Virginia Casino Revenue Slows After Hot Start To 2023

In March, Virginia casino revenue dropped more than $1 million month-on-month, an anomaly in the casino industry since February revenue totals tend to be low because there are fewer days in the month.

According to the latest data from the Virginia Lottery, the state’s two operating casinos, Hard Rock Hotel & Casino Bristol and Rivers Casino Portsmouth, generated $37.4 million in adjusted gaming revenue (AGR). AGR measures the revenue a casino creates after wins and promotions are subtracted from the total amount bet.

Looking at Virginia casino revenue from March

Virginia casino revenue is pretty easy to break down because, at the moment, only two casinos are operating in the state. Two more casinos are to come, and a fifth is in limbo.

Hard Rock Bristol was the first casino in the state to open. It is a temporary casino that’s open while Hard Rock builds its permanent property.

In March, Hard Rock churned out $13.8 million in revenue:

• $11.9 million from 888 slot machines
• $1.9 million from 29 table gam
  es

Rivers Casino, which opened for business in January, is not a temporary casino. Because of that, it has far more slots and table games than Hard Rock. As a result, its revenue is significantly higher:

• $16.0 million from 1,420 slot machines
• $7.7 million from 81 table games

Month	Hard Rock Bristol Adjust Gaming Revenue	Rivers Casino Portsmouth Adjusted Gam	Total
March 2023	$13,804,383.05	$23,626,847.60	$37,431,230.65
February 2023	$13,731,775.77	$24,661,600.84	$38,393,376.61
January 2023	$13,434,546.28	$9,039,289.78	$22,473,836.06
December 2022	$14,879,036.78	Not open	$14,879,036.78
October 2022	$14,144,159.77	Not open	$14,144,159.77
September 2022	$14,305,177.05	Not open	$14,305,177.05
August 2022	$14,279,379.46	Not open	$14,279,379.46
July 2022	$11,717,478.46	Not open	$11,717,478.46

While month-on-month casino revenue dipped for Rivers Casino, Hard Rock’s revenue increased by just over $70,000. Additionally, Hard Rock posted better numbers than it did in January.

Overall, though, Hard Rock has seen its revenue numbers drop in 2023 compared to 2022. While it can be hard to pinpoint exactly why the casino’s numbers are down compared to last year, it may have to do with Rivers Casino’s January opening.

Though Bristol and Portsmouth are six hours apart, eager gamblers in and around Portsmouth who were willing to make the trip to Bristol now have a hometown option.

What’s ahead for Virginia casinos?

Because the Virginia market is relatively unique in that there are only two commercial casinos and one of them is temporary, it’s hard to say how revenue will head into the summer.

However, the national trend is such that slots and table game revenue are up roughly 15% year-on-year, according to the American Gaming Association. Because of that, we may see revenue slowly creep up at both properties.

Rivers Casino’s numbers might drive that increase, as it’s only been open for less than three months and is still working to acquire new customers.