Virginia’s three licensed casinos reported combined revenues of over $57 million in October, which was a mild month-over-month increase but a nearly 15% surge from October 2023.
Slots Dominate
Slot machines are a casino’s primary moneymaker, and that was proven again in October when Virginia’s casinos earned $42.3 million from the one-armed bandits while the remainder of the revenue, $14.8 million, was derived from table games. It was 14.9% higher than last October but only a 0.7% increase from September, or $481,535.
Hard Rock Hotel & Casino
The Hard Rock Hotel & Casino in Bristol became the first state-licensed casino to open its doors in 2022 and has been working out of a temporary facility until a little over a week ago when the permanent facility welcomed the public on November 14th. Of the three casinos operating in October, HR Bristol made the least amount of money, $13.4 million, which was up 5.8% from October 2023.
Caesars Virginia
Caesars Virginia is a partnership between the iconic Las Vegas-based gaming company of the same name and the Eastern Band of Cherokee Indians. It opened its temporary facility in May 2023, with the expected opening of the permanent casino arriving in December 2024.
Rivers Casino Portsmouth
Rivers Casino Portsmouth has been operating in its permanent complex since January 2023, and it was the most lucrative of the three casinos in October, delivering $25.4 million, which was a healthy 26.9% year-over-year rise and 5% ahead of the previous month.
Betting Tax Bracket
Under Virginia’s sports betting statutes, the host city or town receives a graduated percentage of the yearly adjusted gross revenues. Under $200 million in annual adjusted gross revenue, the host location will receive 6%, which increases to 7% between $200 million and $400 million. Annual adjusted gross revenues beyond $400 million are taxed at an 8% rate for the host location.
Mobile sports betting launched in OId Dominion in January 2021, with retail locations going live in July 2022. As of this writing, Virginia has not announced the top-rated sportsbooks’ handle for October and its respective revenues.
Hard Rock Bristol Opens Permanent Facility
The Hard Rock Bristol became only the second permanent casino operating in Virginia as of November 14, 2024. It was a noisy debut for the $515 million casino with bands playing and slot machines whirring while a 45-foot-tall guitar at the casino’s entrance greeted its customers to the newly-minted 303-room casino resort replete with 1,500 slot machines ready for action.
“Today is the day we go from operating a casino to operating a Hard Rock,” said Hard Rock Hotel & Casino Bristol President Allie Evangelista.
Music is the theme at all Hard Rock facilities scattered around the country, but the brand takes pride in immersing itself in the community it serves, including the style of music. “That’s very important to us,” Evangelista said. “We want to connect with Bristol because it is the Birthplace of Country Music.” Marcellus Osceola Jr., chairman of the Seminole Tribe of Florida, owners of the Hard Rock brand since 2007, echoed those sentiments and said. “We pride ourselves in immersing ourselves in a community,” Osceola said. “We love all—we serve all. That’s our motto.”
