Virginia Lottery records almost $38.4 million in gaming revenue for February
During February, gaming revenues from Virginia casinos totaled nearly $38.4 million. Virginia law assesses a graduated tax on a casino’s AGR, or wagers minus winnings, and nearly $7 million in taxes were paid to the Gaming Proceeds Fund.
The Virginia Lottery Board approved the casino license for Hard Rock Hotel & Casino Bristol in April 2022, and the temporary facility on the site of the former Bristol Mall opened to the public on 8 July 2022. The Virginia Lottery Board approved the casino license for Rivers Casino Portsmouth in November 2022 and the casino opened to the public on 23 January 2023.
Total Adjusted Gaming Revenue:
Table Games: $10,068,353.55
Of the state tax on casino AGR, the statute specifies distributions to the Problem Gambling Treatment and Support Fund, the Family and Children’s Trust Fund, and the host city. For the Bristol casino, statute specifies the portion of taxes reserved for the host city go to the Regional Improvement Commission (RIC). The timing of the tax distributions varies, but the allocation of the monthly taxes from the casino activity is as follows:
Total Tax: $6,910,807.79
Host City/RIC (6% of AGR): $2,303,602.60
Problem Gambling Treatment and Support Fund (0.8% of total tax): $55,286.47
Family and Children’s Trust Fund (0.2% of total tax): $13,821.62
Remaining available in the Gaming Proceeds Fund: $4,538,097.10