Virginia Casinos Bounce Back in August 2024 with Revenue Surge

After two months of sluggish growth, Virginia casinos saw a welcome upswing in August 2024, as revenue rebounded with a 6.27% increase over the previous month. The Virginia Lottery’s report shows adjusted gross revenue (AGR) for casinos reached $63.1 million, marking a return to form as the state continues its gradual gaming expansion.

 

Strong August Performance Across the Board

August’s casino revenue growth follows a decline in June and July, making the 6.27% monthly increase noteworthy. The year-over-year comparison is even more impressive, with revenues showing a 14.54% rise compared to August 2023. This uptick signals not only a resurgence in visitor numbers but also a promising outlook for Virginia’s gaming industry.

Rivers Casino Portsmouth, the top performer, generated $26.65 million, a 3.71% increase from July. Caesars Virginia recorded an even more robust growth, with an 8.90% rise to $20.48 million. Meanwhile, HR Bristol posted $15.94 million, up 7.40% from the previous month, making it the biggest monthly gainer in slot revenue, though it did report a dip in table game activity.

 

Year-Over-Year Revenue Growth by Casino

• Rivers Casino Portsmouth: 23.73% annual increase
• Caesars Virginia: 4.31% annual increase
• HR Bristol: 14.76% annual increase

 

The combined annual growth of 14.54% in AGR highlights Virginia's expanding gaming sector, which continues to build momentum. The addition of new venues and rising visitor numbers reflect the growing popularity of casino gaming in the state.

In August, Virginia’s casinos contributed $11.8 million in taxes to the state. This sum is divided among several funds, including the Problem Gambling Treatment and Support Fund and the Family and Children’s Trust Fund. Host cities also receive a portion, with the remainder going to the state’s Gaming Proceeds Fund.

Rivers Casino Portsmouth, as the highest-earning casino, also made the largest tax contribution, paying $5.21 million to the state. Caesars Virginia and HR Bristol followed, paying $3.69 million and $2.87 million, respectively.

Virginia’s casino market is poised for further growth with the planned opening of a new land-based casino in Norfolk. The Norfolk project has faced delays due to disagreements between the Pamunkey Tribe and former development partner Yarbrough, but a new partnership with Vegas-based Boyd Gaming has accelerated construction plans. The temporary casino is expected to open in November 2025, with the permanent facility scheduled for completion by September 2027.

The expansion of land-based casinos in Virginia follows the approval of gaming venues in five cities: Bristol, Danville, Norfolk, Portsmouth, and Richmond. While Richmond voters twice rejected a casino referendum, the state legislature granted a referendum to Petersburg, where voters will decide the fate of a potential casino in November 2024.

Virginia’s gaming landscape includes legal online sports betting, but discussions about legalizing online casinos have yet to emerge. As land-based casinos continue to grow and generate substantial revenue, the absence of an online casino market stands out, particularly when compared to other states that have embraced digital gaming.

 

 

The Future

With rising revenue and the development of new casinos, Virginia’s gaming industry is well-positioned for continued growth. However, maintaining momentum will require addressing potential market saturation and staying ahead of neighboring states in terms of gaming options.

The approval of new venues like the Norfolk casino, coupled with the upcoming referendum in Petersburg, highlights a state eager to expand its gaming portfolio. Yet, as Virginia looks to the future, the lack of discussion around online casinos leaves a significant gap in its long-term strategy.

For now, Virginia’s casino industry is on an upward trajectory, with August’s revenue recovery providing a solid foundation for further growth as the state’s gaming landscape continues to evolve.