Virginia totaled over $37 million in casino revenue for March 2023
Gaming News
17 April 2023
(PRESS RELEASE) -- The Virginia Lottery released its report on casino gaming activity for the month of March 2023. Gaming activity is from Hard Rock Hotel & Casino Temporary Bristol and Rivers Casino Portsmouth.During March, gaming revenues from the two Virginia casinos totaled $37,431,230.65. Slots accounted for $27,845,105.90 of the total, while table games brought in $9,586,124.75.Virginia law assesses a graduated tax on a casino’s Adjusted Gaming Revenue, or wagers minus winnings, and $6.7 million in taxes were paid to the Gaming Proceeds Fund.The Virginia Lottery Board approved the casino license for Hard Rock Hotel & Casino Temporary Bristol in April 2022, and the temporary facility on the site of the former Bristol Mall opened to the public on 8 July 2022. The Virginia Lottery Board approved the casino license for Rivers Casino Portsmouth in November 2022 and the casino opened to the public on 23 January 2023.Of the state tax on casino Adjusted Gaming Revenue, the statute specifies distributions to the Problem Gambling Treatment and Support Fund, the Family and Children’s Trust Fund, and the host city. For the Bristol casino, statute specifies the portion of taxes reserved for the host city go to the Regional Improvement Commission (RIC).
The timing of the tax distributions varies, but the allocation of the monthly taxes from the casino activity is as follows: $6,737,621.52 (total tax); $2,245,873.84 (Host City/RIC); $53,900.97 (Problem Gambling Treatment and Support Fund; $13,475.25 (Family and Children’s Trust Fund); and $4,424,371.46 (remaining available in the Gaming Proceeds Fund).
