A report from Stockton University released Thursday said the Atlantic City casino industry is an economic engine of South Jersey’s economy, as one of the largest employers in the region and a major source of tax revenue that benefits New Jersey’s most vulnerable residents.
The second annual report, titled 2024 Impact: Atlantic City Casino Industry, was published by the college’s Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism, in collaboration with the Casino Association of New Jersey, said the industry provided $572 million to the Casino Revenue Fund in Fiscal Year 2024.
“The nine casino properties are still the strongest economic driver for the region – providing jobs for local residents, purchasing goods and services statewide, and increasing tax revenue for New Jersey,” said Jane Bokunewicz, faculty director, LIGHT at Stockton University. “Taxes generated by the Casino Revenue Fund support important programs for seniors and people with disabilities.”
The casino industry has been buffeted by increased operating costs, inflationary pressures, reduced visits, lingering effects of the pandemic, and the introduction of entertainment options from other states.
The report said that since 2020, the industry has spent more than $1 billion on revitalizing its properties.
“This report highlights the true impact Atlantic City casinos have in the community and across southern New Jersey,” said Mark Giannantonio, president, Casino Association of New Jersey (CANJ).
Highlights of the report include:
- In 2024, Atlantic City’s casino operators had $3.31 billion in total net revenue, which decreased 0.5% to $3.33 billion from 2023. This includes $1.65 billion in net nongaming revenue and $1.66 billion in net gaming revenue.
- Gross operating profit for 2024 was $709.2 million, a drop of 9.2%, or $780.67 million, from 2023.
- Operators contributed $883.2 million in total casino taxes and fees for the calendar year, an 11% increase, or $796 million, from 2023.
- The casino industry employs 23,00 people and is one of the largest employers in southern New Jersey.
- Atlantic City welcomed about 18 million visitors in 2024, a 1.2% increase over 2023.
