{"id":7156,"date":"2024-05-16T06:50:34","date_gmt":"2024-05-16T06:50:34","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2024\/05\/16\/atlantic-city-casinos-deliver-467m-in-tax-earnings-for-2023\/"},"modified":"2024-05-16T06:50:34","modified_gmt":"2024-05-16T06:50:34","slug":"atlantic-city-casinos-deliver-467m-in-tax-earnings-for-2023","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2024\/05\/16\/atlantic-city-casinos-deliver-467m-in-tax-earnings-for-2023\/","title":{"rendered":"Atlantic City Casinos Deliver $467M in Tax Earnings for 2023"},"content":{"rendered":"
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In 2023, the casino business in Atlantic City proved to be resilient, overcoming market obstacles to provide a notable rise in gross gaming tax income. The Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism (LIGHT) at Stockton University, in partnership with the Casino Association of New Jersey (CANJ), released the first \u201c2023 Impact: Atlantic City Casino Industr<\/a>y\u201d report. The report details the industry\u2019s astounding rise in revenue, which reached $467 million in gross gaming tax revenue. This represents an almost 12% increase over the industry\u2019s previous peak in 2006.<\/p>\n

Challenges Persist Amid Success<\/h2>\n

Despite these gains, the report highlights persistent challenges facing the Atlantic City casino industry, particularly its struggle to rebound fully from the impact of the Covid-19 pandemic. Revenue generated from guests at six of the nine Atlantic City properties remained below pre-pandemic levels. Additionally, the industry faced headwinds from regional gaming competition, rising operating expenses, inflation, labor costs, and shortages.<\/p>\n

LIGHT Faculty Director Jane Bokunewicz remarked, \u201cDespite 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,\u201d<\/em> She emphasized the industry\u2019s critical role as the economic engine of South Jersey and the entire state, projecting its enduring significance in the region\u2019s long-term prosperity.<\/p>\n

In 2023, Atlantic City\u2019s casino operators collectively achieved $3.32 billion in total net revenue, contributing $681.95 million in total casino taxes and fees. Notably, operators allocated $258 million towards capital improvements, representing the highest reinvestment in the city since 2008. This substantial investment bolstered tax revenue and created employment opportunities, with the industry currently supporting 22,634 employees and welcoming approximately 17.8 million visitors in 2023.<\/p>\n

Mark Giannantonio, President of CANJ, emphasized the symbiotic relationship between the industry\u2019s success and its positive impact on employees and communities. He said, \u201cAs 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.\u201d<\/em><\/p>\n

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