A first-ever report is out this week, analyzing the casino industry’s impact across the Garden State.

“2023 IMPACT: Atlantic City Casino Industry” is a collaboration between the Lloyd D. Levenson Institute of Gaming, Hospitality, & Tourism (LIGHT) at Stockton University and the Casino Association of New Jersey (CANJ). The study takes a closer look at the Atlantic City casino industry in 2023, its financial performance, and its broader economic impact on a regional and statewide level.

“The industry is one of the largest employers in southern New Jersey, supporting tens of thousands of jobs,” said LIGHT Faculty Director Jane Bokunewicz in the report’s opening message. “The industry generates hundreds of millions of dollars in tax revenue dedicated to seniors and persons with disabilities in New Jersey.”

“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,” said Mark Giannantonio, president, CANJ. “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.”

‘Atlantic City continues to persevere’

According to the report, the casino industry generated $467 million in gross gaming tax revenue in 2023 – a 12% increase over the industry’s last peak in gross gaming tax revenue in 2006.

“Despite its triumphs and challenges, Atlantic City continues to persevere,” said Bokunewicz. “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.”

As Atlantic City evolves, the casino industry stands as a beacon of growth and opportunity …
– Jane Bokunewicz, LIGHT faculty director

The report noted that the casino industry is still not fully recovered from the pandemic. Casino win figures lag at six of the nine AC properties from pre-pandemic levels. At the same time, the industry faces a number of headwinds, such as increases in regional gaming competition, operating expenses, inflation as well as labor costs and shortages.

Key figures:

• $3.32 billion – total 2023 net revenue for casino operators
• $681.95 million – total casino taxes and fees paid
• $632 million – spending on goods and services supporting vendors across the state
• 22,634 – jobs for employees
• $258 million – capital improvements by operators
• 17.8 million – visitors came to AC, up 3.2% from 2022 but down from pre-pandemic levels in 2019
• $504 million – record-making contribution to the Casino Revenue Fund, which supports some of the state’s most vulnerable residents

Additionally, the casino industry has donated millions of dollars to local, county and statewide organizations. Recipients include the Community Food Bank of New Jersey and the Boys and Girls Club of Atlantic City.

“In recent years, the industry has invested hundreds of millions of dollars in exciting economic development projects to create world-class experiences for visitors. These capital investment projects have delivered increased tax revenue and created good-paying jobs,” said Bokunewicz. “As Atlantic City evolves, the casino industry stands as a beacon of growth and opportunity, contributing not only to the economic vitality of the region but also to the well being of communities in need around New Jersey.”

“With ongoing investments and commitment to philanthropy, the industry is poised to continue its positive impact for years to come.”