After eclipsing $60 million in monthly revenue from March through May, Virginia’s three casinos have fallen just short of that mark for the last two months.
Virginia casinos generated $59.3 million in July revenue, around 0.3% less than the $59.5 million they earned in June. Despite the narrow miss, July was a solid month, showing 3.6% growth from $57.3 million in July 2023.
While July’s revenue was a five-month low, it was also the fifth-highest revenue total in state history. Casino revenue now totals $417 million for the year.
Two of three casinos show yearly growth
Old Dominion voters legalized casinos in November 2020, three of which are operational. Retail and mobile sports betting are also legal, but Virginia online casinos remain prohibited.
Two of the state’s three casinos run out of temporary buildings. The only permanent facility, Rivers Casino Portsmouth, generated the most revenue in the state. Its $25.7 million comprised 43% of the state’s casino revenue and grew by 14.9% from the previous year ($22.4 million).
Caesars Casino Danville, which opened in May 2023 as Virginia’s third casino, had $18.8 million in July revenue. It was the only casino with a lower revenue than the previous year, declining by 12.2% from $21.4 million in July 2023.
Lastly, Hard Rock Casino Bristol reported the final $14.8 million, a 9.7% yearly increase from $13.5 million. HR Bristol was the state’s first casino, opening its temporary facility in July 2022.
Slots up, table games down
Slot machines carried the growth for Virginia casinos in July. Their $44.3 million was nearly 75% of the state’s revenue and represented a 7.6% yearly growth, while table games revenue dropped by 6.8%.
Unsurprisingly, Rivers Portsmouth led the state in both categories. Its $18.3 million slot revenue was up 27.8% yearly, but its $7.4 million from table games fell by 7.7%.
Although it remained second, Caesars Danville almost had double-digit declines across the board. Its $14.4 million from slots was down 9.5% yearly, and its $4.4 million from table games plummeted 19.9%.
Despite being the smallest casino in the state, HR Bristol was the only facility to show yearly gains in slots and table games. It had $11.7 million in slot machine revenue (+6.1% YoY) and $3.1 million from table games (+25.2% YoY).
Tax bill totals $10.7 million
Virginia’s three casinos amassed a $10.7 million tax bill in July. Rivers’s share was $4.6 million, Caesars’s was $3.4 million, and HR Bristol’s was $2.7 million.
The majority of that money went to the state’s Gaming Proceeds Fund ($7 million), with each casino contributing the following amount:
- Rivers Portsmouth: $3 million
- Caesars Danville: $2.2 million
- HR Bristol: $1.8 million
Another $3.6 million went to host cities, which receive 6% of their casino’s monthly revenue. Bristol’s statute requires a portion of its share to go to its Regional Improvement Commission.
The cities’ monthly allocations were:
- Portsmouth: $1.5 million
- Danville: $1.1 million
- Bristol: $891,000
The final 1% went to the state’s Problem Gambling Treatment and Support Fund (0.8%; $85,000) and Family and Children’s Trust Fund (0.2%; $21,400).
Two permanent casinos coming by end of year, a third on the Nov. ballot
Virginia casino revenue has improved in 2024, but it’s nowhere near its ceiling.
Caesars Entertainment CEO Tom Reeg said during the company’s Q2 earnings call the permanent Caesars Danville facility should open by December. The new casino will have 1,300 slot machines and more than 100 table games, live and electronic, all significant increases from its current totals (862 slots and 36 table games).
The permanent HR Bristol facility should open before December. Casino president Allie Evangelista announced a delayed opening of its $550 million resort earlier this summer to line up all its ducks in a row but plans to complete the project by late fall.
HR Bristol’s new casino will offer 1,500 slot machines and 75 table games, up from 915 and 29, respectively. The two permanent facilities could increase casino revenue by $28 million per month.
Along with two permanent casinos, a third potential casino will be on the November ballot. Maryland-based Cordish Companies and Bruce Smith Enterprises have spearheaded a Petersburg casino proposal that now has a campaign office and a leadership team in the area.
If voters approve a Petersburg casino, the developers plan to have a temporary casino up and running by the end of 2025.
