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The report emphasizes Atlantic City Casinos as an important economic engine

The report emphasizes Atlantic City Casinos as an important economic engine

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In a report by Stockton University published on Thursday, the Atlantic City Casino industry is said to be a South Jersey economic engine as one of the largest employers in the region and an important source of tax revenue that will benefit New Jerseys.

The second annual report entitled 2024 Effects: Atlantic City Casino IndustryIf, in collaboration with the Casino Association of New Jersey, Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism of College was published, the industry made 572 million US dollars for the Casino Revenue Fund in the 2024 year.

“The nine Casino properties are still the strongest business driver for the region. They offer jobs for residents, the purchase of goods and services in the state and increase tax revenue for New Jersey,” said Jane Bokunewicz, faculty director of Light at Stockton University. “The taxes generated by the Casino Revenue Fund support important programs for seniors and people with disabilities.”

The casino industry was burdened by increased operating costs, inflation pressure, reduced visits, persistent effects of pandemic and the introduction of entertainment options from other countries.

The report states that the industry has spent more than 1 billion US dollars for reviving its real estate since 2020.

“In this report, the real effects of Atlantic City Casinos in the municipality and throughout the south -New Jersey are highlighted,” said Mark Giannantonio, President of the Casino Association of New Jersey (Canj).

The highlights of the report include:

  • In 2024, the Atlantic City Casino operators achieved 3.31 billion US dollars in net sales, which decreased by 0.5% to 3.33 billion US dollars compared to 2023. This included net sales of 1.65 billion US dollars and net sales of 1.66 billion dollars.
  • The gross profit for 2024 was $ 709.2 million, a decrease of 9.2%or $ 780.67 million compared to 2023.
  • The operators contributed 883.2 million US dollars for total taxes and fees from Casino, an increase of 11% or 796 million US dollars compared to 2023.
  • The Casino industry employs 23.00 people and is one of the largest employers in southern New Jersey.
  • Atlantic City welcomed around 18 million visitors in 2024, which rose by 1.2% by 2023.

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