Virginia’s burgeoning casino industry has reported robust revenues for the month of July in the year 2023. The state’s three operational casinos, namely the Hard Rock Hotel & Casino Bristol, Rivers Casino Portsmouth, and Caesars Virginia, have significantly contributed to the financial landscape.
According to the recently released report by the Virginia Lottery, the combined gaming revenue from these casinos for July amounted to $57.3 million. Virginia’s regulatory framework employs a graduated tax system based on a casino’s Adjusted Gross Revenue (AGR), calculated as wagers minus winnings.
In compliance with this structure, the casinos collectively contributed $10.3 million in taxes, which were then directed to the Gaming Proceeds Fund.
Breaking down the revenue streams for the month, the slot machines emerged as the leading contributor, accounting for $41,197,396.28 in revenue. On the other hand, table games made a substantial contribution as well, generating $16,098,556.50.
The trajectory of Virginia’s gaming expansion becomes evident through the casino licenses’ approvals by the Virginia Lottery Board.
The authorization for Hard Rock Hotel & Casino Temporary Bristol came in April 2022, leading to its opening on July 8, 2022. Rivers Casino Portsmouth secured its license approval in November 2022 and commenced operations on January 23, 2023.
Similarly, Caesars Virginia’s license was granted in April 2023, and its temporary facility in Danville began serving patrons on May 15, 2023.
The allocation of tax proceeds derived from casino AGR is a notable aspect, with portions earmarked for various funds and recipients. These include the Problem Gambling Treatment and Support Fund, the Family and Children’s Trust Fund, and the host city in which the casino operates.
For the Bristol casino, a specific proportion of taxes directed to the host city is channeled to the Regional Improvement Commission (RIC).
While the specifics of tax distribution vary, the monthly breakdown of casino-generated taxes is as follows: 6% of AGR amounting to $10,313,271.50 for the host city/RIC, 0.8% of total tax resulting in $3,437,757.17 for the Problem Gambling Treatment and Support Fund, and 0.2% of total tax summing up to $20,626.54 for the Family and Children’s Trust Fund.
Original article: https://www.yogonet.com/international/noticias/2023/08/17/68350-virginia-casino-gaming-revenues-reach-573-million-in-july-2023
