BRISTOL, Va. (WJHL) — Hard Rock’s Bristol casino posted adjusted gross revenue (wagers minus winnings) of $14.3 million in August, its first full month of operation, up 22% from its take in July.
The Virginia Lottery’s second official report on the new facility showed the amount spent on table games nearly doubled, from $1.5 million in July to $2.8 million in August.
The casino has now yielded a total of almost $4.7 million in taxes over just 55 days in operation based on the 18% total tax rate. A third of the tax revenue, or 6% of the total “adjusted gross revenue,” (AGR) flows directly to the Regional Improvement Commission where it is split among 12 Southwest Virginia counties, the City of Bristol and the town of Norton.
That puts the region’s take at $1,559,811 in slightly less than two months.
On a per-day average, the AGR dipped only slightly in August, falling 5.7% to $460,625 a day from $488,228.
The gaming table average, though, shot up by almost 50%, from $61,708 a day in July to $91,581 a day in August. The average for the slots — which comprise the bulk of revenues — fell 13% from $426,520 a day in July to $369,044 in August.
In addition to the improvement commission’s specific take, another 1% of total taxes is split between a problem gambling treatment and support fund, which gets 0.8%, and a family and children’s trust fund, which receives 0.2%. Those funds now total about $37,000 for the gambling treatment fund and $9,300 for the family and children’s trust fund.
The remainder of tax revenue goes to a state gaming proceeds fund, and that total stands at just over $3 million. Virginia’s casino gaming law requires revenue from the commission to be spent on education, transportation and public safety.