Report: Virginia casinos would generate $260m in gaming tax revenue annually
The creation of five state casinos in Virginia would bring in approximately $260m of gaming tax revenue per year, a study has found.
The study, produced by the Joint Legislative Audit and Review Commission for the Virginia
General Assembly, analyzed projected costs and revenue at potential casinos in Bristol,
Portsmouth, Norfolk, Danville and Richmond.
The five casinos would bring an annual total net gaming revenue of $969m, according to the report.
Richmond’s casino would account for approximately 31% of all net gaming revenue and gaming tax revenue.
While Northern Virginia was left out of SB 1126, the report said a casino in the densely-
populated region would generate an additional $155m of annual statewide gaming tax revenue.
Existing forms of gaming, including horseracing, could see revenue streams decline with the creation of casinos.
Horseracing revenue would fall by as much as 45%, according to the study.
The report found sports wagering could bring up to $55m of annual tax revenue.
Virginia could authorize sports wagering without or before the development of casinos.
The report was conducted in response to the General Assembly approving casino legislation earlier this year.
SB 1126 allows for citizens of five Virginia localities to pass or vote down a referendum that would authorize casino development.
The referendum is expected to reach the ballot box in November 2020.
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