The Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism (LIGHT) at Stockton University reported that Atlantic City casinos contributed a record of $572 million to the Casino Revenue Fund in the fiscal year 2024. LIGHT partnered with the Casino Association of New Jersey (CANJ) to produce the second annual 2024 Impact: Atlantic City Casino Industry.
Atlantic City casinos has faced some challenges as of late, playing second-fiddle to online casinos during the off-season. Online casinos have produced more revenue than the retail vertical in multiple months. Atlantic City is also going to face competition from a potential New York City casino in the coming years.
Despite the challenges, the Atlantic City casino market has a major impact on the New Jersey economy. Mark Giannantonio, President of CANJ, said in a statement:
“This report highlights the true impact Atlantic City casinos have in the community and across southern New Jersey.
“In 2024, the casinos offered visitors world-class hospitality and exciting experiences in state-of-the-art facilities, while continuing to deliver vital tax revenue for vulnerable New Jersey residents. We are proud of our contributions to the state and local economy.”
How AC casinos help the economy
South Jersey properties generated $3.31 billion in total net revenue, which is a slight decrease, at 0.5%, from 2023. However, the industry still contributed a record amount to the Casino Revenue Fund.
Many Atlantic City casinos have reinvented themselves to offer more than just gambling. Properties have added entertainment options, which attracted 18 million visitors in 2024. That was the most since 2019, according to the report.
Jane Bokunewicz, faculty director, LIGHT at Stockton University, referenced the diverse options in a statement, along with the benefits of the Casino Revenue Fund:
“The Atlantic City tourism landscape continues to evolve with the addition of new entertainment attractions and diverse business offerings, but 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.
“Taxes generated by the Casino Revenue Fund important programs for seniors and people with disabilities. The second annual report highlights the immense economic contributions of the Atlantic City casino industry and illustrates the importance of all stakeholders working together to ensure their continued success.”
The Casino Revenue Fund distributed the earnings in the following way:
- $541 million toward housing for people with developmental disabilities
- $17 million for community-based programs for seniors
- $5 million for pharmaceutical assistance
- $4 million for personal assistance
Other findings in report
The report conducted by LIGHT and the CANJ reported on numerous other benefits Atlantic City casinos provided to the community. Despite gross operating profit down 9.7% from 2023, properties contributed $883.2 million in total casino taxes and fees for the calendar year, an 11% increase over 2023 ($796.0 million).
In addition to producing tax revenue, AC casinos provides jobs to thousands of New Jersey residents. There are 23,000 casino employees, 19,000 of which are are Atlantic County residents and 5,000 live in Atlantic City.
Atlantic City casinos also benefit other businesses, too. The industry spent $605 million on goods and services from vendors across the state.
While the vertical might be taking a backseat to online gambling, it still serves a giant purpose in the Garden State.
