As gaming revenue reaches record-breaking levels across the nation, the Virginia casino industry is embarking on its initial stages.
In the latest quarter, the American Gaming Association’s Commercial Gaming Revenue Tracker revealed that the US commercial gaming industry achieved remarkable results. The report stated that revenue from commercial gaming in the US reached approximately $15.2 billion, setting a new record.
According to the AGA, 2022’s revenue is currently 14.7% higher than the previous year, indicating that it is on track to surpass 2021’s position as the highest-grossing commercial gaming revenue year to date, despite still having a few months remaining in the calendar year.
Virginia is eager to take advantage of a thriving industry, as it sets its sights on the growing casino gambling sector. With the recent opening of the Bristol Casino – Future Home of Hard Rock in July, the state has entered into this relatively new market.
The completion of the final casino product is scheduled for the summer of 2025. In the meantime, Bristol’s Hard Rock site offers over 870 slots and 21 table games. Additionally, the location is home to a Hard Rock Sportsbook and Rock Shop retail store.
Virginia’s gambling industry has no intentions of halting its expansion with just a single casino.
- The state’s inaugural fully-finished casino, Rivers Portsmouth Casino, is anticipated to open its doors in the first half of 2025.
- The anticipated opening of the Caesars Virginia casino in Danville is scheduled for the latter part of 2025. However, in the interim, a temporary casino will be established. The complete casino will boast an impressive array of offerings, including 1,300 slot machines, 85 table games, a Caesars retail sportsbook, and various other amenities.
- The opening of HeadWaters Resort & Casino in Norfolk is expected to take place in approximately 18-24 months. However, to bridge the gap, they will be launching a temporary casino in the meantime.
How the Virginia casino industry figures into the national mix
Over the course of only four months, Virginia’s casino revenue has consistently remained stable. The Hard Rock site in Bristol has achieved a remarkable milestone by exceeding $14 million in revenue for the past three consecutive months.
Virginia’s entry into the casino industry coincides with a period of steady growth in commercial gaming. According to the AGA’s most recent report, the commercial gaming sector experienced a year-over-year growth of 8.8% in Q3, surpassing the broader U.S. economy’s rate of 2.6% during the same period.
Slots and table games boom nationally, remain steady in Virginia
In the past three months, the sole casino in Virginia experienced a small decline in slot revenue. The slot revenue for October decreased by approximately $100,000 compared to the previous month, reaching a total of $11.2 million. This figure also represents a decline of around $200,000 compared to the slot revenue in August.
There was a small decrease in table games revenue in Virginia, with a decline from $3 million in September to $2.9 million in October.
On a national level, land-based slots and table games achieved an all-time high revenue of $12.27 billion in the third quarter, marking a 1.8% increase compared to the same period in 2021. So far this year, the total revenue in this sector amounts to $35.94 billion, indicating a significant 8.1% year-over-year growth.
Sports betting continues to climb in Virginia as revenue soars across the country
In September, Virginia’s sports betting had a strong beginning to the autumn season, with a total handle of $411.3 million.
- The figure represented a significant increase of 45% compared to the previous month and a remarkable 40% surge from September 2021.
- Additionally, the revenue collected by Virginia sportsbooks amounted to $48.4 million during that month.
- This occurs at a moment when the sector achieved a remarkable 80.6% increase in year-over-year growth, setting a quarterly revenue record of $1.68 billion.
Virginia’s sports betting handle reached an impressive $3.3 billion during the initial nine months of the calendar year. The state offers a wide range of options, including renowned sportsbooks like DraftKings, Caesars, BetMGM, and FanDuel, among others. This abundance of choices provides ample opportunities for bettors to place their wagers. Consequently, Virginia sportsbooks generated approximately $357 million in revenue by September, resulting in a hold percentage of 13%.
As of September, sports betting revenue on a national scale has reached $4.78 billion, surpassing last year’s $4.34 billion at the same period.
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