Bristol casino August revenues best since April

Bristol casino August revenues best since April
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BRISTOL, Va. (WJHL) — The Bristol Hard Rock Casino posted its best revenue since April and second best of the year in August, according to a Friday Virginia Lottery news release.

The casino had an “adjusted gross revenue” (AGR) of $13,889,723 in August. That represents the amount the casino made after paying out winnings on its 920 slot machines at 29 table games.

Now in operation for slightly more than a full year, the casino made $164.4 million in its first full year (August 2022-July 2023), which is 21% more than the $135 million a state feasibility study projected.

August’s AGR resulted in more than $2.5 million in total taxes and $833,383 in revenues to the “Regional Improvement Commission” (RIC) representing more than a dozen Southwest Virginia local governments. The casino is taxed at 18% and one-third of that amount goes to the RIC.

According to the legislation that enabled the casino to open and operate, local governments that are part of the RIC must use those funds to improve transportation, education and public safety.

In addition to the cities of Bristol and Norton, they include the counties of Lee, Scott, Wise, Dickenson, Buchanan, Russell, Washington, Smyth, Tazewell, Grayson, Bland and Wythe. The funds are split evenly among the 14 local governments rather than on a population-adjusted basis.

To date, RIC has collected more than $11 million.