Virginia records $37 million in betting revenue in March

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Virginia records $37 million in betting revenue in March
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The Virginia Lottery has released its report on casino gaming activity for the Hard Rock Hotel & Casino Temporary Bristol and Rivers Casino Portsmouth for the month of March 2023. The two state casinos reported total betting revenue of $37, 4 million, down 2% from February’s $38.4 million.

Slots accounted for $27.8 million of the total, while table games took in $9.5 million. Virginia law assesses a graduated tax on a casino’s adjusted betting income, and $6.7 million in taxes were paid to the Gaming Proceeds Fund in the month of March.

The Virginia Lottery Board approved the casino license for the Hard Rock Hotel & Casino Temporary Bristol in April 2022, and the temporary facility on the site of the former Bristol Mall opened to the public on July 8, 2022. The casino license for Rivers Casino Portsmouth was approved in November and the casino opened to the public on January 23 of this year.

From the state tax on Adjusted Casino Gaming Revenue, 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, the statute specifies that the share of taxes reserved for the host city goes to the Regional Improvement Commission (RIC).

Nevada Hits $1.24 Billion in Betting Revenue in the Month of February

Nevada maintains its extensive following reaching $1 billion in gross gaming revenue (GGR) every month. The month of February 2023 marks the 24th consecutive month that betting revenue has crossed the $1 billion mark.

Betting revenue for February saw an 11% increase over last year, with $1.24 billion generated for the month. The highest annual growth rate was recorded on the Las Vegas Strip, with $712.5 million in revenue generated, representing a 19% increase compared to the prior year period.