A study by the Virginia Joint Legislative Audit and Review Commission has revealing news. The state’s land-based casinos are expected to pay millions in annual tax revenues, perhaps as much as $262 million.
That’s a pretty penny. However, behind the number is the lurking issue of problem gambling. What to do about new products and verticals.
The tax revenue will find a good home. Of note, $55 million will come from legal sports betting. It will grow with the market no doubt.
Online casino gaming will play a major part at $84 million. The brick and mortar venues will be in full swing with sports betting on board pending new legislation. The study claims that casino gambling could have a “positive, but modest” impact on the state’s local economies.
Senate Bill 1126 originated the study as a commission. Governor Ralph Northam signed it into law in March. The provisions will be reviewed during next year’s legislative session prior to enactment.
Passage will be a boon to five cities in the state that will be able to host resort-style casinos: Bristol, Danville, Norfolk, Portsmouth and Richmond. As with all laws, there will be stipulations in regard to property taxes and employment issues.
The study covers the capital needed for these cities to launch their venues. It also indicates the net revenues and collected taxes expected in the next five years. While revenues could generate $970 million, the Virginia Lottery on its own will see $600 million after payouts.