Virginia Casino Market Hits New Heights, Poised for Continued Growth

Virginia’s burgeoning casino market continued its strong development to start the New Year.

The state’s land-based casinos in Bristol, Portsmouth, and Danville generated $72.3 million in adjusted gaming revenue, or 36 percent more than the $52.8 million they produced one year ago.

A report by the Virginia Lottery also revealed that all three locations increased their adjusted gaming revenue year-over-year.

Continued improvement

Caesars Virginia in Danville, which only opened in the middle of December, led the state’s gaming market with $28.5 million in adjusted revenue. It claimed $21.1 million from its 1,479 slot machines and another $7.1 million from its 137 table games.

Hard Rock Hotel & Casino Bristol increased its bottom line by a whopping 53.3 percent. Slot machine adjusted gaming revenue increased $5.2 million, or 52.9 percent year-over-year, while table game revenue grew 54.9 percent to $3.3 million. 

Rivers Casino Portsmouth had the most humble year-to-year transformation, producing a 7.2 overall increase to $25.2 million in total adjusted gaming revenue.

The Virginia Lottery claimed more than $13 million in tax funding based on the casinos’ revenue totals. 

$4.3 million of the revenue was split with the host cities. At least $100,000 of that was allocated to the Problem Gambling Treatment Support Fund, and another $26,000 went to the Family and Children’s Trust Fund. 

The remaining $8.5 million was awarded to the Gaming Proceeds Fund.

Changes in Virginia’s casino market 

Virginia’s casino market is nowhere near the same level as gaming giants such as Nevada, Pennsylvania, and New Jersey, but it has shown recent signs of growth—not only with revenue totals, but with developmental plans.

Voters in Petersburg, just over 20 miles south of the state’s capital city, Richmond, approved a $1.4 billion casino project in a November referendum. The Cordish Companies-led project is expected to begin development this year with a targeted opening in 2026. 

The project will create an estimated 7,500 jobs and $504 million in total tax revenue, $240 of which would remain in Petersburg.

“We want everyone to come and be a part of the change, be a part of this new economic engine that’s coming to the city,” Petersburg Mayor Samuel Parham said.

The Pamunkey Indian Tribe and Boyd Gaming are also opening a casino next to Harbor Park in Norfolk. The $750 million project will create a casino, hotel, and entertainment district along the Elizabeth River.

Meanwhile, legislators are debating the merits of a potential casino in Tysons Corner in Fairfax. 

The project would help retain gaming revenue lost to the MGM National Harbor in Oxon Hill, Maryland, but would create security risks and potentially drive established businesses out of the area, according to critics.