Published on 11/08/2024 11:46:52 43281i
Photo by Dusan Kipic on Unsplash
Virginia's gambling industry finds itself in an enviable position, and its casinos are performing better than ever. Figures for September showed that Virginian casinos enjoyed a 9% year-on-year increase, rising from $15.9 million to $56.6 million.
The key drivers in this AGR (adjusted gross revenue) rise were table games and slots. Revenue for slots rose to $43 million, a 10.4% increase, while table games showed 4.7% growth to $13.5 million. Slots ed for 76% of the AGR.
This is great news for the gambling industry as a whole, as well as for the state of Virginia, with tax revenue also rising by 21.9% to $11.4 million.
This revenue was generated by the three licensed casinos in the state, Rivers Casino Portsmouth, Caesars Virginia, and Hard Rock Bristol. Despite offering online sports betting markets, the state is yet to legislation that would allow online casino gaming. While there are some fears that this might detract from the land-based market, there is some evidence that online casinos can actually stimulate the market.
Gambling expert Vlad Grindu explains that gamblers can still enjoy online casino games with offshore operators who offer the best real money slot games. Consumers can enjoy competitive RTP (return to player) percentages, bonuses, and secure sites that are licensed in external jurisdictions.
While this option is popular among gamblers, it does not pay taxes to local authorities. This means that Virginia is missing out on a lucrative revenue stream that could be worth tens of millions.
Tax in the state is levied at 6% on up to $200 million AGR, 7% on AGR between $200 million and $400 million, and 8% on AGR receipts over $400 million.
Funds gathered are distributed to gambling programs, the state's Family and Children's Trust Fund, and a school construction fund.
Only one of the three casinos in Virginia saw a drop in AGR over the year, with Caesars Virginia reporting an AGR of 18.3 million. While the casino is the second most lucrative, it did show a drop of 4.6% on the previous year's figures.
The most successful casino was Rivers Casino Portsmouth which led the way with $24.2 million in adjusted gross revenue. As well as making the most, Rivers Casino also enjoyed the biggest year-on-year increase of 20.7%.
The Hard Rock Casino in Bristol was the lowest-performing casino in Virginia with a revenue total of $14.1 million. But this figure did show a 4.6% increase for the operators.
The revenue and tax totals for casino earnings are set to get another massive boost with the Pamunkey Indian Tribe and Boyd Gaming getting the go-ahead from Norfolk City Council to start work on construction of the state's fourth casino. The casino was approved by Norfolk citizens who voted in its favor in 2020, and it should be a welcome boost to employment during construction and when it is operational.
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