Bristol Casino revenues on pace to exceed projections

Greensboro News And Record
Bristol Casino revenues on pace to exceed projections

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 over $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 Danville, construction of the Caesars Virginia casino project is rolling along. The casino/hotel resort is still slated to open in late 2024. Ground was broken on the project Aug. 11.

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 for September, $1.69 million will go the state’s gaming proceeds fund and over $20,000 will be dedicated to problem gambling treatment.

Danville’s casino will feature more than 1,400 slot machines and table games, Caesars Sportsbook and WSOP Poker Room, a live poker room named for and carrying the spirit of the legendary World Series of Poker with 25 tables, Caesars Entertainment has said.

Meeting and convention space will total 40,000 square feet with an entertainment venue to accommodate up to 2,500 guests.

There will also be restaurants and bars. Nine hundred construction jobs will be filled as well as 1,300 operational jobs.

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