Virginia casino revenue down for third month to $49.6m
Adjusted gaming revenue is the lowest it has been since the opening of all three Virginia casinos.
The Virginia Lottery has released its financial report on casino activity for October, showing a 250% increase in adjusted gaming revenue (AGR) to $49.6m.
The number of casinos themselves has increased in Virginia, however, as only one gaming venue, Hard Rock Bristol, was open in October 2022; Rivers Casino Portsmouth opened in January 2023 and Caesars Virginia opened in May this year.
Month-on-month, revenue has fallen slightly with September’s AGR, reaching $51.9m, with August bringing in $55.1m and July generating $57.3m.
October represents the lowest total figure since the first month that all three of the state’s casinos were up and running.
Recently a proposed fourth casino in Richmond did not pass a second referendum. Churchill Downs & Urban One’s Richmond Grand was voted down by residents of the city for the second time, even with support and approval from the city council.
However, the Pamunkey Tribe has received a land purchase extension for a potential casino in Norfolk, and real estate company Comstock has shared plans to develop a potential casino in Reston. Virginia law currently permits gambling in five cities but has opened casinos in Bristol, Portsmouth and Danville.
Rivers Casino Portsmouth generated the highest total AGR with just over $20m, while Caesars Virginia brought in $16.8m and Hard Rock Bristol made $12.7m. Rivers Casino also made the highest individual revenues for both table games and slots, reaching $5.7m and $14.3m respectively.
In total, slots were more popular in Virginia, accounting for $37.2m of the $49.6m monthly total, while table games accounted for $12.3m.
The monthly tax total reached $9.1m, with just over $3m returning to the casinos’ host cities, almost $73,000 going toward the Problem Gambling Treatment and Support Fund and over $18,000 going to the Family and Children’s Trust Fund.
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