March marked a milestone for Virginia’s casino industry, with Bristol and Portsmouth casinos hitting record revenues. As Danville’s casino approaches its one-year anniversary, the state’s bet on legalized gambling is paying off in spades.
Bristol’s Betting Bonanza
Bristol’s casino shattered its own revenue records in March, raking in an adjusted revenue of $16.3 million. This represents a 9% increase over its previous best month and an 18% rise compared to March of the previous year. Slot machines were the stars of the show, with revenues topping $13 million for the first time. Table games also saw a significant uptick, contributing over $3 million.
The windfall has had a ripple effect on the region, with a payout of $976,206 to the Regional Improvement Commission (RIC), benefiting over a dozen local governments in Southwest Virginia. These funds are earmarked for transportation, education, and public safety improvements, ensuring that the casino’s success also translates into regional development.
Portsmouth’s Profitable Play
Not to be outdone, Portsmouth’s casino also enjoyed a lucrative March, contributing to Virginia’s total casino revenue of over $37 million. The city’s share of the tax revenue amounted to approximately $1.4 million, underscoring the significant economic impact these establishments have on their host cities.
The success in Portsmouth is part of a broader trend of burgeoning casino revenues across the state. With the industry’s strong start to the year, expectations are high for continued growth and prosperity within the sector.
Danville’s Upcoming Milestone
As Danville’s casino nears its one-year mark, it stands on the cusp of joining its counterparts in the record revenue club. The city is poised to capitalize on the lessons learned from Bristol and Portsmouth’s successes, potentially leading to a trifecta of thriving casino hubs in Virginia.
The anticipation around Danville’s one-year anniversary is palpable, with stakeholders keen to see if it can match or exceed the high bar set by its sister cities. The coming months will be crucial in determining whether Danville can turn its initial success into sustained profitability.
