On Monday, the Virginia Lottery disclosed the inaugural figures for wins and losses in the history of casinos in VA. The burgeoning industry has commenced with a total revenue of $11.7 million, as per the July 2022 Virginia casino report.
The sole operating venue for the month was Bristol Casino, which will soon become the permanent Hard Rock Casino and Hotel Bristol. The temporary casino commenced operations on July 8, taking up residence at the former Bristol Mall location.
The temporary Bristol Casino, like any other casino, heavily relies on slot machines as its main source of revenue. In July, out of the total revenue of $11.7 million, the casino’s 870 slot machines contributed a significant $10.2 million.
The temporary Hard Rock site at Bristol Casino boasted a collection of 21 table games, which collectively generated approximately $1.5 million in gross winnings for the establishment once payouts were dispensed.
At Virginia’s inaugural casino, slot machines generate revenue that is approximately ten times higher than that generated by table games.
Afterwards, the state receives its portion of the earnings.
July 2022 Virginia casino taxes
The significance of Virginia casinos for the state economy cannot be underestimated.
Despite only having one temporary casino and a three-week betting period in July, the state of Virginia managed to generate a noteworthy $2.1 million.
- The Regional Improvement Commission receives approximately $703,000, which accounts for 6% of the casino’s profits. This allocated amount can be utilized by each region with a casino for various purposes such as education, transportation, and public safety.
- An additional $16,873 (0.8% of total funds) is allocated by the state towards gambling treatment programs.
- The state allocates $2,218 (0.2%) to the Family and Children’s Trust Fund, which specifically aims to address the treatment and prevention of family violence.
Around $1.4 million remains for the Gaming Proceeds Fund, which the Virginia General Assembly utilizes for the purpose of public school construction, renovations, or upgrades.
Much larger Virginia casino revenue numbers ahead
The casino numbers witnessed in July in Virginia are merely a glimpse of what lies ahead, as four cities have been given the go-ahead for enormous casino undertakings. Moreover, if voters grant their approval for a casino in 2025, Richmond may also join the ranks as the fifth Virginia city with a casino.
As construction progresses, it is important to note that estimates are subject to change. However, when considering all the casino projects, the collective investment in Virginia exceeds $2.5 billion.
From high to low:
- Caesars Virginia Casino and the city of Danville have just commenced construction after securing a funding of $650 million.
- If approved, a single resort and casino in Richmond could cost $565 million.
- The HeadWaters Resort and Casino in Norfolk will be investing a staggering $500 million in its development. As a part of their plan, they will initially launch a temporary casino before the grand opening.
- The Hard Rock Bristol Casino and Hotel project has a budget of $500 million.
- The Rivers Portsmouth Casino Resort costs a total of $300 million.
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