Hard Rock Casino in Bristol earns $2.4m for regional fund
The funds earned in the first quarter will go toward education, transport and public safety.
Through the first quarter of the year, the Hard Rock Casino in Bristol, Virginia earned $40.3m in adjusted gross revenue, $2.4m of which will be moved into a regional fund.
The amount put into this regional fund goes toward the improvement of education, transportation and public safety across southwest Virginia.
If the casino’s average daily revenues continue to hold at their current rate, it would bring in 33% more than a legislative study’s predicted 2025 annual revenue.
The Hard Rock Casino grossed 3.5% more each day in September than it had in August with $14.3m in adjusted gross revenue.
This amount is taxed at 18%, and 6% of this amount goes to a commission that represents twelve southwest Virginia counties and two cities.
Virginia’s Joint Legislative Audit & Review Commission projected net gaming revenue of $130m for Bristol’s casino.
Slot machine revenue at the location dropped in September but only slightly. The casino brought in $11.3m in September compared to $11.4m in August.
September was just the second full month of reported revenues for the casino. Since opening day, reported adjusted gross revenue from slot machines was under $33m while table games brought in $7.3m.
On a per-day basis, the casino averaged $476,839 in September, compared to $460,625 in August.
All funds that go to the Bristol Transportation District Regional Improvement Commission (RIC) are distributed by the Virginia Lottery each quarter.
Local governments that are part of the RIC must use the funds to improve transportation, education and public safety.
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