Virginia Casino Revenue Holds Steady Despite Downturn in July

While the summer heat has taken a toll on casino revenues across multiple states, Virginia’s land-based casinos have shown remarkable resilience. According to the latest figures from the Virginia Lottery, casino revenue in the state for July 2024 was down only slightly, by 0.3% compared to June. Despite this minor dip, year-over-year revenue saw a healthy increase of 3.8%, rising from $57.3 million in July 2023 to $59.5 million last month.

 

Key Points

• Steady Revenue: Virginia's casino revenue in July 2024 saw only a slight 0.3% decline from June, reaching $59.3 million, while year-over-year revenue increased by 3.8%.
• Hard Rock Bristol's Growth: Hard Rock Bristol's revenue rose by 3.43% in July, helping to offset declines at Rivers Casino Portsmouth and Caesars Virginia.
• Missed Online Casino Opportunity: Projections suggest Virginia could have generated over $100 million in June 2024 if online casinos were legal, highlighting a significant missed revenue opportunity.

 

Strong Performance Amid National Challenges

The slight month-to-month decline in Virginia is in sharp contrast to the more significant drops seen in other states. Overall, Virginia’s land-based casinos posted a total revenue of $59.3 million in July, just below the $59.5 million recorded in June. This resilience is partly attributed to the strong performance of Hard Rock Bristol, which saw its revenue increase by around $550,000 in July, helping to counterbalance declines at other properties.

The detailed breakdown of July's revenue shows that while Rivers Casino Portsmouth and Caesars Virginia experienced slight decreases—0.97% and 2.14%, respectively—Hard Rock Bristol’s 3.43% revenue increase played a key role in stabilizing the state’s overall numbers.

The conversation surrounding Virginia’s casino revenue inevitably leads to the topic of online casinos, which remain illegal in the state. Despite this, projections based on data from states where iGaming is legal suggest that Virginia could be missing out on significant revenue. An analysis by PlayUSA, using Census Bureau data and iGaming revenue reports, estimates that Virginia online casinos could have generated more than $100 million in June alone.

In states where online casinos are legal, such as Pennsylvania, Michigan, and New Jersey, iGaming has proven to be a significant revenue driver without significantly impacting land-based casino earnings. Despite these findings, there remains hesitation among lawmakers and casino operators in Virginia to embrace online casinos, largely due to concerns about potential competition with physical casino properties.

 

 

A Year of Growth

Despite the challenges posed by the summer heat and the absence of online gambling options, Virginia’s casino industry has consistently grown throughout 2024. July marked the seventh consecutive month of year-over-year revenue increases, with total revenue rising by more than $2 million compared to the same month last year.

As Virginia continues to navigate the evolving landscape of gaming, the potential introduction of online casinos remains a key consideration. However, for now, the state’s land-based casinos are holding their own, demonstrating resilience in a challenging environment.