Virginia’s casino industry is on an upward trajectory, with August 2024 marking a significant milestone. Compared to the $59.5 million in revenue generated by Virginia casinos in July 2024, August saw an increase of more than 6% increase. The final figure topped $63 million.
However, the good news doesn’t stop there. When we look at the year-over-year comparison, the numbers are even more impressive. Virginia casinos’ revenue in August 2024 saw a 14.54% increase compared to August 2023.
Let’s take a closer look at the numbers and their impact on the region’s top-rated sportsbooks.
Every Casino in Virginia Is up Month-Over-Month
All three casinos in Virginia increased their gaming revenue in August:
- Rivers Casino Portsmouth led the way, earning almost $27 million, which is a 3.7% rise from the previous month.
- Caesars Virginia improved by almost 9% from July, making just over $20 million in August.
- HR Bristol earned nearly $16 million, showing a 7.40% improvement from the previous month. This was its second-best revenue month ever and the casino set a new record for income from slot machines.
Virginia Casinos Contributing Big Tax Dollars
In August, Virginia casinos paid about $12 million in taxes to the state. The taxes are split into several parts:
- About 1% goes to the Problem Gambling Treatment and Support Fund.
- Around 0.2% goes to the Family and Children’s Trust Fund.
- The host city gets about 6% or 7% of the Adjusted Gross Revenue (AGR).
- The rest goes to the Gaming Proceeds Fund.
Out of the total $12 million:
- Rivers Casino Portsmouth paid about $5.2 million.
- Caesars Virginia paid around $3.7 million.
- HR Bristol contributed roughly $2.9 million.
The City of Danville will receive over $1.2 million in tax revenue for the month. Danville has now earned over $16 million in tax revenue since Caesars Virginia opened.
What’s Driving Casino Revenue in Virginia?
The end-of-summer rush of visitors helped to drive up the numbers, but there are several factors contributing to this upward trend.
One key driver of growth in Virginia’s gaming industry is the increasing number of gaming venues, including a new casino set to open in Norfolk. This new casino will be located on the historic Norfolk waterfront. It will feature a 200-room hotel, eight dining options, and a casino with 1,500 slots and 50 table games. Once completed, it is expected to create over 800 jobs and generate $290 million in local economic output annually, along with $30 million in tax revenue.
To bridge the gap until the permanent casino opens in 2027, a temporary casino will be built next year at Harbour Park.
Online Casinos Still Far From Fruition
While Virginia allows online sports betting, there have been no discussions about legalizing online casinos.
For it to happen, state legislators would need to create a bill to legalize online casinos. The bill must pass several approvals before it reaches Governor Glenn Youngkin. This process could take months or even years. Even then, it’s uncertain if Youngkin would support online casinos. He recently signed a bill for new problem gambling treatment initiatives. Considering his concerns for Virginia’s youth, online casinos might not be a priority for him right now.
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