The Virginia Lottery released its casino gaming activity report for the month of August for activity at Hard Rock Bristol. The casino generated $14 million in adjusted gross revenues from slots and table games. This is a more than $2 million increase over the month of July.
Virginia law assesses a graduated tax on a casino’s AGR, or wagers minus winnings, and an 18 percent tax assessment generated over $2.5 million in taxes paid to the gaming proceeds fund for the month’s activity.
The Virginia Lottery Board approved the casino license for Hard Rock Bristol in April 2022, and the temporary facility on the site of the former Bristol Mall opened to the public on July 8.
Of the state tax on casino adjusted gross revenues, the statute specifies distributions to the Problem Gambling Treatment and Support Fund, the Family and Children’s Trust Fund and the host locality.
For the Bristol casino, statute specifies the portion of taxes reserved for the host locality go to the Regional Improvement Commission.
The timing of the distributions varies, but the allocation of the monthly taxes from the casino activity is as follows:
- Total tax: $2,570,288.30
- Regional Improvement Commission (6% of AGR): $856,762.77
- Problem Gambling Treatment and Support Fund (0.8% of total tax): $20,562.31
- Family and Children’s Trust Fund (0.2% of total tax): $5,140.58
- Remaining available in the Gaming Proceeds Fund: $1,687,822.64
The Virginia Lottery assumed regulatory oversight of casino gaming in the Commonwealth in 2020.
Information about casinos, including regulations and approvals, can be viewed at www.vagamingregulations.com.
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Crystal Graham
