Virginia Casino Revenue Continues Strong Start In March
Virginia casino revenue continued to surge in March, according to the Virginia Lottery.
The latest report shows that total adjusted gaming revenue came out to $37,431,23065 in March. It’s the second-highest mark for Virginia casinos in a single month, second only to February’s total earlier this year.
March was just the second full month with the state’s two casinos operating. Rivers Casino Porsmouth, which opened its full-service doors in late January, led the way with $23.6 million. Bristol Casino (future Home of Hard Rock) accounted for $13.8 million of the month’s revenue.
A closer look at Virginia casino revenue in March
This year started off with a bang in January and hasn’t slowed down since.
Slot machine revenue comes close to a record
March wasn’t able to produce a single-month record for slot machine revenue in Virginia, but it sure did come close. That month, slots totaled $27.8 million in revenue. It was roughly $500,000 less than February’s record total of $28.3 million.
Slot machines stood as the biggest revenue drivers at both Virginia casino locations. Rivers Casino Porstmouth slots accounted for $15.9 million in revenue. Bristol Casino — Future Home of Hard Rock followed close behind at $11.9 million.
Prior to February, slot machine revenue never eclipsed $19 million.
Rivers Casino Portsmouth gamblers account for most of Virginia’s table game revenue
Table game revenue in Virginia typically does not come close to touching slot machine revenue each month. And although that trend proved true in March, casinogoers in Portsmouth loved their table games.
The Rivers Casino Portsmouth location produced $7.7 million in revenue off table games. That mark more than tripled Bristol Casino’s $2 million.
Table game revenue hovered in the high $2 million range most months since the state legalized casino gambling. But these past two months have been massive, specifically February’s $10 million accomplishment.
Virginia casino gambling tax reaches $6.7 million
Virginia’s casino gambling industry produced a total of $6,737,631.52 in taxes during March. Around $4.3 million came from Portsmouth and $2.5 came from Bristol.
The host cities received 6% of those figures in taxes. So Portsmouth received $1.4 million and Bristol got $282,262.
Virginia’s Problem Gambling Treatment and Support Fund saw 0.8% of the total taxes ($53,900), and 0.2% went toward the Family and Children’ Trust Fund ($13,475).
The remaining total (roughly $4.4 million) went to the state’s Gaming Proceeds Fund.
March and February totals provide optimism for Virginia casino industry
February’s record high for casino revenue was a given, considering it was Virginia’s first full month with both of its casinos in operation.
But to see monthly totals in March come close to the record was a great sign. March’s revenue came just $962,145.96 shy of February’s mark but far surpassed the second-highest total of $22.5 million in January this year.
Before the Rivers Casino Portsmouth opened in January, casino revenue in Virginia never reached $14.9 million or more in a single month. But now, for the third straight month, revenue totals are above $22 million. It’s the first time in state history that revenue surpassed $30 million in back-to-back months.
That success should continue to climb as the year continues. Caesars Virginia plans to open doors to its temporary casino this summer. Officials forecast the permanent Caesars Virginia casino will open next year.
Caesars Virginia will become the state’s third casino. And the Danville economy anticipates a major boom — $39 million, specifically, by 2024. Experts think in just the next fiscal year alone, the casino will generate $12.1 million in revenue for the city.