A new impact report released by the New Jersey Casino Reinvestment Development Authority (CRDA) has revealed the significant economic impact of the Atlantic City casino industry in 2023. According to the report, the industry generated a total of $467 million in tax revenue for the state of New Jersey, highlighting the crucial role that casinos play in the local economy.
The report found that the Atlantic City casino industry continued to be a major contributor to the state’s economy, with total gaming revenue reaching $2.6 billion in 2023. This represents a 10% increase from the previous year, indicating a strong recovery for the industry following the challenges posed by the COVID-19 pandemic.
The report also highlighted the significant impact of the industry on employment in the region, with over 26,000 jobs supported by the Atlantic City casinos in 2023. This represents a 7% increase from the previous year, demonstrating the industry’s importance as a key employer in the area.
Furthermore, the report revealed that the casinos in Atlantic City continued to attract a large number of visitors, with over 26 million people visiting the city in 2023. This resulted in a total economic impact of $4.1 billion, highlighting the importance of tourism to the local economy.
Commenting on the findings of the report, CRDA Executive Director Matt Doherty stated, “The Atlantic City casino industry continues to be a vital economic engine for the state of New Jersey. The significant tax revenue generated by the industry underscores its importance as a key contributor to the state’s economy.”
The report comes at a time when the Atlantic City casino industry is facing increasing competition from neighboring states, as well as the continued challenges posed by the COVID-19 pandemic. However, the findings of the report suggest that the industry is resilient and has the potential for continued growth in the years to come.
In response to the report, Atlantic City Mayor Marty Small Sr. expressed his optimism for the future of the industry, stating, “The impact of the Atlantic City casinos on the local economy cannot be understated. The tax revenue generated by the industry plays a crucial role in funding essential services and infrastructure projects in the city.”
Overall, the new impact report serves as a positive indicator of the ongoing economic strength of the Atlantic City casino industry. With significant tax revenue generated and a positive impact on employment and tourism, the industry looks set to continue its role as a key driver of economic growth in the region.
