The April figures for Virginia casinos have been released.
Rivers Casino Portsmouth maintained its momentum with another successful month, although its revenue figures experienced a slight decline compared to March. Meanwhile, Bristol Casino — set to become the future home of Hard Rock — experienced a notable recovery.
Let’s take a closer look at the casino gambling numbers for April provided by the Virginia Lottery.
Virginia casino revenue dipped slightly compared to March
In April, the revenue from Virginia casinos experienced a decline on a month-to-month basis.
The adjusted gaming revenue for the state amounted to a grand total of $35,370,541.81. Although April’s figures did not experience a significant decline, there was a disparity of approximately $2 million between the revenue totals of March and April.
However, it is important to keep things in perspective and acknowledge that this was still a successful month for the state. It is worth recalling the tremendous achievement in January, when the state reached a remarkable milestone of $22.5 million.
For the third consecutive month, April records casino revenue surpassing $35 million.
Hard Rock Bristol’s revenue increased month-to-month
In contrast to Rivers Casino Portsmouth, the Bristol casino experienced a rise in revenue in comparison to the previous month of March.
Bristol Casino, the future location of Hard Rock, generated a total revenue of $14,040,790.48 in April. This indicates a rise of approximately $236,407 compared to the previous month’s tally of $13,804,383.05. The revenue for April consisted of $11,291,718.23 from slot machines and $2,749,072.25 from table games. Notably, table game revenue experienced an increase of over $800,000 from the previous month.
Last month, Rivers Casino Portsmouth earned a total revenue of $21,329,751.33. The slot machines in Portsmouth contributed $13,828,546.63 to this revenue, while the table games generated $7,501,204.70. However, both the slot machine and table game revenue experienced a decline compared to the previous month at Portsmouth.
Slight dip in Rivers Casino Portsmouth numbers isn’t a cause for concern
In fact, it’s natural.
Rivers Casino Portsmouth remains the exciting and novel attraction in the state. It is understandable that customers, accustomed to having only one casino gambling option within state boundaries, desired to personally explore the new venue.
However, it seems that the market is stabilizing. There is a limited quantity of money that customers in Virginia can spend.
The future outlook of the casino revenue landscape remains uncertain as more casinos emerge throughout the state. It is reasonable to anticipate a decline in revenue for both the Bristol and Portsmouth locations as additional casinos start operating in Virginia. This effect may also be observed when the Bristol location transitions from its temporary setup to a permanent establishment. Ultimately, only time will reveal the true impact on these existing casinos.
Expect a bump in overall revenue when Caesars Virginia opens this summer
Despite the discussions about how the state’s casino gambling industry is stabilizing, it is highly likely that Virginia will achieve a new monthly record later this summer.
Caesars Virginia is anticipated to commence operations in Danville during the upcoming summer. While it will initially exist as a temporary casino, it will undoubtedly present itself as a fresh gambling destination.
According to expert predictions, the city of Danville is expected to experience a significant economic growth of $39 million by the year 2025. Focusing on the upcoming fiscal year, city officials anticipate a revenue of $12.1 million.
The highest monthly revenue for Virginia casinos currently stands at $38.4 million, achieved in February with the opening of Rivers Casino Portsmouth. If you’re eagerly anticipating a new record, keep an eye out for future updates.
April’s casino gambling tax breakdown
In April, the taxes generated from casino gambling in Virginia amounted to a total of $6,366,697.53. Among this amount, Rivers Casino Portsmouth contributed $3,839,355.24, while Bristol Casino — Future Home of Hard Rock contributed $2,527,342.49.
The total amount from Virginia’s adjusted gross revenue from gambling allocated to the host cities was $2,122,232.51, representing 6% of the total revenue. Out of this, Portsmouth received $1,279,785.08 in taxes, while Bristol received $842,447.43.
The state’s Problem Gambling Treatment and Support Fund received a sum of $50,933.58, equivalent to 0.8% of Virginia’s betting taxes. On the other hand, the Family and Children’s Trusted Fund of Virginia obtained $12,733.39, representing 0.2% of the overall tax amount.
$4,180,798.05 was allocated to the state’s Gaming Proceeds Fund.
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