Va. casino revenue rose 32% in 2024 over previous year, lottery reports show

The house always wins, Virginia’s three casinos proved in 2024, raking in nearly 32% more in adjusted gaming revenues than in 2023.

Some of the gains are related to the fact that Danville’s Caesars Virginia opened its temporary facility midway through 2023 and was in operation throughout 2024. According to data provided by the Virginia Lottery and tabulated by Virginia Business, the state’s casinos in Bristol, Danville and Portsmouth brought in about $732.2 million in adjusted gaming revenues (wagers minus winnings) in 2024. In 2023, the casinos generated $554.9 million.

The overall winner was Rivers Casino Portsmouth, with $309.5 million in adjusted revenue, compared to $250 million in 2023. Danville’s Caesars Virginia recorded $240.1 million in 2024, hitting a high point in December 2024 with $28.3 million, likely related to the grand opening Dec. 17, 2024 of its permanent facility. In 2023, after opening its temporary casino in May, Caesars reported $145 million in its first year.

Hard Rock Bristol, the first temporary casino opened in Virginia in 2022, reported $182.4 million in 2024, up from $157 million in 2023. Hard Rock held its permanent casino’s grand opening on Nov. 14, 2024.

December 2024 tallies

All three casinos hit high points at the end of the year, according to the Virginia Lottery’s report this week. With Caesars Virginia coming in first with $28.3 million last month, Rivers Casino Portsmouth reported $25.9 million in December 2024, and Bristol reported $20.6 million. The month’s total was $74.9 million, the highest revenue rate of the year.

Also among the winners were the three host cities. Portsmouth received 7% of Rivers Casino’s take in December 2024, about $1.8 million; Danville also received 7% of Caesars’ revenue, $1.98 million, and 6% of Hard Rock Bristol’s earnings — about $1.24 million last month — goes to the Regional Improvement Commission, which the General Assembly established to distribute Bristol casino tax funds throughout Southwest Virginia.

Virginia law assesses a graduated tax on a casino’s adjusted gaming revenue. For the month of December 2024, taxes from casino AGRs totaled about $16.2 million.

Under Virginia law, 6% of a casino operator’s AGR goes to its host locality until the operator passes $200 million in AGR for the year, at which point the host locality’s tax rate rises to 7%. If an operator passes $400 million in AGR in the calendar year, that rises to 8%.

The Problem Gambling Treatment and Support Fund receives 0.8% of total taxes — about $129,583 last month. The Family and Children’s Trust Fund, which funds family violence prevention and treatment programs, receives 0.2% of the monthly total, which was approximately $32,395 in December 2024.

The team behind the delayed Norfolk casino resort, Boyd Gaming and the Pamunkey Indian Tribe, announced this week the selection of Virginia Beach-based S.B. Ballard Construction and Mississippi-based Yates Construction — the companies that built Rivers Casino Portsmouth — to lead construction of the $750 million Norfolk facility. A temporary casino is expected to be completed later this year.

In November 2024, more than 80% of Petersburg voters said yes to the city’s casino referendum.