The opening of additional casino resorts in Virginia will not only benefit gamblers with significant winnings but also contribute significantly to reducing unemployment rates in the state.
In June, the Bureau of Labor Statistics (BLS) reported a significant increase in the employed population of Virginia, reaching a total of 4.2 million individuals. Additionally, the state’s unemployment rate experienced a decline, reaching a low of 2.8%. This figure is nearly one point lower than the national average of 3.6%.
In June, Virginia recorded a total of 4.2 million employed residents, with approximately 94,000 individuals joining the workforce since February 1st.
Casinos in Virginia contribute significantly to the overall profits.
Adding to the promising news for Virginia’s economic health, Gov. Glenn Youngkin acknowledged the competitive nature of the labor market despite the favorable June unemployment rate.
He stated, “Our dedication to enhancing workforce development opportunities for Virginians remains unwavering. Although the addition of 94,000 jobs is encouraging, we must stay watchful of the workforce participation rate, which continues to fall behind.”
Virginia casino resorts fall under leisure, hospitality
Looking forward, Youngkin observes that employee count has increased in 9 out of the 11 major workforce industries in the past year.
In Virginia, the casino resort jobs are classified within the leisure and hospitality industry, which experienced a growth of 62,300 jobs (17.9%) over the previous year.
The following five industries experienced the most significant increase in their workforce:
- Education and health services
- Professional and business services
- Trade
- Transportation and utilities
- Manufacturing
Altogether, they gathered a total of 60,600 fresh recruits, slightly trailing behind the leisure and hospitality sector by 1,700 employees.
Virginia casino jobs by the numbers
- In early July, the temporary gaming complex of Hard Rock Casino in Bristol commenced its operations, resulting in the creation of approximately 600 job opportunities. As we look towards the future, when the permanent establishment is expected to open between mid-2023 and 2025, experts anticipate a significant expansion in employment. Hard Rock is projected to offer around 2,000 job openings, alongside 1,000 construction positions during the development phase.
- Originally scheduled to open in December 2025, Caesars Virginia in Danville has been delayed until 2025 due to unforeseen complications. Alongside the casino, Caesars plans to launch a 500-room hotel, which will generate 1,300 casino job opportunities and 900 construction jobs.
- In March 2025, a temporary casino will be established in the parking lot of Harbor Park Stadium in Norfolk by HeadWaters Resort and Casino. The number of job opportunities at this temporary venue remains uncertain. However, the permanent location is expected to commence operations in Q4 of 2025, offering around 275 casino-related jobs.
- The $300 million Rivers Casino in Portsmouth is set to launch in early 2025, offering not only a gaming space but also a BetRivers Sportsbook and a hotel. The operation of these diverse facilities will require around 1,300 employees.
The economic benefits of casinos and sports betting are undeniable
Once all four gaming operators open their permanent locations, we will be able to gauge the employment numbers at Virginia casino resorts.
Since the legalization of sports betting in January 2021, casinos have contributed $33.6 million in taxes. Out of this amount, $32.8 million has been allocated to a general fund, while an additional $841,894 has been allocated to the Problem Gambling Treatment and Support Fund.
The unemployment rates in neighboring states, such as North Carolina and Kentucky, stand at 3.4% and 3.7% respectively.
Both states are not significantly deviating from the national average of 3.6%. However, they have the potential to enhance their economies by generating more employment opportunities and increasing tax revenue through the expansion of their gambling laws.
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