joint Legislative Audit and Review Commission said in 2022 that both cities could support a casino. And the most recent numbers from the Virginia Lottery further exemplify this.
The Bristol casino’s revenue numbers did drop with the opening of the Portsmouth location, but that’s to be expected. Still, the casino averaged roughly $13.63 million each month in revenue. That’s directly in line with Bristol’s February numbers.