Big Business at Rivers Casino in Portsmouth, Virginia, Triggers Hotel Construction

BetRivers made a deal with the people of Portsmouth, promising to build a hotel should its casino turn a profit of at least $175 million in the first year or $250 million in two years. That threshold has been met, and a new hotel adjacent to the casino is set for construction.

Smashing Success

Rivers Casino Portsmouth has been a resounding success since it swung open its doors to the public on January 23, 2023. That is nothing but good news for the casino operator and the local government that is getting an economic jolt thanks to its popularity among locals and tourists. But it is the latter that the casino wants to increase by building a sparkling new hotel adjacent to the casino.

Rivers Casino Portsmouth has been the undisputed leader in Virginia’s land-based gaming market by generating $250 million in profits in its inaugural year, which produced $15 million in tax revenue, while delivering north of $309 million in revenue in 2024, which spawned approximately $18.5 million in taxes.

As a basis of comparison, Rivers’ 2024 adjusted gross revenues tower above Caesars Virginia by roughly $70 million and are approximately $230 million more in revenue than the Hard Rock Bristol generated.

The casino is expected to gain even more revenue with a hotel next to it, allowing tourists and even locals to stay for more than a day trip. BetRivers’ $340 million investment for the entire 225,000 square foot facility has paid off big, with its casino offering more than 1,400 slot machines, nearly 60 table games and two dozen poker tables, along with dining options, bars and more than 25,000 square feet of event space.

 Rivers Casino Portsmouth General Manager Roy Corby said after the first year’s results were in, “We started off amazingly strong in January and February and really haven’t looked back. It’s been a remarkable year.”

Breaking New Ground

Although competition located just 10 miles away in the form of a casino being built by Boyd Gaming and the Pamunkey Indian Tribe in Norfolk is looming, it won’t stop BetRivers from building a $65 million complement to its casino that will be called the Landing Hotel.

Construction is scheduled to break ground this year with a completion date of sometime in 2027. The project has been described as an “upscale,” eight-story hotel with 106 rooms, including 32 suites. It will be directly adjacent to the casino, overlooking the property’s water feature.

Portsmouth Mayor Shannon Glover made the announcement last Friday during the annual State of the City address held at the Rivers Casino event center. She also disclosed other city initiatives that are expected to generate more revenue for Portsmouth’s tax coffers.

“The people of Portsmouth have always shown what we’re made of — heart, resilience, and unshakeable belief in each other,” Glover said. “And now, as we look to the future, our spirits should be stronger than ever. We are built to win in Portsmouth. We are moving forward. This is our time.”