The Bristol Casino has once again reported impressive revenue figures for the month of March, generating more than $13.8 million in adjusted gross revenues (AGR) from both slots and table games. This represents an increase from the roughly $13.7 million generated in February, according to a news release from the Virginia Lottery.
Bristol Casino’s Revenue $13.8M
The casino’s success is not only good news for its owners but also for the state of Virginia, which received more than $2.48 million in taxes from the casino’s AGR in March. The Virginia Lottery reported that the casino earned $11,890,991.30 from 888 slot machines and $1,913,391.75 from 29 table games, for a total of $13,804,383.05.
As required by law, a portion of the taxes generated by the casino’s AGR will go towards various funds, including the Problem Gambling Treatment and Support Fund, the Family and Children’s Trust Fund, and the host locality. However, the Bristol Casino’s taxes are also designated to support the Regional Improvement Commission, which facilitates revenue sharing throughout Southwest Virginia.
The commission is set to receive $828,262.98, while the Problem Gambling Treatment and Support Fund will receive $19,878.31, and the Family and Children’s Trust Fund will receive $4,969.58. The remaining $1,631,678.08 will be allocated to the Gaming Proceeds Fund.
This success story is even more remarkable when considering that the Bristol Casino only opened its doors to the public in July 2022, after the Virginia Lottery Board approved the casino license for Hard Rock Bristol in April of the same year. The temporary facility, located on the site of the former Bristol Mall, has since become a popular destination for both locals and visitors alike.
This success has been replicated elsewhere in the state, with the Virginia Lottery Board approving the casino license for Rivers Casino Portsmouth in November 2022. The Virginia Lottery assumed regulatory oversight of casino gaming in the state in 2020, with the taxes generated by casino gaming going towards priorities as determined by the General Assembly.
The Bristol Casino’s consistent revenue generation is a clear indication that casino gaming can provide significant economic benefits to communities and the state as a whole. Not only does it provide jobs for residents, but it also generates revenue that can be used to fund important social programs and improve infrastructure.
As more casinos continue to open in Virginia, we can expect to see similar success stories emerge. It’s an exciting time for the state, and we look forward to seeing how the gaming industry continues to grow and evolve in the coming years.