Danville Casino’s revenues went up in March by more than $2 million as the gaming facility brought in an increasing amount of money for the second month in a row.
Last month’s gambling activity generated about $21.08 million, a more than 10% increase over February’s $18.7 million, according to the latest figures from the Virginia Lottery.
The casino saw about $17.2 million in gaming revenues in January.
Of that $21 million, about $16.3 million came from slots and about $4.7 million was yielded from table games. The casino has 804 slot machines and 33 table games.
March’s revenues were the second-highest for Danville Casino — Caesars Virginia’s temporary facility in Schoolfield until its full casino hotel resort opens late this year — since it opened on May 15.
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According to an update Monday afternoon from Caesars Virginia’s Facebook page, the company reached a milestone in its construction of the $650 million project.
“Looks like the roof is complete and we’re all covered,” the post stated.
The temporary facility’s highest month was in July 2023, when the casino rang up about $21.4 million. Danville Casino’s poorest-performing month so far has been October 2023, when it brought in just $16.8 million.
March’s performance resulted in about $1.26 million in gaming-tax revenue for Danville, in addition to $527,090 in direct payments from Caesars Virginia under an agreement with the city, said Michael Adkins, the city’s finance director.
Total revenue for the city from gaming tax and direct payments in March was nearly $1.8 million, according to figures from Adkins.
Since opening, Danville Casino has delivered nearly $17.2 million in revenue for the city through March — about $12.1 million in gaming tax and about $5 million in direct payments from Caesars Virginia, Adkins said.
Net gaming revenue for the casino from its opening through March totaled about $202.2 million, Adkins said.
Under the agreement with Caesars Virginia, the city receives direct payments of 2.5% of gaming revenues generated by the company. That percentage applies to the first $200 million Caesars brings in each fiscal year. Once that amount is surpassed, that percentage increases to 6% for the remainder of the year.
So far this fiscal year starting July 1 the casino has generated about $171.3 million in gaming revenue.
The city’s gaming-tax revenues comes from a formula in which 18% of Caesars Virginia’s gaming revenues goes to the state, with the city receiving a third of that (six percentage points) in return, Adkins said.
Once Caesars exceeds $200 million in gaming revenues, a larger percentage of its gaming revenue will go to the state, with the city in turn receiving a higher percentage.
As for the state’s two other casinos in Portsmouth and Bristol, they generated $27.7 million and $16.2 million in gaming revenue in March, respectively, according to the Virginia Lottery.
All three casinos, including Danville Casino, rang up a total of about $65 million in gaming revenue last month, generating about $11.7 million in gaming tax overall.