More than $351,000: The amount each of 14 localities will receive in gaming tax revenue for the first six months of operation. $4.91 million: Amount of gaming tax revenue for first six months of operations, to be distributed to 14 localities. $81.97 million: The casino’s adjusted gross revenues between July 8 and Dec. From the start, the casino’s developers, Jim McGlothlin and Clyde Stacy, said they wanted the project to benefit the region as a whole, and the General Assembly agreed. In addition to Smyth County, they include the cities of Bristol and Norton, and the counties of Bland, Buchanan, Dickenson, Grayson, Lee, Russell, Scott, Tazewell, Washington, Wise and Wythe.įour casinos have been approved in Virginia, but this revenue-sharing model applies only to the one in Bristol. Virginia casino revenue is taxed at 18%, with 6% going to the Regional Improvement Commission, which was set up by the General Assembly to oversee the money that goes to the Southwest Virginia localities.

The study was also done before Hard Rock was announced as the operator. Those numbers were forecast for the full casino rather than the temporary casino currently operating. However, if gaming continues at the same level, it will mean $29.5 million in taxes collected. The study also predicted the Bristol casino would generate $35 million in annual gaming tax revenues.

The report states that the proposed Bristol Casino was expected to generate $130 million in total net gaming revenue per year. That number is more than was forecast in a 2019 study by the Joint Legislative Audit and Review Commission, which was undertaken prior to the state’s approval of casinos. If gaming continues at the level it has been for the first six months, it would mean nearly $164 million in adjusted gross revenues for the casino’s inaugural year.

There were $14.75 million in taxes collected. 31, the casino posted $81.97 million in adjusted gross revenues, which is wagers minus winnings. If gaming continues at the same pace, the counties and cities are on track to receive more than $700,000 each for the casino’s first year.īetween July 8, when Bristol’s casino opened, and Dec.

The two cities and 12 counties will each receive more than $351,000 for the first six months of operations, July to December, according to monthly reports from the Virginia Lottery, which oversees casino gaming in the state. Smyth County is one of 14 localities in far Southwest Virginia that will benefit from tax revenue from the Bristol Casino, which opened in July in a temporary facility but is expected to open as a full-fledged Hard Rock resort and casino next year.

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