Va. casinos report $59.5M in June revenues

June gaming revenues for Virginia’s three casinos totaled $59.5 million, according to Virginia Lottery data released July 15.

June numbers broke a three-month streak in which the casinos brought in combined totals of more than $60 million, casinos.com noted this week. 

Last month, the Bristol Casino: Future Home of Hard Rock temporary casino reported about $14.35 million in adjusted gaming revenues (wagers minus winnings), of which about $12.04 million came from its 907 slots, and the remaining roughly $2.31 million came from its 29 table games. The Bristol casino’s temporary facility opened in July 2022, making it the first operating casino in Virginia. The Virginia Lottery Board approved HR Bristol’s casino license in April 2022. 

The permanent Hard Rock Bristol casino’s opening has been pushed back from July to sometime in late fall. The permanent resort casino is expected to have a 303-room hotel, more than 1,500 slots, 75 table games, new dining venues and a 2,000-seat indoor entertainment venue.

After the lottery board approved its license in November 2022, Rivers Casino Portsmouth opened as Virginia’s first permanent casino in January 2023. In June, it generated about $17.96 million from its 1,417 slots and about $7.98 million from its 84 table games, for a total AGR of close to $25.95 million.

The temporary Caesars Virginia casino in Danville, which received its casino license in April 2023 and opened in May 2023, reported about $14.03 million in AGR from its 826 slots and about $5.19 million from its 36 table games, totaling about $19.22 million last month. Its permanent location, which will cost about $750 million, is slated to open late this year and will include a 320-room hotel and a roughly 90,000-square-foot casino floor.

June’s casino gaming revenues were a roughly 5.1% decrease from the $62.7 million reported in May.

Virginia law assesses a graduated tax on a casino’s adjusted gaming revenue. For the month of June, taxes from casino AGRs totaled about $10.71 million.

The host cities of Portsmouth and Danville received 6% of their respective casinos’ AGRs: about $1.56 million and $1.15 million, respectively. For the Bristol casino, 6% of its adjusted gaming revenue — about $861,000 last month — goes to the Regional Improvement Commission, which the General Assembly established to distribute Bristol casino tax funds throughout Southwest Virginia.

The Problem Gambling Treatment and Support Fund receives 0.8% of total taxes — about $85,700 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 $21,424 in May.

All three of Virginia’s casinos have now been open a full year. Gaming revenue for June 2024 increased 14% from June 2023’s combined total of $52.2 million, according to casinos.com.Rivers Casino Portsmouth saw the sharpest increase in revenue year-over-year, bringing in 26% more revenue in June 2024 than June 2023, casinos.com noted. Bristol Casino: Future Home of Hard Rock saw a 12.9% increase while Caesars Virginia saw a 1.5% increase. 

The other casino approved in Virginia, the $500 million HeadWaters Resort & Casino in Norfolk, remains in a holding pattern. In January, the developers — a partnership between the King William County-based Pamunkey Indian Tribe and Tennessee investor Jon Yarbrough — asked the Norfolk Architectural Review Board for an indefinite delay of the board’s review of its new plans, while the development team makes design changes requested by the city.

The casino must obtain its license from the lottery board by November 2025, or the referendum approved by Norfolk voters in 2020 becomes null and void under state law.

In Central Virginia, Petersburg will hold a casino referendum in November, asking voters to approve casino gaming. During an April meeting, the Petersburg City Council voted to endorse  a proposal from The Cordish Cos. canceling a competitive bidding process.