Caesars Virginia completed its first full month in June and established itself as a power player in the Virginia market. There is still room for Caesars to grow considering it came up short of being the top earning casino in the state.
Despite Caesars’ success thus far, Rivers Casino Portsmouth generated the most revenue in Virginia in June and retained its title as the most profitable casino in The Commonwealth.
The three Virginia casinos combined to accumulate over $52 million in adjusted gross revenue in June, which outpaced the $45 million in May.
Caesars close to Rivers in June revenue despite less machines and games
Rivers Casino Portsmouth was the first permanent Virginia casino to open on Jan. 23. HR Bristol opened a temporary facility in July 2022 at the former Bristol Mall. On May 15, Caesars Danville Casino became the third casino to open in the state, pushing the Virginia casino market to a level it has never reached before. Virginia online casinos are still prohibited.
Caesars has about half as many slot machines and less than one-third of the table games as Rivers. Despite that, Caesars came within $1.6 million of Rivers in adjusted gross revenue (AGR), a mere 7.7% difference. The race to become Virginia’s favorite casino is on.
Here are how the three active casinos in The Commonwealth stacked up against one another in AGR.
- Rivers Casino Portsmouth: $20.5 million
- Caesars Virginia: $18.9 million
- HR Bristol: $12.7 million
Rivers generated $13.6 million of AGR from its 1,418 slot machines. It added another $6.9 million from its 81 table games. Ultimately, June’s AGR was just about $84,000 less than in May.
Caesars accumulated just under $14.4 million in AGR from its 768 table games. Another $4.5 million was generated from just 25 table games for a total of just under $19 million. That is over $7 million more AGR in June than in May’s half-month of operations.
HR Bristol generated $12.7 million in AGR, with nearly $10.5 million of that total coming from its 928 slot machines. The remaining $2.2 million came from its 29 table games. HR Bristol’s AGR fell by about $210,000 compared to May for a 1.6% difference.
Caesars success in Virginia has led to more tax dollars for the state
Adding a third casino to the Virginia market has made a significant difference in the tax money generated for the state.
In April, Virginia had only two casinos open, which led to just over $6.3 million in total tax dollars for the state. Jump ahead to June, the first full month with all three casinos active. Last month, tax money jumped all the way up to nearly $9.4 million.
Here are the three casinos ranked by tax dollars contributed to the state:
- Rivers Casino Portsmouth: $3.7 million
- Caesars Virginia: $3.4 million
- HR Bristol: $2.3 million
Ultimately, Caesars being opened led to 36% more tax money for Virginia.