Outperforming the standards
According to the Virginia Lottery, slot machines produced $43 million of the total AGR. Table games made up the remaining $13.5 million, or 23.9 percent, of the state’s September AGR.
In total, slot machine revenue increased 10.4 percent and table game revenue increased 4.7 percent compared to the same time last year.
Virginia has a tiered tax system that mandates different rates depending on casinos’ performances. An 18 percent charge is imposed on the first $200 million of adjusted gross receipts collected in one calendar year before the rate rises to 23 percent for the next $200 million and 30 percent for all amounts above $400 million.
In accordance with this and the casinos’ reports, Virginia state and local governments collected $11.4 million in gaming taxes in September. That represented a 21.9 percent year-over-year increase.
$7.6 million went to the Gaming Proceeds Fund, which funds a variety of projects and interests; $3.6 million was awarded to the host city of the casinos; $91,123.67 was allocated for problem gambling treatment; and the final $22,784.17 was given to the family and Children’s Trust Fund.
Virginia casino market expansion
Caesars Virginia in Danville performed the worst of all local casinos and was the only one to report a year-over-year decrease as revenue fell 4.6 percent.
Rivers Casino Portsmouth reported 20.7 percent growth in revenue, while Hard Rock Bristol beat last September’s total by 10.8 percent.
Although Virginia’s casino industry has fallen behind its sports betting market, it is preparing to welcome a long-awaited casino in Norfolk.
The casino in question was approved by voters in November 2020, though very little progress was made during the following years.
A news release shared on Tuesday revealed that the CEO of Boyd Gaming, the Pamunkey Indian Tribe’s chief, and the mayor of Norfolk will speak at an event on October 30. This comes after the Norfolk City Council approved a casino project last month.
The casino must be built and licensed by November 2025. The planned facility will include 200 hotel rooms, 1,500 slot machines and 50 table games on the casino floor, restaurants, bars, and much more.
