HR Bristol casino generates nearly $12 million in revenues in first month
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HR Bristol generated $11.7 million in adjusted gross revenues from slots and table games in the month of July, according to a report released by the Virginia Lottery on Monday.
Virginia law assesses a graduated tax on a casino’s AGR, or wagers minus winnings, and an 18 percent tax assessment generated over $2.1 million in taxes paid to the Gaming Proceeds Fund for the first month of activity.
The Virginia Lottery Board approved the casino license for HR Bristol in April, and the temporary facility on the site of the former Bristol Mall opened to the public on July 8.
Of the state tax on casino AGR, the statute specifies distributions to the Problem Gambling Treatment and Support Fund, the Family and Children’s Trust Fund, and the host locality. For the Bristol casino, statute specifies the portion of taxes reserved for the host locality go to the Regional Improvement Commission.
Total Tax
$2,109,146.13
Regional Improvement Commission(6% of AGR)
$703,048.71
Problem Gambling Treatment and Support Fund(0.8% of total tax)
$16,873.17
Family and Children’s Trust Fund(0.2% of total tax)
$4,218.26
Remaining available in the Gaming Proceeds Fund
$1,385,005.96
