Virginia Gambling Revenue Grows, Petersburg Next in Line For a Casino

By Keith Stein,
Editor at online-gambling.com

Keith Stein Editor at online-gambling.com

As a self-starter and goal-driven, Keith took up freelance writing in 1994 and within a few years moved into a full-time journalist position in 1997 in Washington, D.C. In recent years, he has published over 100 articles that focus on gambling news, reviews, and tips and tricks to give the player a slight advantage.

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Last updated: April 15, 2024

The Virginia Lottery released its monthly report on casino gaming activity this week. The Commonwealth currently has three casinos operating in the state:? Hard Rock Bristol Casino, Rivers Casino Portsmouth, and Caesars Virginia Danville Casino. Bristol Casino and Danville Casino are temporary casinos that will grow into full resort destinations later this year.

The latest monthly financial report focused on revenue numbers for the three locations during March.

Combined, the three locations racked up $65 million in adjusted gross revenue (AGR), a considerable jump of 11.9% from February’s $57.3 million.

Bristol Casino alone recorded $16.2 million in AGR for the month, 17.9% higher than February’s $13.3 million, making it their best month since opening in July 2022. A previous high of $14.9 million was set in December 2023.

Bristol Casino was Virginia’s first casino, opening in 2022 with 870 slot machines and 21 table games. Today, still a “temporary facility,” the location provides 911 slot machines and 29 table games. The full resort facility and hotel are scheduled to open later this year.

As in previous months, Rivers Casino Portsmouth led revenue numbers once again in March. Owned and operated by Chicago-based Rush Street Interactive, the facility reported $27.7 million AGR for March, up 8.94% ($2.4 million) from February’s $25.2 million. Portsmouth opened in January 2023 with 1,420 slot machines and 81 table games. Today, the casino provides 1,462 slot machines and the same 81 table games for guests.

Located in the?Southside Virginia?region, Danville Casino reported $21 million in AGR for the month, up 11.12% ($2.3 million) from February’s $18.7 million. Opening in May 2023, the facility had 768 slot machines and 25 table games. Today, the location provides 808 slot machines and 33 table games for players.

Virginia law assesses a tax on all casino AGR, or wagers minus winnings. The Commonwealth collected over $11.7 million in taxes for March, up 11.9% ($1.3 million) from February’s $10.3 million. Sports betting taxes are also on the rise despite smaller sportsbooks exiting the market.

More Casinos In The Future

Five cities in Virginia were approved to develop casinos based on legislation passed in 2020. Bristol, Portsmouth, Danville, Norfolk, and Richmond were the designated cities.

Richmond residents voted down the idea of casinos in the capitol twice, once in 2021 and again in 2023.

A $500-million casino in Norfolk, titled HeadWaters Resort & Casino, has gone through a series of design changes since 2020 and experienced little to no movement going forward recently. That casino is under development by the Pamunkey Indian Tribe.

The Petersburg Factor

Following residents rejecting a casino in Richmond, the City of Petersburg has stepped in for a shot at building a gaming & entertainment district just 25 miles south of Richmond. Petersburg officials see the casino as “the largest economic development and tourism project in the city’s history,” according to a press statement.

“This decision follows a three-year journey to allow Petersburg citizens to vote on a transformative project that will bring positive change for generations to come,” the city said in a press release.

Looking ahead, Petersburg will quickly move toward preparing for a November 2024 referendum on the ballot for residents to vote on the casino project.

“City Manager March Altman will spearhead the formation of a committee of city team members and community representatives to plan this significant initiative,” city officials said.