In a recent report released by the New Jersey Division of Gaming Enforcement, it has been revealed that the Atlantic City casino industry generated an impressive $467 million in tax revenue in the year 2023. This figure represents a significant increase from the previous year and highlights the continued success and growth of the gambling industry in the popular seaside resort town.
The report, which examines the financial performance of the city’s nine casinos, shows that total gaming revenue reached $2.7 billion in 2023, an increase of 5.3% from the previous year. This growth was driven by a combination of factors, including the re-opening of casinos after pandemic-related closures, increased visitation from tourists, and the introduction of new and innovative gaming offerings.
Of the $467 million in tax revenue generated by the casinos, $283 million went to the state of New Jersey, while the remaining $184 million was distributed among the city, county, and other local entities. This influx of revenue has had a positive impact on the local economy, helping to support infrastructure projects, public services, and community development initiatives.
In addition to the tax revenue, the report also highlights the positive impact of the casino industry on employment in the region. The casinos employed over 20,000 workers in 2023, providing stable jobs with competitive wages and benefits. This has helped to reduce unemployment rates in Atlantic City and has contributed to the overall economic prosperity of the area.
Furthermore, the report indicates that the casinos have continued to invest in their properties and amenities, with over $300 million spent on upgrades and renovations in 2023. These investments have helped to attract new customers and retain existing ones, ensuring the long-term sustainability of the industry.
Overall, the report paints a positive picture of the Atlantic City casino industry, showing robust financial performance, strong tax contributions, and a significant economic impact on the region. As the industry continues to evolve and grow, it is expected to remain a key driver of economic growth and development in Atlantic City for years to come.
