The Virginia Lottery released its report on casino gaming activity for October 2024, showcasing the impressive performance of the state’s three operational casinos: HR Bristol, Rivers Casino Portsmouth, and Caesars Virginia. Together, these casinos generated $57.0 million in adjusted gaming revenue (AGR), resulting in $11.5 million in state taxes paid to the Gaming Proceeds Fund.
Casino Revenue Highlights
Gaming revenue from slot machines totaled $42.3 million, while table games contributed $14.8 million. Rivers Casino Portsmouth led the group with $25.4 million in AGR, followed by Caesars Virginia with $18.2 million, and HR Bristol with $13.4 million.
A breakdown of each casino’s performance includes:
- HR Bristol: With 898 slot machines generating $11.2 million and 29 table games adding $2.3 million, HR Bristol contributed significantly to the total.
- Rivers Casino Portsmouth: Featuring 1,419 slot machines that earned $17.7 million and 85 table games generating $7.7 million, Rivers Casino emerged as the top performer for the month.
- Caesars Virginia: Its 826 slot machines brought in $13.4 million, and 36 table games added $4.8 million, securing its spot as the second-highest contributor.
Tax Contributions and Allocations
Virginia law applies a graduated tax on the AGR, distributing funds to various initiatives. Of the $11.5 million in taxes collected for October, allocations included:
- Host Cities and Regional Improvement Commission (RIC): $3.68 million was distributed, with specific amounts allocated to the host cities and, in Bristol’s case, the RIC.
- Problem Gambling Treatment and Support Fund: $92,313 was dedicated to addressing problem gambling issues statewide.
- Family and Children’s Trust Fund: $23,078 was allocated to programs supporting families and children.
- Remaining Funds: $7.75 million was deposited into the Gaming Proceeds Fund for broader state use.
A Growing Casino Industry in Virginia
The development of Virginia’s casino industry is relatively recent, with each of the three operational casinos opening within the past two years.
- HR Bristol opened its temporary facility in July 2022, becoming the state’s first casino.
- Rivers Casino Portsmouth began operations in January 2023.
- Caesars Virginia launched its temporary facility in May 2023.
These casinos represent significant investments in their host communities, providing entertainment options, economic growth, and substantial tax revenue for the state.
Supporting Local and Statewide Initiatives
The revenue generated by Virginia’s casinos not only supports economic growth in the host cities but also funds essential statewide programs. By directing tax revenue to the Problem Gambling Treatment and Support Fund and the Family and Children’s Trust Fund, the state ensures that its gaming industry contributes to community well-being and support services.
As the Virginia casino industry continues to expand and evolve, the October 2024 performance underscores the sector’s importance in driving economic benefits and enhancing entertainment options for residents and visitors alike.
