Virginia Casino Revenue Tops $35 Million In April
Virginia casino numbers are in for the month of April.
Rivers Casino Portsmouth continued with another strong month, with its revenue numbers dropping slightly compared to March. Bristol Casino — Future Home of Hard Rock enjoyed a nice bounce-back.
Here’s a closer look at April’s casino gambling numbers from the Virginia Lottery.
Virginia casino revenue dipped slightly compared to March
Revenue from both Virginia casinos dropped month-to-month in April.
In total, the state enjoyed $35,370,541.81 in adjusted gaming revenue. April’s figures weren’t a massive fall by any means. But March’s revenue total came out about $2 million higher than in April.
Keeping things in perspective, though, this was another solid month for the state. Think back to January, when the state set a new high of $22.5 million.
April stands as the third-straight month with more than $35 million in casino revenue.
Hard Rock Bristol’s revenue increased month-to-month
Unlike Rivers Casino Portsmouth, the Bristol casino enjoyed a bump in revenue compared to March.
In April, Bristol Casino — Future Home of Hard Rock‘s revenue came out to $14,040,790.48. That stands as roughly a $236,407 increase from March’s tally of $13,804,383.05. April’s figures included $11,291,718.23 in slot machine revenue and $2,749,072.25 in revenue from table games. Table game revenue at Bristol was up in April by more than $800,000 month-t0-month.
Rivers Casino Portsmouth’s revenue totaled $21,329,751.33 last month. Slot machines in Portsmouth accounted for $13,828,546.63 in revenue. Table game revenue came out to $7,501,204.70 for the month, too. Both slot machine and table game revenue fell month-to-month at Portsmouth.
Slight dip in Rivers Casino Portsmouth numbers isn’t a cause for concern
In fact, it’s natural.
Rivers Casino Portsmouth is still the shiny new toy within the state. And it makes complete sense that customers, who were used to having just one casino gambling option within state lines, wanted to take a look at the new location for themselves.
But it appears the market is starting to settle. There’s only a certain amount of dollars to be spent by patrons in Virginia.
Time will tell how the existing casino revenue landscape looks as more pop up around the state. It’s not out of this world to expect a dip for both Bristol and Portsmouth locations when other casinos open in Virginia. Or even when Bristol — currently operating at a temporary level — opens its permanent location.
Expect a bump in overall revenue when Caesars Virginia opens this summer
For as much talk about how the state’s casino gambling industry is balancing itself out, there’s a good chance Virginia sets a new monthly record later this summer.
Caesars Virginia expects to open this summer in Danville. It will be in the form of a temporary casino, but it will be a new gambling venue nevertheless.
Experts forecast the city of Danville will see a $39 million boom by 2024. Looking specifically at the next fisal year, officials project $12.1 million in revenue for the city.
For those waiting for a new record, the current single-month high for Virginia casino revenue stands at $38.4 million. That number came in February when Rivers Casino Portsmouth opened its doors.
April’s casino gambling tax breakdown
Virginia casino gambling resulted in $6,366,697.53 in taxes for the month of April. $3,839,355.24 of that came from Rivers Casino Portsmouth. Bristol Casino — Future Home of Hard Rock contributed $2,527,342.49 as well.
6% of Virginia’s adjusted gross revenue from gabling went toward the host cities, resulting in $2,122,232.51 in total. Portsmouth received $1,279,785.08 in taxes, while Bristol tallied $842,447.43.
A total of $50,933.58 went to the state’s Problem Gambling Treatment and Support Fund (0.8% of Virginia’s betting taxes). Virginia’s Family and Children’s Trusted Fund, which takes 0.2% of the total tax, received $12,733.39.
The remaining $4,180,798.05 went toward the state’s Gaming Proceeds Fund.