New Virginia Casinos Could Generate $260m In Tax Revenue

• This study was done by the Joint Legislative Audit and Review Commission.
• The audit shows that the casinos could generate $969 million in gaming revenue.
• Voters need to approve the bill before new casinos can be built.

RICHMOND, Va. – A study released last week by the Joint Legislative Audit and Review Commission shows casinos have a lot of potential in Virginia.

In 2019, Virginia lawmakers passed VA SB 1126. This bill allows for five casinos to be built in the state. The casinos will appear in Bristol, Portsmouth, Norfolk, Danville, and Richmond. As a result of the bill passing, the commission did a review of the potential revenue earnings for the casino.

Results Of The Review

“Casinos authorized in SB 1126 are projected to generate about $260 million annually in state gaming taxes and have a positive, but modest economic impact on local economies,” said the review.

Legal casinos could have a good impact on Virginia. Before taxes are collected, the five casinos could generate around $970 million every year. Most of that money would be generated by the casino that will be in Richmond. The future Richmond casino could generate around 31 percent of the gaming revenue and tax revenue.

Once taxes are collected, the state of Virginia will collect $260 million in revenue. This new revenue will go towards funding K-12 education programs. This should allow for a modest and positive impact to happen for Virginia’s education system.

This is especially true when you consider the state of legal gambling in Virginia. The state only has three forms of gambling available at the moment. Playing the lottery, horse race betting, and charitable gaming are the only forms of legal gambling in the state. Adding new casinos will generate much-needed gaming revenue for the state.

When Will The Casino’s Open?

It will take some time before these five casinos can open to the public. Although VA SB 1126 passed in the state legislature, there is another step that needs to be taken. Before the new casinos can be built, voters in the state need to approve of the measure first.

Next year is an election year for the entire country. Every state will be voting for who will be the President of the United States. But each state will also vote on state-based matters. In Virginia, voters will decide whether or not to approve the five upcoming casinos. If all goes well, Virginia could end up with five new casinos opening sometime in 2021.