Slots maintain solid start as Hard Rock Bristol reports revenue of $12m

Hard Rock

A temporary Hard Rock gaming facility located within the Virginia city of Bristol has surged towards almost $12m in revenue during its first month of revenue.

The state’s first such facility, named Bristol Casino – Future Home of Hard Rock and which will eventually make way for a permanent venue, followed up a $3.74m first week adjusted gross revenue performance by advancing to $11.71m during the month.

The establishment, which was one of four venues vying to debut first within the state, was approved for a casino licence in April 2022 and debuted the aforementioned facility on July 8.

Total adjusted gaming revenue at the venue, which features 870 slots, 21 tables, and a sportsbook, was made up of $10.245m and $1.48m from slots and table games, respectively. 

According to figures released by the Virginia Lottery, tax, which stands at 18 per cent, generated $2.1m that will be paid to the Gaming Proceeds Fund during the maiden month of operation.

Of the state tax on AGR, the statute specifies distributions to the Problem Gambling Treatment and Support Fund, which received 0.8 per cent of total tax at $16,873, the Family and Children’s Trust Fund, which gained $4,218 or 0.2 per cent of tax, and the host locality. 

For the Bristol casino, this portion of tax that is reserved for the host locality goes to the Regional Improvement Commission, benefitting to the tune of $703,048 or six per cent of AGR.

Currently there are three other land-based casino developments proceeding in Virginia, those being across Portsmouth, Norfolk, and Danville, the operating partners of which are Rush Street Gaming, Pamunkey Indian Tribe, and Caesars, respectively. 

The Pamunkey Indian Tribe, which is developing the $500m HeadWaters Resort & Casino, anticipates opening a temporary building as early as March of 2023, with Caesars Danville expected to open during 2024.

Furthermore, it was revealed earlier this month that Urban One is to pursue running a second referendum campaign to approve the once defeated One Resort + Casino project in the 2023 election cycle due to language provided by the current Virginia budget.