Virginia’s casino industry is on an upward trajectory, with August 2024 marking a significant milestone. Compared to the $59.5 million in revenue generated by Virginia casinos in July 2024, August saw an increase of more than 6% increase. The final figure topped $63 million.
However, the good news doesn’t stop there. When we look at the year-over-year comparison, the numbers are even more impressive. Virginia casinos’ revenue in August 2024 saw a 14.54% increase compared to August 2023.
Let’s take a closer look at the numbers and their impact on the region’s top-rated sportsbooks.
All three casinos in Virginia increased their gaming revenue in August:
In August, Virginia casinos paid about $12 million in taxes to the state. The taxes are split into several parts:
Out of the total $12 million:
The City of Danville will receive over $1.2 million in tax revenue for the month. Danville has now earned over $16 million in tax revenue since Caesars Virginia opened.
The end-of-summer rush of visitors helped to drive up the numbers, but there are several factors contributing to this upward trend.
One key driver of growth in Virginia’s gaming industry is the increasing number of gaming venues, including a new casino set to open in Norfolk. This new casino will be located on the historic Norfolk waterfront. It will feature a 200-room hotel, eight dining options, and a casino with 1,500 slots and 50 table games. Once completed, it is expected to create over 800 jobs and generate $290 million in local economic output annually, along with $30 million in tax revenue.
To bridge the gap until the permanent casino opens in 2027, a temporary casino will be built next year at Harbour Park.
While Virginia allows online sports betting, there have been no discussions about legalizing online casinos.
For it to happen, state legislators would need to create a bill to legalize online casinos. The bill must pass several approvals before it reaches Governor Glenn Youngkin. This process could take months or even years. Even then, it’s uncertain if Youngkin would support online casinos. He recently signed a bill for new problem gambling treatment initiatives. Considering his concerns for Virginia’s youth, online casinos might not be a priority for him right now.