Virginia Lottery, the regulator of lotteries, casinos and sports betting in Virginia, is recording more tax revenue from the gambling market than financial analysts had predicted. The first estimates were made four years ago when the state was considering legalizing more types of gambling.
According to the Virginia Lottery, the state’s casino industry, which is still in the developmental stage, is already exceeding expectations. Even the fact that some gambling companies are operating in temporary facilities while full casinos are being built is not stopping the market from growing.
The temporary Hard Rock Casino in Bristol, which opened in July 2022, generated net revenues of $157 million (15.1 billion rubles) in its first year of operation. According to the state study, the forecast was significantly lower – 130 million dollars (12.5 billion rubles). Thanks to the success of Hard Rock, the amount of tax revenues reached almost 26 million dollars (2.5 billion rubles). Daygi shared between local governments and the state’s school renovation and modernization fund.
The Rivers Casino in Portsmouth, which opened in January, is projected to reach $167 million (over 16 billion rubles) in annual gambling revenue. At the same time, by June, the gambling establishment had already made 120 million dollars in net profit (11.55 billion rubles). Tax revenues amounted to about 17.9 million dollars (more than 1.7 billion rubles).
Temporary casino Caesars in Danville only for May and June received 31 million dollars (2.98 billion rubles) of income. According to the 2019 forecast, the gambling establishment should have an annual profit of 190 million dollars (18.3 billion rubles).
Former Virginia State Lottery Executive Director Kelly Gee recently commented, It’s impossible to know if this activity will continue at this pace, but it’s an impressive start by any measure.
Currently, another casIno is under construction in the City of Norfolk, and a project in Richmond is also under consideration. In addition, the sports betting market is flourishing in the state. According to regulator data, taxes on sports betting more than doubled in fiscal year 2023, rising to $67 million (6.45 billion rubles).
Of note: Atlantic City’s gambling market earned a record 500 million in August 2023.