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Casino Industry Contributes $12 Billion Boost to New Jersey's Economy

Quick Intro

On October 10, 2023, the American Gaming Association unveiled a comprehensive study, conducted by Oxford Economics, revealing the significant economic impact of casino gaming in the United States. The findings were particularly noteworthy for New Jersey, highlighting a substantial $12 billion economic boost from the industry.

Key highlights of the study include:

  • Retail and NJ online casinos contribute a substantial $11.8 billion to the state’s economy.
  • Supporting a remarkable almost 52,000 jobs across various sectors.
  • Generating nearly $2 billion in tax revenues, bolstering state finances.

Bill Miller, President and CEO of the AGA, emphasized the sector’s role in fostering community growth, stating, “The U.S. gaming industry is a major driver of long-term economic expansion, from generating substantial tax revenue and creating robust job opportunities to supporting local small businesses and funding essential community projects.”

In New Jersey, gaming taxes are pivotal in financing diverse programs, including those for disabled and senior citizens, public education, law enforcement, and economic development initiatives.

Nationwide Economic Impact of the Casino Industry

Across the United States, the casino industry’s contribution is staggering, nearing $330 billion, supporting 1.8 million jobs, and contributing over $52 billion in tax revenues.

As of 2023, the industry employs over 700,000 people, with these positions generating upwards of $104 billion in wages, a 40% increase since 2017.

New Jersey Business Magazine highlighted the sector’s significance, comparing it to other major industries: “In terms of direct employment, gaming outpaces sectors like air transportation, postal service, and even the motion picture and video industries. Direct casino employment represents 1 in every 33 leisure and hospitality jobs.”

Public Perception of Casinos’ Economic Contributions

The AGA’s study also revealed that 71% of adults perceive the casino industry as having a positive economic impact.

Jane Bokunewicz, director of the Lloyd Levenson Institute at New Jersey’s Stockton University, elaborated on this, stating, “Casinos stand as some of the largest employers in their regions, offering significant wage and benefit packages. These earnings are then circulated back into the economy as employees purchase additional goods and services, thereby creating a ripple effect of economic benefits.

Forecasting the Future of New Jersey’s Gambling Industry in 2024

As 2024 approaches, the gambling industry in New Jersey is poised for continued growth and innovation. Building on the impressive $12 billion economic impact seen in recent years, we can anticipate further expansion in both the retail and online sectors. With the industry supporting over 52,000 jobs and generating nearly $2 billion in tax revenue, its role in the state’s economy is increasingly significant.

The trend towards digitalization is expected to accelerate, with online casinos and sports betting platforms likely introducing advanced technologies to enhance user experience. Moreover, the state’s commitment to reinvesting gambling revenues into vital public sectors such as education, law enforcement, and community development is set to create a positive feedback loop, strengthening the industry’s societal contributions.

New Jersey’s strategic position in the gambling market, coupled with its progressive regulatory framework, suggests that 2024 will see the state solidify its status as a leader in the industry. This year could bring innovative gaming experiences, increased employment opportunities, and substantial economic benefits to the state.

 

Final Thoughts

The casino industry’s $12 billion contribution to New Jersey’s economy underscores its pivotal role in state finances and job creation. As we look towards 2024, the industry’s trajectory towards further growth and digital innovation is clear. This progress not only enhances New Jersey’s economic landscape but also reinforces its position as a key player in the national gambling sector.

 

Source: https://www.gambling.com/us/news/casinos-result-in-12b-boon-to-nj-economy

 

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