Virginia’s casino revenues have just been released, revealing that the state achieved an unprecedented peak in revenue during the month of February.
In the previous month, the combined adjusted gaming revenue of the two Virginia casinos amounted to $38.4 million.
Rivers Casino Portsmouth, the newest gambling facility in the state, had a successful first full month of operation in February. It emerged as the top earner, generating a total revenue of $24.7 million. The future home of Hard Rock, Bristol Casino, contributed $13.7 million to the overall revenue of the state.
Closer look at Virginia casino revenue in February
Virginia has recently embraced casino gambling, with Bristol Casino inaugurating its temporary establishment in July 2022. Subsequently, in January, Rivers Casino Portsmouth claimed the title of being Virginia’s inaugural full-service casino.
Casino gambling numbers have remained stable since then. However, recently, those statistics experienced a significant increase following the inauguration of the state’s second casino.
| Month | Slots | Table Games | Total Gambling Revenue |
|---|---|---|---|
| July 2022 | $10,236,488.59 | $1,480,989.87 | $11,717,478.46 |
| August 2022 | $11,440,382.91 | $2,838,996.55 | $14,279,379.46 |
| September 2022 | $11,320,238.30 | $2,984,938.75 | $14,305,177.05 |
| October 2022 | $11,273,173.77 | $2,870,986.00 | $14,144,159.77 |
| November 2022 | $10,410,087.22 | $2,240,274.00 | $12,650,361.22 |
| December 2022 | $12,136,049.03 | $2,742,987.75 | $14,879,036.78 |
| January 2025 | $18,088,029.61 | $4,385,806.45 | $22,473,836.06 |
| February 2025 | $28,325,023.06 | $10,068,353.55 | $38,393,376.61 |
| Total | $113,229,472.49 | $29,613,332.92 | $142,842,805.41 |
Slot machine revenue
In February, slot machines maintained their stronghold on revenue totals in Virginia, with Rivers Casino almost reaching the record for single-month slot earnings. The slot revenue for Portsmouth casino amounted to $17.1 million, while the Bristol Casino’s slot earnings totaled $11.2 million. Surpassing its previous monthly record by approximately $10 million, the state as a whole achieved remarkable revenue figures.
Table game revenue more than doubled month-to-month
In January, the state experienced a significant milestone as table game revenue surpassed $4 million for the first time in history. Just a month later, this figure more than doubled, reaching an unprecedented $10.07 million. Remarkably, Rivers Casino Portsmouth played a significant role in breaking this record, generating $7.5 million in table game revenue. Additionally, Bristol contributed to this achievement with its table games generating $2.5 million in revenue.
Roughly $7 million toward gaming proceeds fund
Virginia’s casinos contributed a total of $6,910,807.79 in taxes.
This comprises 6% of the adjusted gaming revenue, which amounts to $2,303,602.60, being returned to the host cities. Additionally, 0.8% of the total tax, equivalent to $55,286.47, was allocated towards the state’s problem gambling treatment and support fund. Furthermore, a portion of those tax dollars, specifically 0.2%, was contributed to Virginia’s family and children’s trust fund.
What does single-month record mean for Virginia long term?
It comes as no surprise that the state experienced its highest revenue totals during the initial month when both casinos were fully operational. This outcome was expected due to the increased choices available to residents, with one of them being the attractive new addition in town.
However, overall, it is a positive indication for the state’s industry. The addition of more casinos has been the subject of much discussion. Nevertheless, the latest figures demonstrate that not only are these casinos financially viable, but they also generate substantial tax revenue for a worthy cause.
The casino project in Petersburg has recently reached a critical state. However, if there are modifications to the language in the state’s upcoming budget, there is a chance for the revitalization of the plans. Chairman Barry Knight of the House Appropriation Committee expressed that this is definitely a possibility.
Furthermore, the proposal for a casino in Richmond was unsuccessful when voters rejected the project in November 2021. This led to Petersburg taking the opportunity to surpass Richmond in the casino hierarchy, as their unsuccessful HB 1373 vote aimed to prioritize their own casino project.
According to a study, the presence of two casinos would not significantly impact each other’s earnings. The Virginia Joint Legislative Audit and Review Commission stated in 2022 that both cities have the potential to sustain a casino. Recent statistics from the Virginia Lottery also reinforce this notion.
With the introduction of the Portsmouth location, it was anticipated that the revenue of the Bristol casino would decline, which did happen. However, the casino managed to maintain an average monthly revenue of approximately $13.63 million, aligning closely with Bristol’s February figures.
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