Atlantic City casinos generated $467m in gross gaming tax revenue in 2023
The Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism has released an impact report.
US.- Atlantic City casinos generated $467m in gross gaming tax revenue in 2023, up nearly 12 per cent over the previous record set in 2006. That’s according to the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism (LIGHT) at Stockton University’s report 2023 Impact: Atlantic City Casino Industry report in collaboration with the Casino Association of New Jersey (CANJ).
In 2023, casino operators reported $3.32bn in net revenue. Contributions to taxes and fees were $681.95m. Operators spent $258m in capital improvements, the highest since 2008.
Online gaming revenue led to the record-high total gaming tax contributions. Internet gaming generated $1.92bn in gross revenue, compared to $2.11bn for slots, $715.36m for table games and $20.82m for poker. Mobile sports betting generated $460.43m. The casino handle at six of the nine Atlantic City properties has not surpassed pre-pandemic figures.
The industry has 22,634 workers and received 17.8 million customers in 2023. This was a 3.2 per cent increase over 2022 but down from pre-pandemic levels in 2019.
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LIGHT faculty director Jane Bokunewicz said: “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. 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.”
CANJ President Mark Giannantonio added: “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. This new report from the LIGHT 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.”
