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Casino

Atlantic City casino sector generated $467 M in tax revenue in 2023

Thursday 16 de May 2024 / 12:00

2 minutos de lectura

(Atlantic City).- In the previous year, the casino sector in Atlantic City was responsible for producing tax revenues amounting to $467 million. This figure represents a significant contribution to the fiscal resources of the region, underscoring the industry’s role as a major economic player.

Atlantic City casino sector generated $467 M in tax revenue in 2023

According to a report by the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University and the Casino Association of New Jersey, the total was a 12% increase over the industry’s last peak in gross gaming tax revenue in 2006, officials said Wednesday.

The industry also employed 22,634 people in the region, making it one of the largest employers in the area and a source of vital tax revenue, with a record $504 million going toward the region’s most vulnerable residents, the report said.

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 of the Casino Association.

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.”

The Atlantic City casino industry still has not recovered from reductions in business since the COVID-19 pandemic, with casino wins generated from patrons at six of the nine Atlantic City properties year-to-date still lagging those from pre-pandemic periods. The industry also has faced numerous additional challenges in that same period including increases in regional gaming competition, operating expenses, inflation, labor costs, and labor shortages.

Despite these challenges, the casino industry has continued to make significant capital investments and remained a strong community partner. In addition, 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.

Highlights of the report include:

·    In 2023, Atlantic City’s casino operators realized $3.32 billion in total Net Revenue.

·    Net revenues in 2023 appear to be reestablishing the trend of increasing non-gaming net revenue share for Atlantic City, supported by industry-wide investment in non-gaming amenities.

·    Operators contributed $681.95 million 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. This activity, just a sample of taxes and fees paid by casino operators, when combined with the gross gaming taxes, resulted in a total of $681.95 million in contributions for the calendar year.

·    The industry contributed a record $504 million to the Casino Revenue Fund, which supports some of New Jersey’s most vulnerable residents by financing services for New Jersey’s senior citizens and persons with disabilities.

·    This contribution is measured during the State’s fiscal year, from July 1, 2022, through June 30, 2023.

·    The industry spent $632 million on goods and services, supporting vendors from across New Jersey.

·    In 2023, Atlantic City’s gaming operators generated $467 million just in gross gaming tax revenue, a nearly 12% increase from the industry’s last peak for that metric of $417.5 million in 2006 – before the launch of online and sports wagering.

·    Operators spent $258 million in capital improvements, the highest single-year reinvestment in the city since 2008, bolstering tax revenue and creating good-paying jobs.

·    The industry is one of the largest employers in southern New Jersey with 22,634 employees.

·    Atlantic City 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.

·    The casino industry is a strong community partner, donating millions of dollars to local, county and statewide organizations like the Community Food Bank of New Jersey and the Boys and Girls Club of Atlantic City.

Click here to view the report.

Categoría:Casino

Tags: casino,

País: United States

Región: North America

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