Atlantic City casino industry generated $467m in tax revenue for 2023
2023 Impact report was released by LIGHT at Stockton University in collaboration with CANJ.
Despite challenges within the market, the Atlantic City casino industry was able to generate $467m in gross gaming tax revenue in 2023, representing a nearly 12% increase over the industry’s last peak in gross gaming tax revenue in 2006. The Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism (LIGHT) at Stockton University has released the first ever 2023 Impact: Atlantic City Casino Industry report in collaboration with the Casino Association of New Jersey (CANJ).
The Atlantic City casino industry still has not recovered from reductions in business since the Covid-19 pandemic according to the report, with casino wins generated from guests at six of the nine Atlantic City properties year-to-date still behind those from pre-pandemic periods. The industry has also faced many additional challenges in that same period including increases in regional gaming competition, operating expenses, inflation, labor costs and labor shortages.
“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,” LIGHT Faculty Director Jane Bokunewicz said.
“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.”
In 2023, Atlantic City’s casino operators realized $3.32bn in total net revenue. Operators contributed $681.95m in total casino taxes and fees for the calendar year. Casino operators paid for municipal services like water and sewer, operations’ permits like mercantile licenses, and contributed to parking and hotel room fees.
Operators spent $258m in capital improvements, the highest single-year reinvestment in the city since 2008, increasing tax revenue and creating jobs for residents. The industry currently contains 22,634 employees and welcomed approximately 17.8 million people in 2023. This was a 3.2% increase over 2022, but still down from pre-pandemic levels in 2019.
“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,” CANJ President Mark Giannantonio said.
“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. 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.”
Growth in online gaming revenue, which is taxed at a higher rate than brick-and-mortar gaming revenue, led the industry to record-high total gaming tax contributions for the year. Internet gaming was responsible for $1.92bn in gross revenue, compared to $715.36m for table games and $20.82m for poker. Mobile sports outperformed retail sports by a wide margin, generating $460.43m in revenue compared to just $11.24m.
Slots still remained the most popular betting feature of Atlantic City, generating $2.11bn in revenue on its own, close to half of the total gross gaming revenue for 2023.
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