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Casino

Casinos in VIrginia report $57M in October revenue

Tuesday 19 de November 2024 / 12:00

2 minutos de lectura

(Virginia).- Gaming revenues for Virginia’s three casinos totaled $57.04 million in October, according to data the Virginia Lottery released Friday.

Casinos in VIrginia report $57M in October revenue

Last month, the temporary Bristol Casino: Future Home of Hard Rock reported about $13.41 million in adjusted gaming revenues (wagers minus winnings), of which about $11.16 million came from its 898 slots and about $2.26 million from its 29 table games. The Virginia Lottery Board approved HR Bristol’s casino license in April 2022, and the Bristol casino’s temporary facility opened in July 2022, making it the first operating casino in Virginia. The permanent casino resort opened Thursday.

After the lottery board approved its license in November 2022, Rivers Casino Portsmouth opened as Virginia’s first permanent casino in January 2023. In October, the casino generated more than $17.72 million from its 1,419 slots and over $7.70 million from its 85 table games, for a total AGR of $25.42 million.

The temporary Caesars Virginia casino in Danville, which received its casino license in April 2023 and opened in May 2023, reported $18.21 million in AGR last month. Approximately $13.39 million of that came from its 826 slots, and more than $4.81 million came from its 36 table games. The $750 million permanent facility is set to open Dec. 12.

October’s casino gaming revenues were a $481,535 increase from the $56.56 million reported for September.

Virginia law assesses a graduated tax on a casino’s adjusted gaming revenue. For the month of October, taxes from casino AGRs totaled about $11.54 million.

Under Virginia law, 6% of a casino operator’s AGR goes to its host locality until the operator passes $200 million in AGR for the year, at which point the host locality’s tax rate rises to 7%. If an operator passes $400 million in AGR in the calendar year, that rises to 8%.

For October, Portsmouth received 7% of the Rivers Casino Portsmouth’s AGR, getting more than $1.78 million. Danville received 6% of the Caesars Virginia casino’s adjusted gaming revenue, amounting to roughly $1.1 million. For the Bristol casino, 6% of its adjusted gaming revenue — $804,831 last month — goes to the Regional Improvement Commission, which the General Assembly established to distribute Bristol casino tax funds throughout Southwest Virginia.

The Problem Gambling Treatment and Support Fund receives 0.8% of total taxes — about $92,313 last month. The Family and Children’s Trust Fund, which funds family violence prevention and treatment programs, receives 0.2% of the monthly total, which was approximately $23,078 in October.

The team behind the delayed Norfolk casino — which has had a change in ownership and in name — held a groundbreaking ceremony for the casino Oct. 30. The Pamunkey Indian Tribe remains a partner, but Boyd Gaming replaced Tennessee investor Jon Yarbrough. The entities have scrapped the name HeadWaters Resort & Casino and now refer to it as the Norfolk Casino Resort.

In November, more than 80% of Petersburg voters said yes to the city’s casino referendum.

Categoría:Casino

Tags: Sin tags

País: United States

Región: North America

Event

GAT EXPO CARTAGENA 2025

28 de April 2025

Colombian Olympic Committee, GAT Expo, and Colombian Official Esports Announce Historic Partnership to Promote Esports as an Olympic Discipline in Colombia

(Cartagena) - The Colombian Olympic Committee (COC) and GAT Esports have sealed a strategic partnership to promote esports as part of the country's professional sports ecosystem. The announcement was made at a formal ceremony held at the gaming industry products and services exhibition hall, attended by Marco Emilio Hincapié, President of Coljuegos, COC executives, José Aníbal Aguirre, CEO of GAT Esports, media, and special guests.

Wednesday 30 Apr 2025 / 12:00

GAT Expo 2025: Novelties, technology, innovation, and high-level networking in the magical city of Cartagena

(Cartagena, SoloAzar Exclusive).- Today concludes GAT Expo Cartagena 2025, which has taken place this week with the presence of 23 countries and more than 70 international brands in the historic city of Cartagena de Indias, with its cobblestone streets, flower-filled balconies, and centuries-old walls.

Wednesday 30 Apr 2025 / 12:00

Successful Start to GAT Expo Cartagena 2025, Which Continues with Two Days of Gaming Sector Exhibitions

(Cartagena, SoloAzar Exclusive).- Perfect attendance and strong performance were the highlights yesterday at the GAT Academy conference series at the start of GAT EXPO Cartagena, which continues today and tomorrow with the exhibition of products and services from important companies in the gaming sector, both traditional and online.

Tuesday 29 Apr 2025 / 12:00

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