Bristol Casino October revenues hold steady
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BRISTOL, Va. (WJHL) — The Bristol Hard Rock Casino is settling into a fairly steady monthly revenue stream, with October’s overall “adjusted gross revenue” (AGR) down just over 1% from September’s take.
The month’s report means gamblers have most likely wagered more than $500 million since the casino opened in early July, given average payout percentages at casinos.
The Virginia Lottery’s monthly report showed the casino bringing in $11.3 million on its 870 slot machines and $2.9 million on table games. The $14,144,160 total AGR was the lowest of the three full months the casino has been in operation, but those totals have fluctuated very little.
The result regionally wasn’t just outside spending on food, shopping and lodging for those who spend the night from outside. Those millions of dollars being spent on slot machines and gaming tables are translating into a growing nest egg for the so-called “Bristol Transportation District Regional Improvement Commission (RIC).”
Formed as a clearinghouse for the 6% of total AGR that state law dedicates to local governments for transportation, education or public safety improvements, the RIC collected $848,650 in October after taking in $858,311 in September.
Through nearly four months (the casino opened July 8), the RIC has collected a total of $3,266,772. Unlike the other four municipalities where casinos will eventually open in Virginia, Bristol’s is splitting that local revenue broadly across Southwest Virginia, with 12 counties and two municipalities sharing the proceeds evenly.
That means smaller local governments like Norton, Dickenson County and others will get larger per capita amounts than places like Washington, Tazewell and Wise counties.
The casino has now reached $54.4 million in AGR. Since casinos typically pay out more than 90% of total wagers, a conservative estimate of total amount wagered would be more than half a billion dollars — or close to $5 million a day on average.
October saw the lowest average AGR per day at $456,263. But that figure is only 6.5% lower than the daily average in July of $488,228.
