According to the recently released September 2022 Virginia casino revenue report, Bristol Casino, which will soon be rebranded as Hard Rock, maintained consistent revenue figures for the month.
The state of Virginia is diligent in monitoring the revenue and taxes generated from betting activities through the Virginia Lottery. Last month, the temporary casino located in Bristol contributed a substantial amount of $14.3 million. Interestingly, the adjusted gross revenue for this period closely resembles the figures recorded in August.
Only one casino, the future Hard Rock Hotel & Casino Bristol, is operational in the state, with four others currently being constructed. Bristol’s permanent venue is expected to be significantly larger than existing establishments. As of now, the revenue generated by the sole operational casino is:
- The total revenue for July, which commenced on July 8th, was $11,717,478.
- August — $14,279,379
- September — $14,305,177
Hard Rock executives have established a temporary gaming space within a former Belk department store located in Bristol Mall. In due course, the entire mall will be transformed into the magnificent Hard Rock Hotel & Casino Bristol. This location resides precisely on the border of Virginia and Tennessee.
Slots slide, table games tick up in September 2022 casino revenue
In Bristol, as the casino industry develops, bettors in Virginia seem to be growing more at ease with table games. Although there was a slight decrease in slot machine revenue compared to the previous month, the introduction of table games resulted in a modest increase in profits for September 2022, setting a new record for casino revenue in Virginia.
At Bristol Casino, slot machine plays continue to be the major driver of profits.
Slot machine revenue
- July — $10.2 million
- August — $11.4 million
- September — $11.3 million
Table game revenue
- July — $1.5 million
- August — $2.8 million
- September — $3 million
In total, the state received $2.6 million in taxes from the casino.
- An additional $20,600 (0.8%) is allocated by the state towards gambling treatment programs.
- The regional commission will receive approximately $858,000 (6%), which it can allocate towards enhancing education transportation and public safety initiatives.
- The state ultimately allocates $5,150, equivalent to 0.2% of the budget, towards the Family and Children’s Trust Fund. This fund specifically prioritizes efforts to address and prevent family violence.
Looking beyond September 2022 casino revenue
There are currently four casinos planned for Virginia, with the possibility of a fifth. The decisions of the Virginia General Assembly and Richmond voters will determine the outcome.
Initially, Richmond must successfully repel a proposal from Petersburg during the upcoming legislative session. Following this accomplishment, the residents of Richmond will subsequently need to endorse a fresh strategy through a voter approval process.
Let’s take a closer look at the five plans:
- The Rivers Portsmouth Casino Resort, with a budget of $300 million, is set to become the inaugural permanent casino in the area.
- Developers are making significant progress at the mall site for the Hard Rock Hotel & Casino Bristol, with an estimated investment of $500 million.
- The HeadWaters Resort and Casino in Norfolk is set to invest a staggering $500 million. Their plan entails first opening a temporary casino as a precursor to the grand opening.
- If approved in 2025, a single resort and casino in Richmond will amount to $565 million.
- Danville has recently witnessed the groundbreaking ceremony of Caesars Virginia Casino, a project worth $650 million.
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