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December was a month to for Virginia casinos…and January was a month to forget.
But February represented a rebound for the Old Dominion State, as the state’s three casinos posted $57.3 million in adjusted gross revenue (wagers minus payouts), up 8.3% over January, according to data from the Virginia Lottery.
Virginia casinos see a trifecta of gains
All three Virginia casinos saw their adjusted gross revenue (AGR) rise across slots and table games, making February’s bounce-back a team effort. Rivers Casino Portsmouth led the way once again, followed by Caesars Virginia and Hard Rock Bristol.
| Casino | Slots | Table Games | Total |
|---|---|---|---|
| Rivers Casino Portsmouth | $18,211,158.57 | $7,043,092.95 | $25,254,251.52 |
| Caesars Virginia | $13,984,132.88 | $4,754,600.00 | $18,738,732.88 |
| Hard Rock Bristol | $11,670,778.94 | $1,676,053.00 | $13,346,831.94 |
| Total | $43,866,070.39 | $13,473,745.95 | $57,339,816.34 |
According to the Virginia Lottery’s February 2024 casino gaming report, the biggest gains month-on-month came from Rivers Casino’s slots, which generated around $2.6 million more in February than in January. Rivers also had the biggest increase in table game AGR at around $840,000.
February AGR was second-best since May
Dating back to when Virginia’s third casino opened in May 2023, February’s AGR total is the second-best on record, trailing only December 2023:
| Month | Adjusted Gross Revenue | % Change |
|---|---|---|
| February 2024 | $57,339,816.34 | 8.47% |
| January 2024 | $52,863,971.93 | -9.67% |
| December 2023 | $58,520,399.54 | 14.30% |
| November 2023 | $51,197,470.56 | 3.30% |
| October 2023 | $49,561,065.91 | -4.53% |
| September 2023 | $51,912,141.81 | -5.71% |
| August 2023 | $55,058,049.06 | -3.91% |
| July 2023 | $57,295,952.78 | 9.79% |
| June 2023 | $52,187,669.24 | 14.77% |
| May 2023 | $45,471,803.29 | N/A |
What’s ahead for Virginia casinos
Casino revenue can be notoriously difficult to predict when the spring arrives. Generally speaking, casino numbers stay strong in March as casinos tend to see more traffic because March Madness attracts customers to retail sportsbooks (in-person instead of online).
However, only one of Virginia’s casinos has a retail sportsbook: Hard Rock Sportsbook at Hard Rock Bristol.
March revenue will likely stay relatively strong for Virginia casinos. Once April rolls around, we should see revenue start to dip and remain low through the summer.
