Virginia Casino Regulations Approved by State Lottery Board
Posted on: February 4, 2021, 11:39h.
Last updated on: February 4, 2021, 03:09h.
Virginia will be home to as many as five commercial casinos in the coming years. This week, regulations that will govern gambling were approved by state officials.
Legislation passed last year that authorized casinos in economically distressed cities tasked the Virginia Lottery Board with the regulatory oversight of gaming. The lottery agency yesterday signed off on various regulations that will apply to casinos.
Along with casinos, sports betting was legalized in the 2020 gaming expansion package. Sports betting is already operational online. FanDuel, DraftKings, BetMGM, BetRivers, and William Hill are all taking bets in time for this Sunday’s Super Bowl.
Virginia Casino Regulations
The Virginia Lottery Board approved a slew of casino bylaws during its meeting this week.
Each of the four casinos, located in Norfolk, Portsmouth, Bristol, and Danville, will need to pay a one-time $15 million licensing fee to the state. The operating permit is good for 10 years. The gaming operators will additionally pay a $50,000 fee to the Virginia Lottery for it to conduct a principal background and investigation of key parties involved in the developments.
Norfolk has partnered with the Pamunkey Indian Tribe and gaming industry billionaire Jon Yarbrough for its casino property. Rush Street Gaming won in Portsmouth, Hard Rock International in Bristol and Caesars Entertainment in Danville.
The casino’s floors will not be permitted to extend credit to gamblers. All wagers must be conducted only with tokens, chips, or electronic cards purchased from the casino.
Only people aged 21 and over are allowed entry into a casino. Each venue must develop and advertise a responsible gambling program.
Gross gaming revenue will be taxed on a graduated scale ranging from 18-30 percent, based on total casino win. All tax revenue will be directed to the Gaming Proceeds Fund.
The vast majority of the proceeds will be allocated to localities in which the casinos operate. Additionally, one percent is set aside for the Virginia Indigenous People’s Trust Fund, 0.8 percent for the Problem Gambling Treatment and Support Fund, and 0.2 percent for the Family and Children’s Trust Fund.
Security, Slot and Table Regulations
The casino regulations require each venue to have at least 1,000 square feet of office space adjacent to the gaming floor that is to be used for security and surveillance.
Slot machines must have an average payout percentage of 89 to 94 percent. Wagers on slots can range from a penny to $500 per spin. Table game bets can range from $5 to $50,000.
Along with the four approved casinos, voters in Richmond will decide whether they, too, want a casino in the capital city. Richmond is the fifth and final qualifying city for a casino under the 2020 gaming bill.
Related News Articles
Connecticut Satellite Casino Blueprint Leaves Some Locals Underwhelmed
Loot Boxes Safe from Ban in the UK for Now, But Changes Coming
Most Popular
Alabama AG Freezes Entire City’s Funds Over One Bingo Parlor
LOST VEGAS: The Historic Holy Cow Casino
Robinhood CEO Says Broker is Examining Sports Betting
NEXT YEAR AT VEGAS SPHERE: James Dolan on What to Expect
Most Commented
-
Caesars Virginia in Danville Now Accepting Hotel Room Reservations
November 27, 2024 — 8 Comments— -
VEGAS MYTHS RE-BUSTED: Casinos Pump in Extra Oxygen
November 15, 2024 — 5 Comments— -
LOST VEGAS: The Historic Holy Cow Casino
November 29, 2024 — 4 Comments— -
Atlantic City Casino Smoking Dilemma Has Unions at Odds
December 3, 2024 — 3 Comments—
Last Comments ( 4 )
Bristol casino isn't following the slot win ratio of 89% either how do you get someone to check one night then go check the very next night and you will see what they do.
Rosie’s in Hampton and New Kent do not follow that regulation. The loss / win statements at the end of the year for tax purposes do not match. I may have to have someone look into this further.
Your game regulations are incorrect and the casino isn't following it with a 89 to 94 percent rate....
Just won $13,000 and the lady wouldn't give me my ticket and I know I'm having to go take her to civil court to prove that I won my money. What else can I do please help..?/..!!1