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Virginia gambling and casino market continues to optimize and adjust

The three casino destinations in the southern American state of Virginia had a very fruitful May as their aggregated adjusted gaming revenues rose by almost 38% year-on-year to top $62.7 million.

Virginia legalized casino gambling in February of 2020 and currently hosts the Rivers Casino Portsmouth, Caesars Virginia, and Hard Rock Hotel & Casino Bristol facilities, all of which feature a selection of over 3,100 slots alongside more than 140 gaming tables offering baccarat, poker, blackjack, roulette, mahjong and craps entertainment.

Encouraging Escalation

Information from the Virginia Lottery regulator shows the May result was 4.3% above the previous month’s finishing tally of $60.1 million and only 3.5% below the record of $65 million set in March. 

The reckoning for the 31-day period also took the trio’s year-to-date score up to approximately $297.9 million, which is nearly 67% above the $178.8 million recorded for the same five-month period in 2023.

The temporary forerunner of the Hard Rock Hotel & Casino Bristol facility opened its doors in July of 2022 and is due to be replaced by a more permanent $550 million property from later this year. 

Its Rivers Casino Portsmouth and Caesars Virginia counterparts similarly premiered interim enterprises some six and ten months later, respectively, while the federally-recognized Pamunkey Indian Tribe is working to bring a fourth gambling-friendly property to ‘The Old Dominion State’ from as soon as November of 2025.

Specific Success

The 50-acre Rivers Casino Portsmouth enterprise was the most lucrative gambling-friendly facility in Virginia last month as its adjusted gaming revenues swelled by 1.9% month-on-month and 30.5% year-on-year to hit $26.9 million. The venue from operator Rush Street Gaming features a 50,000-square-foot casino alongside multiple restaurants, a virtual golf suite, and a 3,000-seat events center.

For its part, the Caesars Virginia venue from Caesars Entertainment Incorporated recorded May adjusted gaming revenues of some $20.2 million, which represented a boost of 2.5% month-on-month and 69.7% year-on-year. 

This interim enterprise in the city of Danville has a 40,000-square-foot casino but is set to be replaced later this year by a much larger successor embracing a 320-room hotel, a full-service spa, a pool, a variety of dining options, and a 2,500-seat events center.

Finally, Hard Rock International’s temporary Hard Rock Hotel & Casino Bristol facility saw its adjusted gaming revenues for May escalate by 10.8% month-on-month and 19.3% year-on-year to well beyond $15.4 million. 

The operator’s detailed gambling at this enterprise is to soon be switched to an adjacent and much larger building complete with a 750-room hotel, a sportsbook, a 3,200-seat theater, and an outdoor entertainment center.

Ample Assistance

The Virginia Lottery explained that the trio of casinos paid approximately $11.2 million in tax on their May gaming revenues, which represented an increase of 3.7% month-on-month and 38.2% year-on-year. 

The regulator revealed these proceeds are regularly utilized to fund the state’s Problem Gambling Treatment and Support Fund, Family and Children’s Trust Fund, Regional Improvement Commission, and various programs run by the venue’s host cities.

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