The revenue and tax totals of the Virginia casino in January have seen an increase compared to December, partially attributed to the presence of the state’s latest establishment.
In January, the revenue generated by Virginia’s casinos soared to an impressive $22.5 million, marking a remarkable milestone as the highest single-month earnings to date. This surge in revenue is directly attributed to the fact that Virginia now boasts two operational casinos.
In addition to Bristol Casino — Future Home of Hard Rock, January’s figures also accounted for a week’s worth of activity at the recently opened Rivers Casino Portsmouth.
In January, Bristol Casino, soon to be the new home of Hard Rock, achieved a leading position with $13.4 million in adjusted gross revenue. However, compared to December 2022, the revenue for the Bristol location decreased by approximately $1.4 million. Anticipate even higher figures once the complete Hard Rock casino opens its doors in approximately one year.
Rivers Casino Portsmouth, the latest inclusion to the state, proudly claims the title of being the first fully-equipped permanent casino in town. Impressively, it has generated a substantial adjusted gross revenue of approximately $9 million.
Furthermore, it is worth mentioning that the stated figure does not represent the total earnings for an entire month. It is important to note that the Portsmouth casino commenced operations on January 23, subsequent to the official issuance of its license a few months prior in November.
Slots drive January Virginia casino revenue
At both Virginia casinos, the majority of the adjusted gaming revenue came from slots.
When focusing on Bristol Casino, which will soon be the new location for Hard Rock, the revenue generated from slot machines amounted to approximately $10.6 million. Meanwhile, table games contributed around $2.8 million to the total revenue.
The slot revenue at the Bristol location exceeded November’s $10.4 million mark, reaching $10.6 million. However, it falls short of December’s record of $12.1 million, as well as the amounts achieved in August ($11.4 million), September ($11.3 million), and October ($11.2 million). This outcome is not surprising, considering that Virginians now have another casino option to choose from when playing slots.
It should be mentioned that Bristol achieved the second-highest table game revenue in a single month for January. However, the top spot is still held by October’s impressive record of $2.9 million.
With only a week of data to report, Portsmouth’s totals were not as high. However, the new Portsmouth location saw a clear preference for slots, as they generated $7.5 million in revenue during the brief January operation. On the other hand, table games accounted for $1.6 million in revenue.
In total, the revenue generated from slot machines across the entire state reached $18.1 million, while table games also contributed $4.4 million in revenue.
Month-to-month look at January Virginia casino revenue totals
Virginia’s gambling revenue has officially exceeded $100 million since the opening of its inaugural casino in July of last year.
Total gambling revenue
- July — $11,717,478
- August — $14,279,379
- September — $14,305,177
- October — $14,144,160
- November — $12,650,361
- December — $14,879,037
- January (new) — $22,473,836
- Total — $104,449,428
The following analysis presents the historical progression of revenue from slot machines and table games. The inclusion of the Portsmouth casino resulted in the establishment of new monthly records for both types of games in the state.
Slot machine revenue
- July — $10.2 million
- August — $11.4 million
- September — $11.3 million
- October — $11.2 million
- November — $10.4 million
- December — $12.1 million
- January — $18.1 million
Table game revenue
- July — $1.5 million
- August — $2.8 million
- September — $3 million
- October — $2.9 million
- November — $2.2 million
- December — $2.7 million
- January — $4.4 million
January Virginia casino revenue generated more than $3 million in taxes
The state can take solace in the fact that January’s total taxes amount to $3 million, surpassing December 2022’s $2.7 million mark, indicating a positive trend.
The Regional Improvement Commission collected approximately $1.01 million in taxes, equivalent to approximately 6% of the adjusted gross revenue. This commission allocates funds towards public safety, transportation, and education.
In addition, the Problem Gambling Treatment and Support Fund received $24,247 from taxes, which accounted for 0.8% of the total taxes. Similarly, the Family and Children’s Trust Fund gathered $6,062, equivalent to 0.2% of the total taxes.
The state’s Gaming Proceeds Fund currently holds the remaining $2 million in taxes. In accordance with Virginia’s laws, this gambling revenue is allocated towards the state’s K-12 education program.
Will more Virginia casinos open soon?
The city council of Norfolk has recently granted approval to the HeadWaters Resort & Casino. The permanent casino is expected to commence operations within the next 18-24 months, while a temporary one will be available for opening sooner.
Construction for a Caesars casino project in Danville is currently in progress. Initial predictions from the previous year indicated that the construction would be completed by 2025.
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