The Bristol Casino in Virginia, US, set to become the Hard Rock Casino, has marked a historic milestone by surpassing its previous revenue records in March, with an astonishing $16.3 million in adjusted gross income. This figure, released in a report by the Virginia Lottery, represents a remarkable 9% increase over its previous best month and a staggering 18% surge compared to March 2023.

Bristol Casino Breaks Records in Slot and Table Game Revenue

The Bristol Casino’s success is attributed to robust performances in both major categories of gaming. Slot machine revenue soared to unprecedented heights, crossing the $13 million mark for the first time ever, standing at $13,009,482, surpassing the previous record set in December 2023. 

Meanwhile, table games also witnessed a significant surge, generating over $3 million in revenue for the first time, reaching $3,260,614, outperforming the previous high recorded in September 2022.

Comparing the March 2024 figures to those of the same period in 2023, the adjusted gross income experienced an impressive 18% hike. Moreover, it exceeded the average monthly revenue over the 20 months the casino has operated at its temporary location by a remarkable 19%.

Hard Rock officials had previously announced plans to unveil the newly constructed Bristol casino, alongside a 300-room hotel scheduled to open on-site by year-end. However, the opening timeline for Hard Rock Hotel & Casino Bristol was adjusted in February, with construction costs soaring to over $550 million, significantly higher than the initial projections of $300 million in 2019 and $400 million in 2022. 

Despite the budget increase, construction remains on track for a summer opening, aiming for July.

Bristol Casino’s Revenue Surge Fuels Over $976,000 Payout to RIC

The significant revenue surge for The Bristol Casino translated into a substantial payout of $976,206 to the Regional Improvement Commission (RIC), representing over a dozen local governments in Southwest Virginia. The casino, taxed at 18%, allocates one-third of this amount to the RIC. Legislation mandates that these funds be utilized by local governments within the RIC to enhance transportation, education, and public safety infrastructure.

The RIC encompasses counties such as Lee, Scott, Wise, Dickenson, Buchanan, Russell, Washington, Smyth, Tazewell, Grayson, Bland, and Wythe, along with the cities of Bristol and Norton. Notably, the funds are distributed evenly among the 14 local governments, rather than being allocated on a population-adjusted basis.

The cumulative funds received by these localities now exceed an impressive $16.7 million, reflecting the significant economic impact generated by the Bristol Casino.With its groundbreaking revenue performance and ongoing expansion plans, the Bristol Casino continues to solidify its position as a key player in Virginia’s gaming landscape, promising further growth and prosperity for the region.

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Maryland’s sports wagering market reached unprecedented heights in November 2023, recording a combined handle of $550,716,329 from 13 retail and 12 mobile sportsbooks. This figure marks a substantial increase from December 2022’s $497,121,656 and contributes significantly to the state’s education funding with a total of $3,199,529.

Mobile Wagering Dominates November’s Betting in Maryland

The lion’s share of November’s handle was attributed to mobile wagering, making up an overwhelming 96.8% ($533,276,787). This mobile dominance not only fueled the industry’s growth but also contributed $3,052,509 to the state, overshadowing the $147,020 from retail sportsbooks. The funds generated are directed towards the Blueprint for Maryland’s Future Fund, which supports public education programs, reflecting a commitment to enhancing educational initiatives.

November’s statistics underscore a clear preference for mobile betting among Maryland residents, aligning with the broader trend of a digital shift across various industries. The handle breakdown, inclusive of free promotional wagers, stood at $17,439,542 for retail and an impressive $533,276,787 for mobile platforms.

The prizes paid out to players, known as the ‘hold,’ were substantial. Retail sportsbooks disbursed $16,307,928, while mobile platforms paid a staggering $492,779,418. 

The combined hold, calculated as the handle without prizes paid, amounted to $41,628,982, with retail contributing 6.5% and mobile 7.6%.

Maryland’s Booming Sports Betting Industry Drives Tax Revenues and Market Expansion

The sports wagering tax, calculated as 15% of the taxable win, further accentuates the industry’s growth. Retail sportsbooks generated $147,020 in taxes, while mobile platforms contributed a substantial $3,052,509, cumulating to a total of $3,199,529 for the state.

Since the inception of Maryland’s sports wagering program in December 2021, the cumulative contribution to the Blueprint for Maryland’s Future Fund has reached an impressive $46,253,210. 

Additionally, expired prizes totaling $2,708,307 have been allocated to the Problem Gambling Fund, addressing concerns about gambling addiction.

Maryland’s sports wagering market initially launched with five retail locations in December 2021 and expanded to include seven mobile sportsbooks by November 2022. 

As of November 2023, the state boasts 13 retail locations and 12 mobile operators, with further expansions anticipated in the near future. This growth trajectory signifies a robust and expanding market, poised to make substantial contributions to the state’s economy and public welfare programs.

A notable addition to the Maryland online betting market was ESPN Bet. Penn Entertainment‘s newly rebranded sports gambling app, launched on November 14 across 17 US states, including Maryland. The operator had a significant impact on the state’s record numbers in November with an impressive handle of $33,309,326 and a whopping $13,023,420 promotional spend.

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