Bristol Casino revenues continue to climb

Bristol Herald Courier
Bristol Casino revenues continue to climb

September revenues from the Bristol Casino rose slightly compared to August, totaling more than $14.3 million, the Virginia Lottery reported Friday.

For September the Bristol Casino, future home of Hard Rock, generated $14,305,177 in adjusted gross revenues from slots and table games. That breaks down to $11.32 million from its 870 slot machines — a slight decline compared to August — and more than $2.98 million for table games. That equates to more than $477,000 per day.

In August the Bristol Casino reported $14.27 million in adjusted gross revenues, including $11.44 million from its 870 slot machines and nearly $2.84 million from its 21 table games, or an average of $460,000 per day.

Since opening July 8, Virginia’s first, and currently only, casino has recorded more than $40.3 million in adjusted gross revenues, according to the lottery.

If that trend continues unchanged, the temporary casino is on pace to generate more than $171 million in its first year of operation. That would be $40 million more than 2019 Joint Legislative Audit and Review Commission study forecast for a fully developed Bristol hotel casino resort in the year 2025.

The total doesn’t include revenues from the Hard Rock sports book which is now available either at the Bristol Casino or through smart phone applications. Virginia sports wagering figures are compiled separately and released at the end of each month.

In less than three months of operation, the Bristol Casino has generated more than $2.41 million to the Regional Improvement Commission, to be divided among the 12 counties and two cities of Southwest Virginia.

Virginia law assesses a graduated tax on a casino’s AGR, or wagers minus winnings, and an 18% tax assessment generated over $2.5 million in taxes paid to the state’s gaming proceeds fund for the month’s activity.

More than $858,300 will be sent to the Regional Improvement Commission for September, $1.69 million will go the state’s gaming proceeds fund and more than $20,000 will be dedicated to problem gambling treatment.