October proved to be yet another lucrative month for Virginia's casino industry, with gaming revenues totaling a substantial $82.1 million.
This figure is not only impressive, but also the result of the combined efforts of three major players in the Virginia gaming scene: Hard Rock Bristol, Rivers Casino Portsmouth, and Caesars Virginia.
The announcement comes just weeks after finding out revenue from Virginia's casinos was up 30% year-over-year. It also comes at a time when Roanoke city officials are discussing a plan to add a casino of their own.
This is the third consecutive month Virginia casinos delivered strong performances.
A Breakdown of October's Virginia Casino Performance
The gaming action in Virginia is split between the ringing slots and the strategic table games, both of which contribute significantly to the state's Adjusted Gross Revenue (AGR).
Slots and Table Games Revenue
- Slot Machines: Slots remain the favorite among many casino-goers. In October, Hard Rock Bristol, Rivers Casino Portsmouth, and Caesars Virginia collectively generated $60.59 million from slot machines alone.
- Table Games: For those who prefer games that require more strategy and skill, table games across the three casinos earned $21.54 million.
Casino-Specific Insights
- Hard Rock Bristol: With 1,372 slot machines and 73 table games, Hard Rock Bristol pulled in an AGR of $21.18 million.
- Rivers Casino Portsmouth: Operating 1,426 slot machines and 84 table games, this casino generated an AGR of $27.31 million.
- Caesars Virginia: As the leading contributor for October, Caesars Virginia, with 1,478 slot machines and 100 table games, amassed an AGR of $33.64 million.
Virginia Casino's Tax Contributions and Allocations
Under Virginia law, a graduated tax is levied on the casinos' AGR—essentially the wagers made minus the winnings paid out. This month, $18.4 million in taxes were routed to the Gaming Proceeds Fund, benefitting a wide array of public programs and initiatives.
Detailed Tax Allocation
Host City Benefits:
- A significant portion of the taxes goes back to the cities hosting these casinos. Hard Rock Bristol contributes to the Regional Improvement Commission with a figure derived from 6% to 7% of its AGR. Together, the casinos have contributed over $5.65 million to local host cities and entities.
Support Funds:
- Problem Gambling Treatment and Support Fund: To curb and treat problem gambling, 0.8% of the total tax collected ($147,490.60) is dedicated to this fund.
- Family and Children's Trust Fund: Receiving 0.2% of the total tax ($36,872.65), this trust fund supports family and children's welfare programs.
Remaining Funds:
- The remaining funds, totaling approximately $12.59 million, remain in the Gaming Proceeds Fund, serving as a vital pool for future allocations and initiatives.
Casinos in Virginia Expected to Stay Strong
October's strong performance underscores the rapidly growing appeal of Virginia's casino industry and its vital role in supporting public projects and local economies.
As the state continues to harness the potential of this industry, future revenues and their resulting allocations will likely spur even more community benefits, thereby solidifying the casino sector as a key economic player in Virginia.
