Virginia’s three casinos reported a combined gaming revenue of $58.5 million in December 2023, a 14.3% increase from the previous month and a new record for the state. The casinos, which opened in 2022 and 2023, have been attracting customers with their variety of slots and table games, as well as their entertainment and dining options.
Bristol Casino Leads the Way
The Bristol Casino: Future Home of Hard Rock, which was the first casino to open in Virginia in July 2022, generated the highest revenue among the three casinos, with $14.9 million in December 2023. The casino, which operates in a temporary facility while the permanent one is under construction, offers 911 slots and 29 table games to its patrons. The casino also features a Hard Rock Cafe, a sportsbook, and a live music venue.
The Bristol Casino is expected to complete its permanent facility by late 2024, which will include a hotel, a convention center, a spa, and more gaming options. The casino is projected to create more than 2,000 jobs and generate more than $15 million in annual tax revenue for the city and the region.
Rivers Casino Portsmouth Follows Closely
The Rivers Casino Portsmouth, which opened in January 2023 as the first permanent casino in Virginia, reported the second-highest revenue among the three casinos, with $23.85 million in December 2023. The casino, which is located on the Elizabeth River waterfront, boasts 1,466 slots and 81 table games, as well as a sportsbook, a poker room, and a high-limit area.
The Rivers Casino Portsmouth also offers a variety of dining and entertainment options, including a steakhouse, a buffet, a sports bar, and a live music lounge. The casino is part of a larger development project that will include a hotel, a conference center, and a marina. The casino is expected to create more than 1,300 jobs and generate more than $16 million in annual tax revenue for the city.
Caesars Virginia Danville Completes the Trio
The Caesars Virginia Danville, which opened in May 2023 in a temporary facility, reported the third-highest revenue among the three casinos, with $19.73 million in December 2023. The casino, which is operated by Caesars Entertainment, offers 808 slots and 33 table games, as well as a sportsbook and a VIP lounge.
The Caesars Virginia Danville is also working on its permanent facility, which will feature a hotel, a spa, a pool, and more gaming options. The casino is expected to be completed by mid-2025, and will create more than 900 jobs and generate more than $12 million in annual tax revenue for the city.
Virginia Benefits from Casino Taxes
According to Virginia law, the casinos pay a graduated tax on their adjusted gaming revenue (wagers minus winnings), which ranges from 18% to 30%, depending on the amount of revenue. The state collects 15% of the tax, while the host cities collect 6% or 7%, depending on the casino. The remaining tax revenue is allocated to various funds, such as the Problem Gambling Treatment and Support Fund, the Family and Children’s Trust Fund, and the Gaming Proceeds Fund.
In December 2023, the total casino tax revenue was $11.7 million, of which the state received $6.9 million, the host cities received $4.4 million, and the other funds received $0.4 million. Since the casinos opened, the total casino tax revenue has reached $77.8 million, of which the state has received $45.8 million, the host cities have received $26.4 million, and the other funds have received $5.6 million.
More Casinos on the Horizon
Virginia is expected to see more casinos in the near future, as one more casino has been approved by voters and another one is being proposed by lawmakers. The HeadWaters Resort & Casino in Norfolk, which is a partnership between the Pamunkey Indian Tribe and Tennessee billionaire Jon Yarbrough, is slated to break ground in spring 2024, after getting the approval from the city council. The casino will feature a hotel, a spa, a golf course, and more gaming options.
Meanwhile, Petersburg lawmakers are seeking to hold a casino referendum in the city by November 2025, which would require the General Assembly to change the law that limits casinos to cities with a population above 200,000. The lawmakers argue that a casino would bring economic benefits and jobs to the city, which has a high poverty rate and a low median income.
Virginia’s casino industry is still young, but it has shown impressive growth and potential in its first year of operation. The casinos have provided entertainment and excitement to the residents and visitors of the state, as well as revenue and jobs to the host cities and the state. As more casinos are expected to join the market, Virginia is poised to become a major gaming destination in the region.
