Atlantic City’s casino industry posted $467 million in gross gaming tax revenue for 2023, according to the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism at Stockton University and the Casino Association of New Jersey.
This represents a 12% increase over the previous peak in 2006, officials disclosed on Wednesday, as the Press of Atlantic City reported.
The industry employed 22,634 individuals, making it one of the largest employers in the region. Additionally, it generated a record $504 million to support the region’s most vulnerable residents.
“As one of the largest employers in southern New Jersey, we know that when our properties are successful, so are our employees and the communities we serve,” Mark Giannantonio, President of the Casino Association of New Jersey, was quoted as saying in the report.
“This new report from the LIGHT Institute at Stockton University is meaningful because it helps shed light on how the revenue the casino industry generates is dedicated to supporting some of New Jersey’s most vulnerable citizens. It also shows our support for vendors from all corners of the state and the investments we are making to continue Atlantic City’s transformation.”
However, the report noted that the industry has not yet fully recovered from the business downturn caused by the COVID-19 pandemic, with revenue from casino wins at six of the city’s nine resorts still below pre-pandemic levels.
“Despite its triumphs and challenges, Atlantic City continues to persevere. The casino industry remains the economic engine of not only South Jersey, but the entire State of New Jersey,” said Jane Bokunewicz, faculty director for LIGHT, as per the report. “The industry has paid significant dividends to the city and state over the past five decades and will continue to play a vital role in the long-term success of the region.”
Key challenges for the casinos include increased regional gaming competition, rising operating expenses, inflation, labor costs, and labor shortages, the report found.
Original article: https://www.yogonet.com/international/noticias/2024/05/16/72199-atlantic-city-casino-industry-generated-467-million-in-2023-tax-revenue-up-12-from-2006-peak
