Danville Casino rings up $21.4 million in revenue in July; city to get about $1.3M in taxes
The Danville Casino brought in about $21.4 million in casino gaming revenue during the month of July, according to figures from the Virginia Lottery’s casino gaming activity report posted Tuesday.
That is an increase from nearly $19 million generated in June.
The casino generated nearly $15.9 million in revenues from its 767 slot machines and about $5.5 million from its 25 table games, according to the report.
July’s gaming activity at the Danville Casino resulted in about $3.85 million in gaming-tax revenue, with nearly $1.3 million of that expected to go to the city of Danville, according to the Virginia Lottery.
In addition, the city will receive a $535,210.36 direct payment from Caesars as part of their agreement, for a total of about $1.8 million, said Danville Finance Director Michael Adkins.
Under the agreement between the city and Caesars, Danville gets 2.5% of the first $200 million in total gaming revenue from Caesars. That’s in addition to the gaming-tax revenue that goes to the city.
That percentage will increase once gaming revenues at Danville Casino exceed $200 million.
Before a casino referendum passed among Danville voters in November 2020, the city formed an Investing in Danville Committee to develop strategies for investing gaming-tax revenues from the casino.
The gaming tax revenue’s purpose was not to support normal city government operations, but to go toward education, economic development, economic opportunity and financial stability.
Caesars Virginia’s temporary Danville Casino outperformed Hard Rock Bristol casino last month. HR Bristol brought in about $13.5 million in gaming revenue.
Rivers Casino Portsmouth generated about $22.3 million in July.
During July, gaming revenues from Virginia casinos totaled $57.3 million. Virginia law assesses a graduated tax on a casino’s AGR, or wagers minus winnings, and $10.3 million in taxes were paid to the Gaming Proceeds Fund, according to the Virginia Lottery.