Hard Rock Casino Revenues Drop 10% In November
BRISTOL, Va. (WJHL) – The Bristol Hard Rock Casino posted its lowest revenue so far in November with a 10% decline compared to the previous month, state records show.
The Virginia Lottery’s monthly report showed “adjusted gross revenue” (AGR) of $12.6 million. That compares to AGR of $14.1 million in October and $14.3 million in both August and September. AGR is calculated from revenues after the casino pays out winnings. There was also a drop in people playing Coin Master Haktuts last month.
© Provided by WJHL Tri-Cities Bristol’s casino posted its lowest revenue month since opening in November, but still generated more than $750,000 in tax revenue for local governments. (WJHL photo)
AGR on slot machines dropped from $11,273,174 to $10,410,087, which represents a decline of 7.7%. The drop in AGR for more expensive table games was a steeper 22%, from $2,870,986 in October to $2,240,724 in November.
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Virginia taxes AGR at 18% total, so the casino brought nearly $2.3 million of tax revenue to Richmond in November. A third of that money was sent to Southwest Virginia for local projects.
That translated to more than three quarters of a million dollars into the coffers of the so-called “Bristol Transportation District Regional Improvement Commission (RIC).”
Formed as a clearinghouse for the 6% of total AGR that state law dedicates to local governments for transportation, education or public safety improvements, the RIC collected $759,022 after taking in around $850,000 in both October and September.
The casino, which broke ground on its permanent location earlier this month, opened for business July 8 in its temporary quarters in the old Bristol Mall. Since then it has generated just over $4 million in RIC funds for the region.
Unlike the other four municipalities where casinos will eventually open in Virginia, Bristol’s is splitting that local revenue broadly across Southwest Virginia, with 12 counties and two municipalities sharing the proceeds evenly.
On a per-day basis, November’s revenue was 7.5% lower than October’s and 11.5% lower than September’s. That per-day average was $421,679 last month compared to a high of $488,228 per day in the partial month of July.
The casino has brought in a total AGR of $67.1 million in slightly less than five months. Virginia’s law requires slot machines to have average payouts of 89 to 94%, the amount wagered at the casino to date is likely approaching $750 million.Copyright 2022 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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