Virginia Casinos Earn $63.6M in November 2024
### Key Highlights
The three casinos in Virginia generated a total revenue of $63.6 million in November 2024. Slot machines were the largest source of income, contributing $47.9 million, while table games added $15.7 million. Rivers Casino Portsmouth led the rankings with $25.7 million, followed by Caesars Virginia with $19.7 million and HR Bristol with $18 million. The casinos paid $13.3 million in taxes, which were allocated to support community projects. Additionally, Caesars Virginia is nearing the opening of its permanent casino.
### Casino Revenue Breakdown
The Virginia Lottery has released the revenue figures for the state’s three casinos. In total, $63.6 million in adjusted gaming revenue was generated in November. Slot machines dominated with $47.9 million, accounting for approximately 75% of total revenue. Table games contributed $15.7 million.
Rivers Casino Portsmouth was the most profitable casino, generating $25.7 million. Caesars Virginia followed with $19.7 million, while HR Bristol contributed $18 million to the overall results.
### Tax Contributions and Their Significance
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Out of the casino revenues, $13.3 million flowed into the Gaming Proceeds Fund. This fund is used to support local community programs and initiatives. The casinos’ tax contributions thus play a vital role in promoting regional projects and improving the quality of life in Virginia.
### Caesars Virginia: New Developments
Caesars Virginia is preparing to open its permanent casino on December 17, 2024. The temporary casino, which has been operational for over a year, has already generated significant revenue. By October 2024, $29 million in combined taxes and revenue had been collected. The opening of the permanent casino marks a significant milestone and is expected to attract additional visitors.
### Challenges and Progress in New Casino Projects
While existing casinos in Virginia are thriving, there have been hurdles in approving new projects. Specifically, plans to establish a casino in Petersburg faced resistance in the Senate during 2022 and 2023. However, in early 2024, Petersburg made progress when local lawmakers approved the opening of a casino. Both the Senate and the House of Delegates agreed to the plan, paving the way for future developments.
### Our Assessment
Virginia is increasingly establishing itself as a prominent destination for casino entertainment. The revenue figures indicate strong demand for gambling offerings. At the same time, local communities benefit from tax contributions that support social and infrastructure projects. With the opening of the permanent Caesars Virginia casino and progress in Petersburg, the market is poised for further growth. However, it remains to be seen how future projects will be implemented politically and economically.
### Sources
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