Atlantic City casinos deliver $572 million in tax revenue amid slight revenue dip

Atlantic City’s casino industry contributed a record $572 million to New Jersey’s Casino Revenue Fund in fiscal year 2024, underscoring its role as a major economic and social pillar despite a dip in profits, according to a new report released by Stockton University’s Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism (LIGHT) and the Casino Association of New Jersey (CANJ).

The “2024 Impact: Atlantic City Casino Industry” report found the nine casinos generated a total of $883.2 million in taxes and fees in 2024, up 11% from the previous year. Gross gaming tax revenue alone surged 15.4% to $538.43 million.

“Taxes generated by the Casino Revenue Fund support important programs for seniors and people with disabilities,” said Jane Bokunewicz, faculty director of LIGHT.

Allocations from the fund included $541 million for housing for people with developmental disabilities, $17 million for senior services, $5 million for pharmaceutical assistance, and $4 million for personal assistance.

Total net revenue for Atlantic City’s casino operators reached $3.31 billion in 2024, down slightly by 0.5% from 2023. The year’s gross operating profit fell 9.2% to $709.2 million, as operators faced continued inflationary pressures, higher costs, and flat traditional gaming revenue streams.

“Traditional gaming revenue streams have remained essentially flat,” the report noted, even as internet gaming continued to show strength, marking the industry’s eighth consecutive year of year-over-year gross gaming revenue growth — excluding 2020 due to COVID-19.

The casinos also reported investing over $1 billion in property upgrades since 2020, including $204.6 million in capital improvements in 2024. Operators spent $605 million purchasing goods and services from New Jersey vendors, with more than 60% of that spending concentrated in Atlantic County.

“These efforts are essential as they work to retain and attract customers to Atlantic City,” the report said.

With 23,000 employees statewide — including 19,000 in Atlantic County and 5,000 in Atlantic City — the industry remains one of the region’s largest employers.

“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,” Bokunewicz said.

In 2024, Atlantic City welcomed 18 million visitors, a 1.2% increase over the previous year. The casino sector also reported nearly $3.5 million in charitable giving and more than 7,000 volunteer hours.

“This report highlights the true impact Atlantic City casinos have in the community and across southern New Jersey,” said CANJ President Mark Giannantonio. “We are proud of our contributions to the state and local economy.”