The numbers keep going north, down south.
The latest figures from the Virginia Lottery show that casinos in Old Dominion celebrated a banner month in July, generating an impressive $84.7 million in adjusted gaming revenue.
The revenue uptick was driven by significant gains in two key categories: slots and table games. Slots led the charge, generating $62.1 million, a 40% jump from the previous year's $44.3 million. Meanwhile, table games revenue soared by 51%, climbing from $15 million to $22.7 million.
This upward trend has been seen for the past several months in Virginia, and it doesn't appear that it will slow down anytime soon.
Which Virginia Casinos Performed Best?
The improvement is attributed to the combined efforts of the state's three operating casinos: Hard Rock Bristol, Rivers Casino Portsmouth, and Caesars Virginia.
Caesars Virginia stood out with the most substantial revenue growth, surging nearly 87% from $18.8 million to $35.1 million. This increase was fueled primarily by a 137% rise in table games revenue, which reached $10.5 million.
Perhaps Wynonna Judd and Gary Allan had a hand in all of this.
Slots also played a vital role, accounting for nearly 70% of Caesars' total revenue as they rose from $14.4 million to $24.6 million.
Rivers Casino Portsmouth, while posting a smaller increase of 4.2%, remained a top earner with revenue growing from $25.7 million to $26.8 million. Slots revenue saw a modest 3.4% increase from $18.3 million to $18.8 million, and table games revenue rose from $7.4 million to $7.9 million.
Contributing Factors to Revenue Growth
The 42.8% increase in Virginia's gaming revenue can be credited to several factors:
- Expansion and New Opening: The debut of Caesars Virginia in December 2024 as the state's third permanent casino significantly boosted the market's capacity and presence.
- Slot and Table Game Performance: Both slots and table games experienced significant growth, with slots generating $62.1 million and table games $22.7 million.
- Caesars Virginia's Impact: Caesars Virginia notably drove growth, with an 86.5% revenue increase, largely due to a remarkable 137% rise in table games revenue.
- Nationwide Casino Trends: The broader industry trend of increasing traditional casino gaming revenue also contributed. Expanded market activities and higher player engagement nationwide played a part in these gains.
When casinos in the state earn money, they have to pay taxes.
For the Bristol casino, the money meant for the city goes to something called the Regional Improvement Commission (RIC). Although the timing of when these taxes are distributed can change, this is how the money from the casino's monthly earnings is shared.
Will Virginia Online Casinos Be Legalized Next?
Virginia's gaming industry is on an upward trajectory, evidenced by the substantial year-over-year revenue boosts.
As the casino market continues to expand and attract more players, the state is poised for ongoing growth and success in the coming years. This positive momentum underscores the vitality and potential of Virginia's gaming sector.
There was a serious legislative effort earlier in the year with Senator Mamie Locke introducing Senate Bill 827, which aimed to legalize and regulate online casino gaming in the state.
However, during a Senate subcommittee hearing, the bill was put on hold indefinitely to allow for further study, with hopes of revisiting in 2026. The proposal included allowing Virginia Lottery Board licenses for online casinos, a $1 million application fee, and a 15% revenue tax, permitting up to three online skins per each of the five retail casinos in Virginia.
Currently, Virginia offers legal online sports betting and land-based casinos in some cities, but no authorized online casino gambling.
