JLARC study: Casinos in Virginia would add $300 million annually to state tax coffers
(AP) A new state report says legalizing casinos in Virginia would provide a modest economic boost in state tax revenues and to communities where casinos are located.
The Virginia General Assembly’s research agency issued a report Monday evaluating the economic impact of allowing new casinos around the state and legalizing types of online gambling.
Whether to legalize casinos and other gambling issues are set to be heavily debated in the 2020 legislative session.
The Joint Legislative Audit and Review Commission found that legalizing online betting and allowing casino resorts in Bristol, Portsmouth, Norfolk, Danville and Richmond, would provide an overall yearly increase in state tax revenues by about $370 million.
The report also said the state’s horse racing industry would be hurt by the new casinos.
The study is available for review by clicking here.
