The Rivers Casino Portsmouth, the first full-service permanent casino in Virginia, has completed its first year of operation with impressive results. The casino has generated nearly $250 million in gaming revenue, providing the city of Portsmouth with more than $15 million in tax revenue. The casino has also created hundreds of jobs and boosted the local economy.
A Remarkable Year for Rivers Casino Portsmouth
The Rivers Casino Portsmouth opened its doors on January 23, 2023, after a successful ballot referendum in 2020 and a fast-track construction process. The casino, located along Victory Boulevard near the newly named Missy Elliott Boulevard, is a $340 million investment that spans 250,000 square feet. The casino boasts more than 1,400 slot machines, nearly 60 tables, two dozen poker tables, a handful of restaurants and bars, and more than 25,000 square feet of event space.
The casino has attracted millions of visitors since its opening, with some waiting in long lines to enter the facility on its first day. The casino has also hosted several events and promotions, such as concerts, giveaways, and tournaments. The casino has reported a consistent and strong performance throughout the year, even in the slower months.
“We started off amazingly strong in January and February and really haven’t looked back,” said Rivers Casino Portsmouth General Manager Roy Corby. “It’s been a remarkable year.”
A Boon for Portsmouth and Virginia
The Rivers Casino Portsmouth has been a significant source of revenue for both the city of Portsmouth and the state of Virginia. The casino earnings are subject to a graduated tax on the adjusted gaming revenue, which is the amount of wagers minus winnings. The host city collects a share of the tax revenue, as well as the state’s Gaming Proceeds Fund, Problem Gambling Treatment and Support Fund, and Family and Children’s Trust Fund.
According to the Virginia Lottery, which regulates the casino industry in the state, the Rivers Casino Portsmouth has generated a total of approximately $248.5 million in adjusted gaming revenue in its first year, of which about $170.5 million came from its slot machines and the remainder from its table games. The casino has paid about $84.5 million in state taxes and about $15.4 million in local taxes.
The tax revenue has been a boon for a city with limited tax resources, as about 40% of land in Portsmouth is tax-exempt due to state or federal ownership. The city leaders have previously estimated that the casino would provide about $16 million in annual tax revenue, which can be used for various public services and projects.
“Rivers Casino Portsmouth has bolstered the economy since day one and in the first year generating more than $40 million in state and local tax contributions,” said Portsmouth Mayor Shannon Glover.
The casino has also created hundreds of jobs for the local community, with a goal of employing at least 35% of Portsmouth-based people. The casino currently has about 1,100 team members, of which about 40% are from Portsmouth. The casino has also partnered with several local businesses and organizations, such as the Portsmouth Partnership, the Portsmouth Redevelopment and Housing Authority, and the Tidewater Community College.
“We were going to try to recruit and promote from here and being able to follow through on that is tremendous,” said Corby.
A Competitive and Growing Industry
The Rivers Casino Portsmouth is currently one of the three operating casinos in Virginia, along with the Bristol Casino and the Caesars Virginia in Danville. The three casinos posted a combined adjusted gaming revenue of $58.5 million for December 2023, which is the highest monthly total in state gaming history. The Bristol Casino, which is set to become the future home of Hard Rock, marked its most successful month on record in December, reporting nearly $15 million in adjusted gaming revenue.
However, the casino industry in Virginia is expected to face more competition and challenges in the near future. The state lawmakers are considering whether to legalize and tax skills games, which are electronic devices that offer cash prizes based on the player’s skill or luck. The skills games have been operating in the state under a temporary authorization that expires in July 2024, but some legislators and casino operators want to extend or regulate them as a source of revenue and entertainment.
Another potential competitor is the proposed Norfolk Resort and Casino, which is still under review by the city’s Architectural Review Board and the Virginia Lottery Board. The Norfolk casino, which is backed by the Pamunkey Indian Tribe and the Cordish Companies, plans to offer 3,000 slot machines, 150 table games, a 300-room hotel, a spa, a sportsbook, and several dining and entertainment options. The Norfolk casino is expected to open in late 2024 or early 2025, less than 10 miles away from the Portsmouth casino.
Corby said he is confident that the Rivers Casino Portsmouth will be able to maintain its edge and appeal in the market, as it offers a unique and quality experience for its guests.
“We have a great product, a great team, and a great location,” he said. “We’re not worried about the competition. We’re focused on delivering the best service and entertainment possible.”
