Virginia casino revenue up 13.9% in October 2024
Key Takeaways
- Casino revenues in Virginia increased by 13.9% in October 2024 compared to the previous year.
- Total income from the three active casinos amounted to $57 million USD.
- Rivers Casino Portsmouth led the revenue with $25.4 million USD.
- Slot machine revenues dominated with $42.3 million USD, while table games contributed $14.8 million USD.
- The casinos’ tax contributions totaled $11.5 million USD, with $7.7 million USD allocated to the Gaming Proceeds Fund.
Steady Growth in Casino Revenues in Virginia
The casino industry in Virginia continues to show strong performance. In October 2024, the state’s three active casinos generated a total adjusted gross revenue (AGR) of $57 million USD. This represents a 13.9% increase compared to October 2023. These figures were released by the Virginia Lottery, which monitors casino revenues.
Rivers Casino Portsmouth Leads the Revenue
Rivers Casino Portsmouth was the top revenue generator, contributing $25.4 million USD to the total. Caesars Virginia followed in second place with $18.2 million USD, while Hard Rock Bristol generated $13.4 million USD. Slot machine revenues accounted for the largest share, with $42.3 million USD, while table games brought in $14.8 million USD.
Tax Contributions and Distribution
In addition to revenues, the casinos made significant tax contributions. In October 2024, total tax payments amounted to $11.5 million USD, an increase from $9.1 million USD in October 2023. Rivers Casino Portsmouth alone paid $5.8 million USD in taxes. Of the total contributions, $7.7 million USD was allocated to the Gaming Proceeds Fund, which is used for charitable purposes. A smaller amount of $92,313 USD was directed to the Problem Gambling Treatment and Support Fund, which supports programs for gambling addiction treatment.
Comparison to Previous Months
A positive trend can also be seen when comparing with the previous month. In September 2024, AGR stood at $56.6 million USD, slightly below the October figures. Rivers Casino Portsmouth remained the leader in September with $24.2 million USD. These continuous increases underscore the growing importance of the gaming sector in Virginia.
Sports Betting on the Rise
In addition to rising casino revenues, Virginia saw strong growth in the sports betting sector in September 2024. The handle (total amount wagered) increased by 20% year-over-year, reaching $622 million USD. This shows that not only the casino industry but also the sports betting market in Virginia continues to expand.
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Our Assessment
The casino industry in Virginia continues to develop positively, as reflected in the rising revenues and tax contributions. Rivers Casino Portsmouth, in particular, shows strong performance and remains the main player in the state. The growth in sports betting is also an indicator that the gaming market in Virginia is on a stable growth path. In the long term, this could lead to further expansion of the industry and additional revenues for the state.
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