Post by Clipper on Jul 24, 2022 17:23:20 GMT -5
from the Associated Press:
"Bettors at Virginia's first full-fledged casino preferred slots to table games in its first week of operation, and were also slightly more likely to win their money back at the one-armed bandits as well.
The Bristol Casino took in more than $37.5 million in wagers through July 14, according to the Virginia Lottery Board. The casino paid out more than $33.7 in winnings, about 90 percent of what was wagered.
The casino opened to the public July 8, but also held two soft openings for VIPs on July 5 and July 7.
The Bristol Herald-Courier reports that the action at the casino generated more than $673,000 in taxes for Virginia.
Related video: Bristol Casino expected to have positive economic impact on Bristol, Virginia
Bristol Casino expected to have positive economic impact on Bristol, .
More than 90% of the revenue came from the casino’s nearly 900 slot machines.
Customers won back just over 90% of what they wagered at slot machines and nearly 87% of what they wagered at its 21 tables.
The Bristol Casino is the first of four approved by voters across the state to begin operations under a 2020 law passed by the General Assembly.
The casino employs about 600 workers now, the vast majority of whom are Virginia and Tennessee residents. A larger venue is expected to open in 2024 and employ twice as many workers."
The parking lots are full 24/7 and the traffic coming and going from that interstate interchange is significantly heavier according to traffic audits. Kathy and I haven't been back as of yet. We used to go to Turning Stone while we were on vacation, and sometimes went to Harrah's Cherokee in Cherokee NC once a year. That satisfies our desire to play the slots.
The tax revenue generated by the casino will be divided 1/3 to the city and 2/3 to the state as was included in the law passed last year allowing casino gambling.
The tax revenue the area will realize is not only generated by gamblers playing at the casino, but it has already made a notable difference in the pedestrian traffic in the downtown shopping and dining areas, and hotel bookings have increased significantly according to the latest media reports and it hasn't been open a month yet. In 2024 the entire Hard Rock Casino and Resort will be several times larger than the temporary casino that is open now.
I imagine that there will be those who will develop a gambling problem with it being so conveniently located for locals, just as it has been with the Turning Stone. There will be a certain demographic that will be problem gamblers. There will be a negative impact for those with compulsive and addictive personalities and unfortunately for their families, and I am sure that more than one Gambler's Anonymous group will come to exist in the local area. All in all I think that it is going to be a good thing for the area and will have a positive impact on tax revenues, saving Bristol Va. taxpayers money in the long run. Here on the Tennessee side of town the increased revenues will be a real shot in the arm for businesses.
"Bettors at Virginia's first full-fledged casino preferred slots to table games in its first week of operation, and were also slightly more likely to win their money back at the one-armed bandits as well.
The Bristol Casino took in more than $37.5 million in wagers through July 14, according to the Virginia Lottery Board. The casino paid out more than $33.7 in winnings, about 90 percent of what was wagered.
The casino opened to the public July 8, but also held two soft openings for VIPs on July 5 and July 7.
The Bristol Herald-Courier reports that the action at the casino generated more than $673,000 in taxes for Virginia.
Related video: Bristol Casino expected to have positive economic impact on Bristol, Virginia
Bristol Casino expected to have positive economic impact on Bristol, .
More than 90% of the revenue came from the casino’s nearly 900 slot machines.
Customers won back just over 90% of what they wagered at slot machines and nearly 87% of what they wagered at its 21 tables.
The Bristol Casino is the first of four approved by voters across the state to begin operations under a 2020 law passed by the General Assembly.
The casino employs about 600 workers now, the vast majority of whom are Virginia and Tennessee residents. A larger venue is expected to open in 2024 and employ twice as many workers."
The parking lots are full 24/7 and the traffic coming and going from that interstate interchange is significantly heavier according to traffic audits. Kathy and I haven't been back as of yet. We used to go to Turning Stone while we were on vacation, and sometimes went to Harrah's Cherokee in Cherokee NC once a year. That satisfies our desire to play the slots.
The tax revenue generated by the casino will be divided 1/3 to the city and 2/3 to the state as was included in the law passed last year allowing casino gambling.
The tax revenue the area will realize is not only generated by gamblers playing at the casino, but it has already made a notable difference in the pedestrian traffic in the downtown shopping and dining areas, and hotel bookings have increased significantly according to the latest media reports and it hasn't been open a month yet. In 2024 the entire Hard Rock Casino and Resort will be several times larger than the temporary casino that is open now.
I imagine that there will be those who will develop a gambling problem with it being so conveniently located for locals, just as it has been with the Turning Stone. There will be a certain demographic that will be problem gamblers. There will be a negative impact for those with compulsive and addictive personalities and unfortunately for their families, and I am sure that more than one Gambler's Anonymous group will come to exist in the local area. All in all I think that it is going to be a good thing for the area and will have a positive impact on tax revenues, saving Bristol Va. taxpayers money in the long run. Here on the Tennessee side of town the increased revenues will be a real shot in the arm for businesses.