September 16, 2022 Casino, Finance, Results

Hard Rock Bristol posts gross revenue of $14.3m in August

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Wagers spent on table games totaled $2.8m, nearly doubling the amount from July.

In its first full month of operation, the Hard Rock Bristol posted adjusted gross revenue (wagers minus winnings) of $14.3m in August, a 22% increase over the numbers from July. 

The amount spent on table games nearly doubled its $1.5m posting from July, coming in at $2.8m in August. 

The location has now yielded a total of almost $4.7m in taxes over 55 days in operation based on the 18% total tax rate.

A third of the tax revenue or 6% of the total adjusted gross revenue (AGR) will go directly to the Regional Improvement Commission where it's split among twelve Southwest Virginia counties, the City of Bristol and the town of Norton.

On a per-day average, the AGR dipped in August, falling 5.7% to $460,625 a day from $488,228 last month. 

In table games, the daily average went up nearly 50%, going from $61,708 a day in July to $91,581 a day in August.

Another 1% of total taxes is split between the problem gambling treatment and support fund, which gets 0.8%. The other 0.2% goes to a family and children’s trust fund.

Funds to these areas now total about $37,000 for the gambling treatment fund and $9,300 for the family and children’s trust fund.

The rest of the tax revenue goes to a state gaming proceeds fund. At the moment, that total is just over $3m. 

Casino gaming law in Virginia requires revenue from the commission to be spent on education, transportation and public safety.

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